Innovation Fitness Report From the Handbook

Innovation Fitness Report From the Handbook
CONTENTS

INTRODUCTION...................................................................................................................................1
LITERATURE REVIEW........................................................................................................................1
Innovation strategy..............................................................................................................................1
Key elements of innovation process....................................................................................................2
METHODOLOGY..................................................................................................................................3
FINDINGS...............................................................................................................................................3
DISCUSSION..........................................................................................................................................3
RECOMMENDATIONS.........................................................................................................................3
REFERENCES........................................................................................................................................4

INTRODUCTION
Today, each and every one are living in the age in which technology as well as
information competencies are advancing at an incomparable pace which is quite quicker
compared to the others in the history of humans. This era is presenting enormous prospects
throughout every industry. In the context particularly financial services, the movement of
digitalization is the most important renovation or modification from the time when the plastic
credit cards. This rate of alteration is assumed to accelerate over the coming few years due to
the fact that it becomes conceivable for individuals to carry out their monetary activities
through utilizing devices by any kind of channel (Trott, 2015). One of the leading
multinational firm in the payments as well as commerce industry, MasterCard is taking into
account new solutions for making improvements in the financial services and searching for
different manners to innovate quickly compared to the past. Based on this, the main aim of
the current research report is to analyse the ways in which the organization is managing
innovation in this rapidly changing digital environment. Further, the report will evaluate the
innovation strategy and innovation process adopted by MasterCard and will focus on
prioritized recommendations for improving innovation performance.
LITERATURE REVIEW
Innovation strategy
As per Maier (2018), because of the rising pressure in relation with the global
competition has resulted in the emergence of more and more issues related to the
management of innovation in the contemporary years. Firstly, due to the advancement in
technology, it is becoming indispensable to combine as well as gather more comprehension in
relation with the dispersed areas of science. And the second point is that because of the
pressure of competition, companies are being forced to accelerate evolution procedures for
the purpose of shortening the life cycles of their products. Furthermore, as the needs and
preferences of the customers are getting diverse at a tremendous pace there has been
development of varied models as well as variants of merchandise which has resulted in
smaller units of manufacturing and markets to be targeted. As per Zhang (2015), innovation
management is the processes being adopted by corporations for management of innovation.
This enables the organizations to react to both internal as well as external opportunities
through utilizing its creative efforts for introducing novel concepts, merchandise and
processes. An important one sub-section of innovation management is innovation strategy.
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