Innovative Digital Workspace at Lloyds Bank: A Project Management Perspective

What an innovated digital
workspace look like a case of
Lloyds bank

Table of Contents
INTRODUCTION...........................................................................................................................3
Section 1..........................................................................................................................................3
Project management cycle...........................................................................................................3
Project Management plan............................................................................................................5
Work breakdown structure..........................................................................................................6
Gantt Chart...................................................................................................................................7
SECTION 2: DETAILED PROJECT..............................................................................................7
1. Research Aim...........................................................................................................................7
2. Research objectives.................................................................................................................7
3. Research Questions..................................................................................................................7
4. Literature review......................................................................................................................7
5. Research methodology...........................................................................................................10
6. Findings and Analysis............................................................................................................12
7. Discussion..............................................................................................................................19
8. Limitation of the research......................................................................................................20
9. Recommendation...................................................................................................................20
10. Conclusion...........................................................................................................................21
SECTION 3: PERSONAL REFLECTION...................................................................................22
REFERENCES..............................................................................................................................24
Books and Journals....................................................................................................................24
Appendix........................................................................................................................................27
WBS...........................................................................................................................................27
GANTT CHART.......................................................................................................................27
Project Logbook.........................................................................................................................29

Questionnaire.............................................................................................................................33

INTRODUCTION
For managing a business project in a successful manner, every company require a project
manager. The project manager executes the project in such a manner using the five steps project
life cycle that the overall outcome of the project is successful achieved (Fields, 2022). The
present report is based on the attributes of innovative digital technologies that shape the overall
workplace of financial sector. In the present world of full of technological innovation, the
financial sector is required to use appropriate technologies not only to help its employees but
also to provide better customer service. This report will be based on Lloyds Bank. Lloyds Bank
is a British retail and commercial bank having headquarter in London, UK. It is one of the largest
retail bank in Britain having branched all across England and Wales. The report will determine
the key technologies use by Lloyds Bank in order to accelerate innovation within the
organization. Basically, the report will cover the project life cycle, detailed project and personal
reflection.
Section 1
Project management cycle
Project management life cycle is describing as step by step framework that helps in dealing with
the best practices from the beginning and ending stage. It provides project manager to structured
way as well as to create and execute the plan that helps in achieving the aim of the project in
limited set of time. The project management process includes four phase such as initiation,
planning, executing and closing. Although there is one extra stage which can be used by manger
such as monitoring and controlling phase that is mainly used between closing and executing
stages (San Cristóbal and et.al., 2018). Thus, when each stage is followed effectively than goals
can be achieved in limited set of time. The project management lifecycle provides project with
structured tools and ensure it have best chance to be successful.
Initiation: It is known as first step in the project life cycle and at this stage project manager
identify issues that can be raised from external and internal business as well as execute plan to
deal with it that helps in meeting the goals in limited set of time. In addition to this, In the
present research Lloyds is trying to make use of digital workshop by using advance technology

so that it can keep their customer satisfied and improve the information flow of organization.
The project manager has set the aim and objective so that employees can work together and
achieve the goals in limited set of time (Armenia and et.al., 2019). In addition to this, proper
communication will be maintained so that purpose of project can be understood by the
stakeholder and employees can understand their job roles and team size. Furthermore, the
resources and budget will be set so that it does not create any constraint while completing the
project.
Planning: This is known as second stage in which steps are determined that will be helpful in
achieving project goals and the way to complete the project without any delay. In this step
project manager will establish budget, source of material, milestone and necessary documents.
This contributes in calculating, predicating risk and outline communication line. Thus, it can be
state that this stage contributes in assembling the project (Guo and Zhang, 2022). Moreover,
project manager at this step will set the goal that need to be achieved and it will execute the plan
in which steps will be determine that will contribute in achieving the goal. In addition to this,
communication will be maintained between stakeholders and team members so that change can
be processes. Lloyd bank will make use of risk register that will help in identifying risk related
with project along with their probability and impact. So it will contribute in mitigating the risks
and reduce their impact. Gantt Chart will also be used in which members will be able to see that
task have been completed on expected time.
Execute and compete task:
This basically means to put the plan into action and keeping the track as well as measuring the
progress. The project will mitigate the risk and manage the finance so that it ca invest in new
activities and gather information that will contribute in making right decisions (Picciotto, 2020).
At this stage project manager will make use of change request so that it can incorporate changes
with as well as mitigate risk. Along with this, team members will be motivated so that task can
be achieved on time.
Closure:
It is known as last stage of project management in this activities are concluded and project
manager need to provide final deliverables and releasing project so that success of project can be

determining. In the present project the scholar will evaluate the performance and conduct post
implementation.
Project Management plan
FACTOR EVALUATION APPLICATION
Aim It act as guidance and path
way to the scholar that helps
in achieving goals of the
project.
Although if aim is not
correct than research will not
be proper.
To investigate the
attributes of innovative
digital workspace at
Lloyds bank.
A study on Lloyd Bank
Objectives It outlines the sources and
steps for the research. It
narrows down the key
variables that helps in
achieving research process
(Svejvig, 2021).
However, if the research
objectives are not defined
cleary then there will be
confusion regarding limit of
the study.
 To investigate the
characteristics of an
innovative digital
workspace.
 To determine the key
technologies that
accelerate the
innovation within
Lloyds bank.
 To analyse the
attributes of the
innovative digital
workspace of Lloyds
bank
Deliverables It allows stakeholders, clients
to know about what team is
doing. Along with this, it
helps in serving the project
objective and activities (Wu
and et.al., 2021). However, if
Gantt chart has been used in
which task has been divided
into smaller parts so that
project can be completed on
time and through effective

it is not clearly define than
end result will not be met.
manner.
Quality This is consist of numerical
data and information which
has been used in project.
In the present research
scholar has adopted for
quantitative data for
analysing the finding and
make the study look more
authentic.
Risk It is one of the most crucial
factor that allow researcher
to identify threat and issues.
If risk are not identified then
it create hindrance in the
project.
One of the major problem
faced by investigator is lack
of finance and time due to
that there has been delay in
the project. Along with this,
there is only facts and figures
collected in the research and
there is no theoretical
reference in the study
(Thesing, Feldmann and
Burchardt, 2021).
Communication resources It is known as making use of
various communication tool
so that data can be collected.
However, poor
communication will create
delaying achieving the aim.
For communicating with the
participant scholar will
conduct survey so that it can
collect authentic and raw
information.
Research methods It describe the method
through which information is
gathered and analyse way to
meet the aim of research. If
the methods are not selected
For collecting numerical data
quantitative approach has
been used by the scholar.

properly than there will be
inaccurate research finding.
Work breakdown structure
It is known as project management tool that helps in analysing step by step method to
complete large project through several methods. Along with this, in the present report task are
divided into 4 stages like initiation, planning, executing and closure. Thus stages are segmented
into various step so that researcher can easily complete the task on time and in appropriate
manner.
Gantt Chart
It is one of the famous project management tool that is useful in displaying the activities and
allow teams to work around deadline and allocate the resources. Thus, it will help in showing
the time limit required to complete the task.
SECTION 2: DETAILED PROJECT
1. Research Aim
 To investigate the attributes of innovative digital workspace at Lloyds bank.
2. Research objectives
 To investigate the characteristics of an innovative digital workspace.
 To determine the key technologies that accelerate the innovation within Lloyds bank.
 To analyse the attributes of the innovative digital workspace of Lloyds bank.
3. Research Questions
Q.1 What are the characteristics of an innovative digital workspace?
Q.2 What are the key technologies that accelerate the innovation within Lloyds bank?
Q.3 What are the attributes of the innovative digital workspace of Lloyds bank?