Write on one good organisation of Australia.And follow the following instruction. THE CREATIVE CULTURE Term XXXXXXXXXXGroup Assignment – Report – 4,000 words (25%) This assignment is to be a group...

Contents
Commonwealth Bank of Australia.................................................................................................. 2
Introduction ............................................................................................................................. 2
Competitive Advantage through Creativity and Systematic Innovation ................................ 2
Turning Creative Ideas into Innovative Outcome ................................................................... 4
Theoretical and Practical Perspectives of Creative Thinking and Behaviour......................... 6
Value-Adding Services and Products ................................................................................... 11
Techniques and Processes to Develop Opportunities ............ Error! Bookmark not defined.
Managing Innovation and Change ........................................................................................ 11
Developing and Promoting Imaginative, Flexible and Practical Thought and Action ......... 14
Commonwealth Bank of Australia
Introduction
Commonwealth Bank of Australia is one of most prominent and reputed banks of Australia. It
has been pioneer in a number of initiatives in the banking and financial services industry. Being
a leading bank of Australia he often led the industry on a number of times.
For any organization in the modern world, innovation in products, services and processes are
some of the most important activities to remain afloat and competitive in cut throat competitive
and highly changing environment but innovation alone is enough for the success of the
organization but it is the management of innovation that is as important as innovation. There are
a number of factors that have impact on the management of innovation in any organization.
According to the a number management experts and authors, there are a number of important
factors that have impact on any organization namely management style and leadership,
resources, organizational structure, corporate strategy, technology, knowledge management,
employees and innovation process. These factors are highly related to each other in process of
management of innovation at any organization. Apart from these, culture of the organization and
the common relationship between these factors are some other important factors that have impact
on the management of innovation in any organization.
Competitive Advantage through Creativity and Systematic Innovation
We expect that the ventures will be the major source of innovations in products and services in
near future, medium term to long term. And not only the new ventures or small companies but
also the big companies would take more risks to try out new ideas. After economic integration of
the world market and sea changes in the market dynamics across the globe as well as fast pace
and changing technological environment has made life of products and services very short and
over time the demand for new products and services has increased. Facebook is an example in
services industry that has become such a successful social networking site in the world and in
product categories, Apple Inc’s I-pad and tablet personal computers are innovations that are now
sweeping the world in its waves. Innovation has become the new motto for organizations to
remain relevant in eyes of its customers where loyalties have become rare phenomenon and to
survive the huge competition. So for everyone in the market innovation is a must do to remain
afloat.
Commonwealth Bank of Australia is one of the pioneer banks in Australia that has been using
creativity and innovation to better its business, increase customer services qualities and
satisfaction to gain competitive advantages over its competitors and in doing so Commonwealth
Bank of Australia has been successful through a number innovations in financial products and
services categories, customer services and management of organization’s internal resources such
as money, time and labour. Also Commonwealth Bank of Australia has brought in a number
innovations in human resources practices and process to keep its employees motivated and
satisfied with bank in a time where there is no guarantee for employee loyalty. For example
company has introduced some gaming changing customer services such as the Finest Online
Initiatives, Kaching Mobile Payment App, Property Guides for Homebuyers and Online Videos
etc. These innovations in customer services have helped bank to gain huge competitive
advantages.
Turning Creative Ideas into Innovative Outcome
Creative ideas and innovation is very important but turning those creative ideas and innovation in
right innovative outcome is more important. There are a number of firms that stand out for
sustained innovation and they have made the sustained and continuous innovation their strength
in fast changing and very futile and challenging business environment. It is clear that behind the
technology giants like Google and Apple, innovation has played most important role and there
are a number of established firms that are using technology to adapt rapidly and successfully to
changing customer behavior and needs. One of them is Commonwealth Bank of Australia. Over
the past four to five years Commonwealth Bank of Australia popularly known as CommBank has
introduced a series of digital innovations to serve its customers better including. It has not only
introduced a series of creative and innovative ideas but also has turned those ideas into practical
and successful applications and solutions in a number areas relating to businesses of its
organization. Those successful creative ideas that have been turned into applications and
solutions are listed and detailed as below:
 Finest Online: - In the course of its "Finest Online" project from 2007 to 2009,
Commonwealth Bank of Australia redesigned its NetBank Internet banking service with
the objectives of building an excellent customer experience and driving online sales. The
bank implemented new content and functionality to support the customer journey and
integrated new secure site sales processes with in-person channels and the bank's
multichannel customer relationship management (CRM) system. The two-year, cross-
organizational project boosted online sales, increased customer satisfaction, and
improved the bank's image.
 Improved Customer Service across Channels: - Bank believes that to succeed in the
finances and money, the most important factor is the customer’s satisfaction with services
and products provided by the firm and Commonwealth Bank of Australia has used this
philosophy properly. It has been concentrating and investing in all the aspects that have
impact on customer relation management practices. Over the past few years, the bank has
worked with Pegasystems to use technologies like case management and predictive
analytics to improve the bank's overall flexibility to respond to customers' changing
needs and to improve a number of its processes, including how it handles customer
complaints and how it delivers relevant messages to customers across multiple channels.
These innovations have been very crucial for the bank as these have helped the bank to
improve its overall customer services across the channels that bank serves. According to
the bank, its efforts have been appreciated by its customers as the satisfaction level of
customers with services of bank has increased over time. For this purpose bank has not
only invested in the technologies and various platforms but also in management processes
and its people as well. A number of authors have explained the roles and the importance
of employees and technology as well as organizational structure in management of
innovation. It is true that non managerial employees irrespective of...