Impacts of Innovation and Technology on Business Operations, Sales, Profits, and Growth

Business Environment

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Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Impacts of innovation and technology and it affect operation, sales, profits and growth of
organisation............................................................................................................................3
TASK 2............................................................................................................................................6
Importance of Corporate social responsibility.......................................................................6
Archie Carroll’s (1991) CSR model.......................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Business environment consists of micro and macro aspects that relates and impact on
organisational functions and operations. Employees, supplier, management authorities refers to
an internal environment of organisation. On the other side, customers, government, competitor,
CSR practices and information technology are defined as external aspects of business
environment. This report is written from perspective of Lloyds bank which is a British retail and
commercial bank and provides financial services to its clients. It is a public limited organisation
and headquarter of bank is situated in Gresham street, London (Wetherly, 2014). Moreover, the
report highlights on two different perspective which is information technology and corporate
social responsibility that is impacting on business goals and objectives. Archie Carroll’s model
will also be focused in the report to understand CSR practices and principles.
TASK 1
Impacts of innovation and technology and it affect operation, sales, profits and growth of
organisation
Information technology can be defined as an effective system which involves development,
maintenance and use of computer system for completing a project. The main role of IT
department and its members is to process and distribution of data in minimum time period
among all departments. In context of Lloyds bank information technology is used by
management to ensure that information such as amount of investment and personal bank detail of
individuals is stable and secured. Moreover, bank also ensures that details provided by its clients,
investor and stakeholder are accurate and updated in internal system of bank. This ensure with
right information of clients it is also easy for management to manage and complete work in
proper manner specifically related with customer requirement. One of the major benefit of
information technology obtain by Lloyds bank department is that management is now
completing its task and fulfil requirements of each individual in specified time period. So the
customer’s satisfaction directly enhances profits for business (Mazzucato and Penna, 2015).

Figure 1Source(https://www.lloydsbankinggroup.com/careers/our-roles/contact-centre-roles/
customer-operations/)
Impact of innovation and technology on operations of organisation
Financial industry is managing and operating its business in terms of monetary aspects
that is a confidential and crucial aspect for both. Either organisation as well as customer both
exchange it services with motive of earning benefits in finance industry. Innovation and
technology impact on operations of bank and financial industry. Example- Various local finance
company are offering loans to clients from its smart phone. It demonstrate there are drastic
changes are monitored in operations of finance industry (Karim and et. al., 2015). From
perspective of organisation it is identified that there are operations are managed by Lloyds bank
but due to changes in technology it is complex for management to perform all of its business in
an effective manner. Some changes monitored in Lloyds back are as follow:
 Retail- Retail banking is one of the face for Lloyds banking group which is providing
their services to more than 30 million customers. This refers it is complex to manage
operations at such a huge level but with implement of technology among all operations.
This is easy for management to complete all work in proper manner through performing
their task and operations systematically.
 Commercial banking- Another most important aspects for organisation is to perform
their work with motive of completing their work in minimum time period. In perspective
of banking and related service for small and medium organisation. This works for