EXECUTIVESUMMARY As per the above report summarizes that business environment based internal as well as external factor that impact on the management decision. In this report understand about the technologyandinnovationthatimpactonthebusinessoperationsandmakedecisions appropriately. Along with corporate governance comprise with set of relationship between a company management and other stakeholders. Corporate social responsibility plays essential role in business and help to maintain sustainability for longer period of time. This report based on the Lloyds bank which is conducting activities in financial sector.
Contents INTRODUCTION.......................................................................................................................................3 TASK 1.......................................................................................................................................................3 Innovation and Technology.....................................................................................................................3 Innovation and technology contributes in economic growth a country....................................................3 Business organizations use new technology in their operations...............................................................4 Brief overview of company.....................................................................................................................4 New technologies used by Lloyds Bank..................................................................................................4 Compare sales and profit.........................................................................................................................5 Comment on findings..............................................................................................................................6 TASK 2.......................................................................................................................................................7 Importance of corporate social responsibility..........................................................................................7 Importance of CSR for organisation........................................................................................................8 Archie Carroll’s Pyramid.........................................................................................................................8 CONCLUSION.........................................................................................................................................10 REFERENCES..........................................................................................................................................11
INTRODUCTION Businessenvironmentincludesthedifferentinfluencesthatinfluencemanagement decisions. They could be economic, social, political, and technical influences. Such variables are beyond business control. The company can do little to improve them. A business climate is a collection of components which are closely involved in the operations of a company (Aithal, 2016). Those variables affect the output, efficiency and development of the business internally or externally. To complete this report selected organisation Lloyds bank. It is a British retail and commercial bank with different branches that established across England and Wales. It was established in 1765 due to less number of banking companies. This report categorized into two parts in first task mention about innovation and technology, contribution in economic growth and business use new technology in business. The second task includes importance of corporate social responsibility and apply Archie model in selected business. TASK 1 Innovation and Technology Innovation: The implementation of new and interesting concepts known as innovation. Originality, the capacity to create new and unique concepts, is the kernel of progress and it's only just an idea until it's implemented and scaled up. Invention is larger than a software suite or item. Innovation includesthe effectivelyuse of knowledge, creativity and effort to extract larger or equivalent principles from materials, and encompasses all processes by which new ideas are created and transformed into useful goods. Technology: Technology is the use of devices, materials and information to fix issues and to expand individual development. It involves devices (such as machines) yet also methods and systems (such as how we make computer chips). It may seem like all software is just digital, but that's the most advanced technology.
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Innovation and technology contributes in economic growth a country One of the key advantages of innovation is their relation to sustainable development. Simply put, invention will lead to increased efficiency, which provides bigger output is produced by the same information. When wages increase, more products and services are produced-that is, the economy is increasing. Oxford Economics has measured the importance of the invention, science and development industry to the UK economy, taking into consideration not just the direct, secondary (supply chain) and mediated (Workerspending) influences but also a number of external or 'catalytic' impacts. The latter are extremely crucial for this business because of the volume of research & innovation conducted by the organizations involved and because of initiatives that enhance the level of R&D conducted by universities and research institutions (e.g. by cooperation, communication and offering services like innovation labs). Innovation describes the creation and implementation of ideas and innovations in financial perspective that enhance products and services, or make their output more efficient. The invention of the steam engine engineering in the 18th century is a perfect example of progress. Steam engines could be used in manufacturing, making mass manufacturing, and transportation through the railways was revolutionized. More importantly, IT has changed the manner in which businessesmanufactureandselltheirproductsandservices,thussettingnewmarket opportunities marketing strategies. Business organizations use new technology in their operations Use technology in systems integration has meant that companies can reduce costs, enhance the ordering process, normalize and increase quality, and concentrate on innovation, thus adding value for clients. The implementation of changes in technology to an enterprise poses a distinct set of organizational problems than the work of the professional project management.Moreover,thesupervisorsaccountableforthecourtingofatechnological innovation into daily use are often much better qualified by experience and knowledge to direct the creation of that technology than to oversee its application. Brief overview of company Lloyds Bank plc is a British commercial and retail bank, with departments along all England and Wales. It has historically been considered one of the load and unload for the "Big Four.The bank was established in Birmingham in 1765. It developed throughout the 19th and
20th centuries and taking around a variety of larger financial institutions. It combined with the Trustee Savings Bank in 1995, and traded between 1999 and 2013 as Lloyds TSB Bank plc. This offers finance and banking services. The Bank provides services such as savings accounts, credit card statements, deposits, shares, share trading, leases, investments, auto financing, protection and commercial banking. Lloyds Bank supports clients around the UK. New technologies used by Lloyds Bank On 10 October 2016, Lloyds Banking Group introduced new Selfie Apps. As part of investing in digital technologies to enhance user satisfaction, Lloyds Banking Group has just unveiled selfie technologies to encourage buyers at Bank of Scotland to easily access a bank account digitally it’s name. Often customers who apply electronically via the latest streamlined request form will be asked to include the ID. In order to open an existing account and take photos of their UK driving driver's licence, they must be capable of completing an easy step-by - step verification system together with selfie photos to verify their claims (Trkman, 2013). As the ID authentication system is cloud-based consumers can use a web browser to upload photos on their mobile device – without the need to install an external device. This streamlines the current account implementation system for new clients considerably and provides them the versatility to rapidly set up an account from the privacy of their homes. Compare sales and profit After implementation of new technology analysis the changes which were coming in sales as well as profit. There are analyzing annual report of year 2016 & 2017 to identify the changes in profit and sales. As per the income statement it is analyzed that total life and pension sales enhanced by 12% and driven by 29% increase across workplace, planning retirement and many others.
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As per the statement it is analyzed that net income of bank increased by 6% because it is easy way for people to open new account and save their money. Along with they are investing any time and check their balance in digitally manner. Along with underlying profit has been increased by 8% that presents good position of business in ethical manner. After deduct the tax get profit for the year 3547 in 2017 and 2514 in 2016 that presents changes was coming about 41% in the bank. Thus, it is saying that the new technology helps to bank to get more sales and profit in 2017 compare than of 2016. Comment on findings ď‚·As of the most recent annual from the Lloyds Banking Group, innovation expenditure percentages about 17 percent of operational costs in North America, 15 percent in the United Kingdom and 14 percent in Europe. ď‚·In contrast, the bank's expenditure crosses the 19 per cent mark of operating expenses, reflective of its robust digital development plan. Over 75 per cent of that quantity is invested in building advanced features and improving current systems.
The institution's opinion is that emerging innovations are helping to growing financial industry efficiency gains and bring significant changes to customer satisfaction. Certainly, the transactions made by the bank produce good returns. For instance, from the release in 2018 to the ending of last year, robots allowed the economy save a million hours for workers who were motivated to focus it on providing an excellent customer experience. The Bank's digital emphasis is a consequence of its own analysis of client patterns behavior. Comparing consumer user activities over five years from 2014, it showed that competition from broadcast platforms exploded in 2019—nearly tripling for items like new bank account launches, and multiplying for home owners insurance and loan requests. TASK 2 Importance of corporate social responsibility Corporategovernance:Corporategovernanceisasetofrules,procedures,or regulations that oversee, or command companies. The word covers internally and externally factors affecting the desires of interested parties in a corporation, such as investors, clients, distributors, regulatory agencies and management. Corporate governance is the framework of principles, policies, processes, and properly stated roles and obligations employed by participants to resolve the potential conflicts embedded in the corporate structure. This study found which enables robust revenue growth and balances it. Corporate social responsibility: Corporate Social Responsibility (CSR) is an auto- regulating business plan that allows businesses to be publicly responsible — on itself, its investors and the public. By exercising corporate social responsibility, also corporate social performance citizenship, corporations may be mindful of the sort of effect they have on all facets of society, namely economic, social and environmental. History of corporate governance in the UK with examples: Corporate Governance History in UK. Governance is a term that had scarcely been in existence 20 years ago. The "Cadbury Code" was slowly embraced as a standard of good setup conduct by the City and the
Stock Exchange, targeted at publicly traded organizationsand aiming in particular at principles of corporate behavior and ethics. 1998 – The Unified Corporate Governance Code (re-named the UK Corporate Governance Code, the new edition released in September 2012) 1999 – Turnbull Internal Management Guidelines 2010 – Stewardship Code. 2013 – Businesses Act 2006 (Strategic Report and Legislation for the Directors' Study) Governance is a term that had scarcely been around 20 years ago. Currently, not only in businesses, but also in hospitals, colleges, relevant councils and National Health Trusts, it is widely used. It is now a standard on how an enterprise is managed, with special focus on transparency, honesty, and risk assessment. In the early 1990's, the "revolution" began with the Cadbury Report on the economic aspects of risk management, to which a script of professional standards was connected. The "Cadbury Code" was slowly embraced as a standard of boardroom conduct by the Town and the Stock market, targeted at companies listed and aiming in particular at norms of corporate ethics and morality. Importance of CSR for organisation It's extremely necessary for the company to be working in a way that shows social responsibility. Also if it's not a legal necessity, taking environmental and social problems into consideration is seen as best practice. For business performance social responsibility and ethical standards are important. The 2015 study of Cone Data collection/Ebiquity Global CSR showed that a whopping 91 per cent of international customers anticipate corporations to behave responsibly to tackle economic and environmental issues. In addition, 84 per cent state they are searching for sustainable goods whenever practicable. Currently in this market economy, the importance and value of Corporate Social Responsibility (CSR) is of major importance to make sure the sustainable development of life and relationships in long term (Veit and et.al., 2014). Mallen Baker describes CSR as, "It is about how businesses handle the business requirements to have a generally positive effect on society." As per the United Nations, "Corporate Social Responsibility is a management term wherein corporations incorporate social and environmental issues into their business activities and relationships with their shareholders."
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This is our first study on corporate responsibility as Lloyds Banking Company. It points out how we meet our responsibilities to our investors, like our shareholders and the investor, our clients, associates and societies.It's a honor and one that tends to come with significant responsibilities. Archie Carroll’s Pyramid Carroll's CSR pyramid is a structure which describes how and why social conscience should be assumed by institutions. The pyramid was created by Archie Carroll and illustrates the four main styles of organizational accountability. These are: Economic responsibility Legal responsibility Ethical responsibility Philanthropic responsibility The foundation of the pyramid is income. This framework is important for a firm to fulfill all rules and regulations, and also investor requests. Until a corporation may and can then claim its charitable duty or budgetary obligation, it still needs to perform its ethical duties.
These responsibility are defined in broad manner in respect of different organisation Economic responsibility: Companies' economic duty is to manufacture value the customer requires, and earn a living on them.Businesses have stakeholders who anticipate and seek a good return on its expenditure, have workers who choose to do their job efficiently and reasonably, and have consumers that desire of gooditems at affordablerates. That is the pyramid basis on which these the other strands rest. Legalresponsibility:Companies'legalresponsibilityistoabidebythelowestpossible guidelines that have been set. Organizations are anticipated to act and perform inside those regulations.Thegeneralprinciplesarerulesandregulationswhichreflectthevaluesof formalizedmoralityincommunity.Theyevaluatehowinstitutions,ascharacterizedby lawmakers at nationwide, regional, and local level, can perform their corporate practices fairly. Ethicalresponsibility:Businessethicalresponsibilitygoesfurtherthantheprescriptive perceptions of political system-laws and regulations. Furthermore, society requires companies to operate and manage their businesses in an economic way. Seeking ethical obligation implies that
organizations adopt policies, principles, and procedures that have not been actually written explicitly, but are still anticipated. Philanthropicresponsibility:TheCompany’sphilanthropicobligationencompasses compulsory or contractual programs and company behavior. Charity work is not a direct obligation, but community presently requires company to participate more actively. The essence and volume of these operations are optional, and are motivated by the willingness of businesses toengageinphysicalactivitythatisnotusuallyrequiredinanobjectivesensefrom organizations. The Lloyds bank applies this model in order to set up all the responsibilities to get all the effective results in certain period of time. This model helps to meet their social responsibility in effective manner. It provides benefits to society for longer period of time and act morally as well as ethically. CONCLUSION As per the above report it has been concluded that the environment of corporation depends on the various activities which is related with the business in direct and indirect manner. The technology as well as innovation both terms is essential for business that helps to improve efficiency as well as financial health in proper manner. The bank apply Sefie technology that impact on the business in positive manner and generate more income as compare than of previous year. The corporate social responsibility also plays vital role to manage all the business activities as per the requirements.
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REFERENCES Books and Journal Aithal, P. S., 2016. Study on ABCD analysis technique for business models, business strategies, operating concepts & business systems.International Journal in Management and Social Science.4(1). Rose, L. M., Orrenius, U. E. and Neumann, W. P., 2013. Work environment and the bottom line: Survey of tools relating work environment to business results.Human Factors and Ergonomics in Manufacturing & Service Industries.23(5). pp.368-381. Veit, D. and et.al., 2014. Business models.Business & Information Systems Engineering.6(1). pp.45-53. Trkman, P., 2013. Increasing process orientation with business process management: Critical practices’.International journal of information management.33(1). pp.48-60. Online TechnologyinfluenceonUKeconomy.2020.[Online].Availablethrough: <https://www.oxfordeconomics.com/recent-releases/the-impact-of-the-innovation-research-and- technology-sector-on-the-uk-economy> Exampleofinnovation.2018.[Online].Availablethrough: <https://www.ecb.europa.eu/explainers/tell-me-more/html/growth.en.html> Techadoption.2020.[Online].Availablethrough:<https://techhq.com/2020/02/how-lloyds- banking-group-is-really-doing-with-tech-adoption/> Newselfietechnology.2020.[Online].Availablethrough: <https://www.comparethecloud.net/uncategorized/new-selfie-technology-launched-by-lloyds-banking- group/> CorporateGovernance.2020.[Online].Availablethrough: <https://www.investopedia.com/terms/c/corporategovernance.asp> Corporatesocialresponsibility.2020.[Online].Availablethrough: <https://www.investopedia.com/terms/c/corp-social-responsibility.asp> Historyofcorporategovernance.2018.[Online].Availablethrough: <https://allatiflaw.wordpress.com/2008/06/18/history-of-corporate-governance-in-the-uk/> CSR pyramid. 2020. [Online]. Available through: <https://www.toolshero.com/strategy/carroll- csr-pyramid/>