Managing Innovation in Organization

Running Head: MANAGING INNOVATION IN ORGANIZATION 1
Managing Innovation in Organization
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MANAGING INNOVATION IN ORGANIZATION 2
Executive Summary
Westpac is among the leading banks in Australia. Westpac plays a key role in promoting
innovations in the country. This research paper focuses on ways to manage innovation in an
organization. In the introduction, a few examples of some of the innovations Westpac has been a
part of is given. The section also includes an idea of an innovative product that is based on
Westpac’s goals and its portfolio management. A brief overview of how our innovative product
will be streamlined with the organization’s current capabilities is also given in this section. In the
next section, the steps involved in design thinking are attached. A table for the same is provided
in the appendix. Secondly, the role and importance of user involvement in innovation are
described. Thirdly, a brief understanding of how fast integration helps save on costs, time and
resources in innovation is provided. Fourthly, a description of how prototyping and testing
capabilities are done is given. Finally, the importance of cross-functionality management in
innovation is described. In the conclusion section, a discussion of how future innovations may
affect our innovative idea is given.
Table of Contents

MANAGING INNOVATION IN ORGANIZATION 3
Managing Innovation in Organization.........................................................................................................3
Introduction.................................................................................................................................................3
Design thinking........................................................................................................................................5
User involvement....................................................................................................................................6
Fast integration- time, costs, resources...................................................................................................7
Prototyping and testing capabilities........................................................................................................7
Cross-functional management.................................................................................................................8
Conclusion...................................................................................................................................................8
References...................................................................................................................................................9
Appendix...................................................................................................................................................11
Design Thinking Diagram.......................................................................................................................11
Managing Innovation in Organization
Introduction
Westpac is a bank headquartered in Sydney, Australia that offers financial services. Innovation
refers to the action of applying new ideas with the aim of generating value for an institution. The

MANAGING INNOVATION IN ORGANIZATION 4
world the Company is operating in is changing rapidly (Bagno, Salerno, & Carneiro Dias, 2017).
Structural shifts in the economy, changes in demographics and technology are creating both
challenges and opportunities for businesses globally. Innovation is at Westpac’s heart’s goal of
becoming among the leading service-providing companies in the world (Westpac Banking
Corporation, 2017).
Westpac has some hot topics regarding innovation which include pay ID. Pay ID is an
application that will facilitate quick payments through a client’s phone number. Pay ID will
prompt almost instant transfer of funds between authorized accounts. Pay ID will make it simpler
for clients to pay you as it enables easier communication of bank details among people through
one’s phone number. Pay ID will enable payments to be done in a simple, smarter and real time
manner 24/7. Westpac is making principal investments in new businesses to open up innovative
opportunities for progress, provide technological ability and resolve strategic challenges. For
instance, Westpac has partnered with Vincent Turner, an entrepreneur, to support a digital
mortgage broking service known as Uno. Uno lets mortgage clients to broker their individual
home loan (Tarasyuk & Koscheyev, 2017). The collaboration offers an opportunity for driving
innovation in customer involvement and experience (Yu & Rhee , 2015). The collaboration will
change the process that is driven by a lot of clunky paper work into one that is digitally enabled.
Westpac is greatly involved in supporting innovation in Australia. Westpac is the foundation
companion of the biggest fintech center in Asia, Stone & Chalk (Yang, Toorn, Thorogood, &
Vlasic, 2015). Stone& Chalk aids start-ups to materialize and scale over the partnership with
huge establishments internationally. Currently, Stone & Chalk houses over 300 entrepreneurs
who work for over 80fintech start-ups who through funding have raised over AU$100 million
collectively. The Westpac scholarship program offers over 100 fellowships and scholarships