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(PDF) Managing Innovation in Business

   

Added on  2020-12-30

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Managing Innovation inBusiness
(PDF) Managing Innovation in Business_1
EXECUTIVE SUMMARYThis report is about the innovation audit of Barclays PLC which is very essential for thegrowth as well as success of company. Innovation help a company in bringing new ideas ormethod of providing its services to customers that help in satisfying them. Barclay Plc is afinancial service provider company which has its origin in London and provide banking as wellas other finance related services worldwide with its experience of around 300 years. Bank is wellknow for its innovational practices and customised services which it provide to customer. Thisreport focused on determine the past as well as present capabilities of Barclay that contributetoward its future innovational practices. For determining the past capabilities of Barclays PLC,PESTLE tools has been applied which support in determining the micro-environment factor thatsupported company to achieve success and brining new capabilities in market. Apart from this Porter's five force model has been used to determine its position inindustry and different forces that affect its functioning in market. By applying this model it hasbeen identified that the bargaining power of supplier and customer reduced with the time but thethreat to entrant is increasing with the development of technological environment. In addition tothis SWOT analysis has been performed for identifying the current strength as well as futureopportunities of company which support it in brining future capabilities. From SWOT analysis ithas been determined that Barclay Plc has capabilities through which they can introduce “Facialrecognition Authentication technology” in market. But for its future implication a detailedanalysis over banking industry has been performed. From industrial analysis it has been foundthat the industry is supporting players who are initiating to bring innovational practices forproviding a better access to financial services. These all support company in determining thecapabilities it have and required to develop for bringing its new innovational approach named as“Facial recognition Authentication technology”.
(PDF) Managing Innovation in Business_2
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................1Organisation &Industrial Overview.................................................................................................1Organisation and its innovation history..................................................................................1The Organisation existing Innovation Performance and Capabilities....................................4The Industry............................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
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INTRODUCTIONBusiness innovation refers to an organisational process of brining new ideas,methodologies, workflows, product or services with an aim to either improve its currentperformance or to achieve competitive edge (Herrera, 2016.). Current report is about BarclaysPlc which is British multinational financial and investment service company headquartered inLondon since 1690. It holds 18th position in banking industry and deals in services like retail,commercial & investment banking and wealth management (Bank Rankings, 2018). Mainpurpose of report is to analyse the innovational capability of Barclays by examining itsinnovation history, present capabilities and future innovational requirements. This report starts by identifying various macro environment that supported Barclays in itsgrowth and development using PESTLE analysis, then Porter's five force model is used foranalysing the force that foster in growth of company. After this analysis of existing innovationalcapabilities of Barclay is performed using SWOT analysis and at last industrial analysisperformed for identifying future opportunities. Organisation &Industrial OverviewOrganisation and its innovation historyBarclay Plc is a British multinational investment as well as financial service providerwhich has its origin from London and deals in corporate banking, personal banking, retailbanking, investment and wealth management. It has a long history of achievements whichsupport in growth and success of Barclay and make it third largest bank in term of capital withinUnited Kingdom (Top 10 British Banks, 2016). PESTLEIt refers to an analytical tool that support in identifying the innovational history ofBarclay Plc on the basis of various macro environmental factor. These can be understood usingfollowing points:Political:-This factor undertakes the political scenario of a country which affects anorganisation's operations. Barclay started from London and keep on expanding its business inother countries worldwide. The political environment in London has been quite supportive toinnovation. With its certain regulations which state equality on the basis of gender, allowed1
(PDF) Managing Innovation in Business_4

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