BSBINN801A Report: Leading Innovative Thinking & Practice Analysis

This report delves into the implementation of innovation, focusing on leadership factors influencing innovation, personal experiences, and the relationship between leadership style and innovation, using the banking sector in Australia (NAB) as a case study. It discusses creating and maintaining an innovative environment, addressing organizational culture, management styles, and stakeholder involvement. The report also covers assessment tasks related to innovation drivers, implications, and strategies for sustaining innovative thinking and practice, including managing risks and overcoming organizational barriers. The document provides analysis, evaluations, and proposed options for improving innovation within the target organization. Desklib offers a range of resources, including past papers and solved assignments, to aid students in their studies.

Running head: LEAD INNOVATIVE THINKING AND PRACTICE
Lead Innovative Thinking and Practice
Name of Student:
Name of University:
Author’s Note:

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LEAD INNOVATIVE THINKING AND PRACTICE
Table of Contents
Introduction......................................................................................................................................8
Activity 1:........................................................................................................................................8
Creativity and innovation:...............................................................................................................8
Leadership factors influencing innovation:.................................................................................8
Personal experience till date:.......................................................................................................9
Leadership factors influencing culture and practice of innovative thinking:..............................9
Reflections:..................................................................................................................................9
Relationship between leadership style and innovation:...............................................................9
Activity 2:......................................................................................................................................10
Leading innovative environment:..................................................................................................10
Understanding of culture of organization:.................................................................................10
Factors influencing culture of organization:..............................................................................10
Style of culture in organization:................................................................................................10
Description of management style, power and values of organization:......................................11
Creation of innovative environment using system of management:.........................................11
Improvement in current organizational culture:........................................................................11
Fostering innovation in enterprise:............................................................................................11
Characteristics of organization:.................................................................................................11
Activity 3:......................................................................................................................................12
Creating an innovative culture:......................................................................................................12
Activity 4:......................................................................................................................................14
Maintaining an innovative environment:.......................................................................................14
Opportunities for implementation of project:............................................................................14
Rationale for promoting innovative idea in organization:.........................................................14
Nature of problem at workplace:...............................................................................................14
Leadership methods for problem solving activities:..................................................................14
Opportunity identification for introducing innovative response at workplace:.........................14
Key interest of stakeholders in the focus of problems:..............................................................14
Strategy development in creating problem solving exercise:....................................................15
Determination and identification of strategy of risk aversion:..................................................15
Steps in the particular technique application in the problem solving activity:..........................15
Issue identification and working environment problem presentation:......................................15

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Addressing of issue using driver’s identification:.....................................................................15
Supporting the problems by enabling identification:.................................................................16
Steps in the actioning and documentation of range of solutions offered by group:..................16
Activity 1: Developing Innovative Environments.........................................................................16
1. Drawing the research conducted through the topic...............................................................16
a. Opportunities existing for the implementation of the innovative project..............................16
b. Rationale used to promote the ideas within the organization................................................16
c. The methodology...................................................................................................................17
2. Referring to range of reading for supporting the ideas..........................................................17
3. Preparing to present the findings to work with team, colleagues, mentor, study group or
community of practice...............................................................................................................17
a. Data shown with the verbal presentation...............................................................................17
b. Workshop...............................................................................................................................17
c. Flow chart on posters.............................................................................................................17
Activity 2: Leading Innovative Environment................................................................................18
1. Identification of the opportunity to introduce innovative response to a problem..................18
a. The nature of the problem......................................................................................................18
b. Stakeholders with a key interest in the focus of the problem................................................18
c. Organisational structures and cultural factors........................................................................18
2. Consider your leadership style and the methods.......................................................................18
3. Developing a strategy to lead your team in a creative problem-solving exercise.....................18
4. Include an activity to identify risk.............................................................................................18
a. Key steps in the technique for problem solving.....................................................................18
b. Identification of the issue and the problem............................................................................19
c. Identification of the drivers for addressing the issue.............................................................19
d. Identification of the enablers that exist to support addressing the problem..........................19
e. Steps in the documentation and actioning of the range of solutions offered by the group....19
5. Debriefing the process of the team............................................................................................19
Activity 3: Creating a culture of innovation..................................................................................20
1.Designing the activities as per the attached checklist.................................................................20
a. Strategies required for addressing of the cultural barriers to the generation, promotion and
support of innovative practices..................................................................................................20
b. Identification of gap in systems and processes needed to support innovation......................20
c. Required strategies for engaging the key stakeholders in the organization...........................20

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d. Resource requirement for rolling out the emerging innovative practices or innovative ideas
...................................................................................................................................................20
2. Developing the strategy for engaging with the plan from the from the key people..............21
3. Getting feedback from the main stakeholders and strategy for engagement.........................21
Activity 4: Maintaining an Innovative Environment.....................................................................26
2. Steps that are necessary to address these gaps in preparation for your final assessment..........27
Assessment Task 1: Innovation drivers and implications..............................................................27
1. Identification of organization to consider the drivers along with the implications...............27
2. Research and trend analysis and shaping the current and future thinking and practice........27
a. Current and past theories and thinking of the creativity and innovation...........................27
b. Global and local drivers of innovation both internal and external....................................27
c. The organization’s mission, current strategies and objectives...........................................27
d. Specific conditions needed for innovation........................................................................28
e. Issues impacting on the individual and collective innovative thinking.............................28
3. Evaluating the overall context for the individual and collective innovative thinking...............28
a. Potential barriers and risks to the innovation.........................................................................28
b. The Impact of the legislative framework relating to the copyright.......................................28
c. Current innovative performance and opportunities required for developing strategies to
improve the innovation..............................................................................................................28
4. Reflecting on the leadership role which may be used to improve the innovation in the target
organization...................................................................................................................................28
a. Leadership skills and leadership style and impact on fostering innovation...........................28
b. Opportunities used for enhancing the personal effectiveness and promoting the culture of
the ongoing learning and development......................................................................................29
c. Strategies required for the modelling of the innovative thinking and practice......................29
Providing Training and inculcating Financial Involvement......................................................29
5. Identification of the of the number of options for improving the innovation in the target
organisation....................................................................................................................................29
a. Strategies for responding to identified organizational barriers and risks..............................29
b. Application of the management techniques required for the encouragement of the creative
thinking......................................................................................................................................29
c. Theories, processes and the practices for transformation of the organization.......................29
d. Strategies for managing the state of the changes...................................................................29
6. Compiling the analysis, evaluations, reflections and proposed options in the paper................29
Assessment Task 2: Lead and sustain innovation thinking and practice.......................................30

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1. Planning of the introduction of the innovative thinking and practices in the target
organization...............................................................................................................................30
a. Identification and accessing the adequate resources for the innovation................................30
b. Establishing the organizational mechanisms, processes and the systems for supporting the
innovation aspect.......................................................................................................................30
c. Initiating and fostering the communication, consultation and engagement with the main
stakeholders...............................................................................................................................30
2. Supporting the introduction of the new practices......................................................................30
a. Using the approach for the team development and building the support and the skills
innovation..................................................................................................................................30
b. Using the range of the techniques to generate new ideas......................................................30
c. Devising and implementing the mechanisms for promoting the knowledge transfer...........30
d. Establishing the new ways for capturing, communicating and sharing of the innovative
ideas and the practices...............................................................................................................31
e. Promoting of the innovative practices, processes and products or services..........................31
3. Leading the innovative practices as per the target organisation................................................31
a. Introducing and promoting of the creative thinking techniques............................................31
b. Fostering of the workplace culture which encourages innovation........................................31
c. Developing and using the processes for monitoring of the individual performance which is
related to the collective contribution of the innovative thinking and practice..........................31
4. Sustaining of the innovative thinking and practice in the target organization..........................31
a. Managing the risk associated with innovation.......................................................................31
b. Application of the change management strategies for overcoming the organizational barriers
...................................................................................................................................................31
Conclusion.....................................................................................................................................32
References list:...............................................................................................................................34

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LEAD INNOVATIVE THINKING AND PRACTICE
Introduction
The report aims to implement innovation in the banking sectors of the Australia. The
bank selected for the implementation process is depicted with NAB. The main technology
implementation will be considered with using an oracle-based software which will aim at
registering of the debit cards in the mobile allow for contactless transferring of money. Some of
the main discussion of the study has been shown with Leadership factors influencing innovation,
Personal experience till date, Leadership factors influencing culture and practice of innovative
thinking and drawing the effective relationship with the leadership style and innovation. Some of
the other discussions of the study is implemented with the application of the leadership styles
which will influence the overall technology in the banking sector. Some of the various types of
the other discussions of the study will incorporate the assessment tasks showing factors driving
Innovation in the selected bank along with the implications and incorporate Lead and sustain
innovation thinking and practice.

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Activity 1:
Creativity and innovation:
Leadership factors influencing innovation:
Implementation of innovation in banks by creating a mobile payment service in NAB.
The main technology will be used for registering of the debit cards in the mobile will allow for
contactless transferring of money. The innovation factor will be determined by the performance
of teams and how the team perform is dependent upon the leadership characteristics in a period
of 6 months.
Personal experience till date:
I have learned that in an organization, it is required on part of employees to stimulate
their willingness for undertaking creative efforts.
Leadership factors influencing culture and practice of innovative thinking:
Innovation in organization is underpinned by motivation at organizational level,
management practices and innovation.
Reflections:
I have gained experience that team norms should be established for creation of innovation
within the organization. There is a combination of different leadership style that is adopted by
leaders for producing creative ideas and product and services (İşcan et al. 2014).
Relationship between leadership style and innovation:
Characteristics of leadership encouraging innovation:

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LEAD INNOVATIVE THINKING AND PRACTICE
Innovative leaders are required to create the idea behind innovation that envisions path
converting such idea into reality.
Weakness and strength of leadership styles:
The main strength of adopting different style of leadership is that they are representative
of distinctive lines of comprehensive and thoughts at the same time. In addition to this, it also
helps in creating a stringent and systematic framework.
There exists different demand on leadership using different styles as the difference is
attributable to their opinion in the process of decision making.
Feedback about manager or mentor in the work environment:
The feedback that can be provided is that the link between different style of leadership
and different innovation stages varies.
Identification of professional development:
The professional development concerning employees at different levels receives
assistance from leadership styles.
Activity 2:
Leading innovative environment:
Understanding of culture of organization:
In enhancing the creativity in banking services, leadership plays a crucial role by driving
and launching innovation projects. There have been several types of the previous initiatives in

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LEAD INNOVATIVE THINKING AND PRACTICE
the past which shows how ATM machine identified faces of the customers. The present
technology implementation is seen to be depicted with the application of the contactless mobile
payment service.
Factors influencing culture of organization:
In a culture of implementation of innovative ideas within organization, there is required
to have sufficient management of innovation.
Style of culture in organization:
The collective ideas, beliefs and organizational member principles are represented by
collective principles. In current situation, organization has hierarchy style of culture.
Description of management style, power and values of organization:
The management style of organization is authoritarian where managers are possibly low
on agreeableness and high in conscientiousness.
Creation of innovative environment using system of management:
Innovation management and leadership have several aspects by focusing exclusively style
of leadership relating to innovation (Renko et al. 2015). In several innovation projects, it has
been found that participative and directive leaders play a considerable role.
Improvement in current organizational culture:
The current structure of organization can be improved by enabling leaders to adopt
leadership style that is participative.
Fostering innovation in enterprise:
Leader influence on organization’s innovative capability:

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LEAD INNOVATIVE THINKING AND PRACTICE
The innovative capability of organization is influenced by the style of leadership and it is
indicated by research that for establishment of clear rules, directive leadership styles is relevant
(Anderson et al. 2014).
Citing example from good practice:
The innovations of firms receive are seen with considerable amount of contribution from
interactive style of leadership. However, some kind of guidance is involved such as coaching for
innovating.
Characteristics of organization:
Factors generating, supporting and promoting innovation:
The most important factors for supporting innovation are style of leadership in
organization (Lofquist and Matthiesen 2017). In addition to this, organizational culture and
management style also plays a considerable role.
Involvement of key stakeholders in implementation of innovative culture within
organization:
Some of the key stakeholders that are to be involved in innovative projects include
employees, senior management executives, third parties such as agencies and government and
valuable customers of NAB.
Tools, strategies and techniques for engagement, consultation and communication within
organizational environment:

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LEAD INNOVATIVE THINKING AND PRACTICE
Organization needs to employ adequate tools of communication for enhancing flow of
activities. Moreover, for consultation and engagement on larger scale, employees and managers
should be trained.
Activity 3:
Creating an innovative culture:
Meaning of business model:
Business model is the structure that incorporates the goals, purpose and ongoing plans of
organization for supporting the viability of business.
Link between organization and business model:
The model business determines the way organization is structured and what sort of
culture is followed. Business model and performance of organization are related positively.
Description of business model of organization:
The business model is the description about how NAB will operate by framing the source
of efficiency, effectiveness and agility.
Difference between business model of organization and that of peers:
The business model of peer is based on structure that is used for designing new products
while that of concerned organization is about operation of activities.
Leadership style necessary for fostering and maintaining innovative working environment:

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LEAD INNOVATIVE THINKING AND PRACTICE
Some of the leadership styles are listed below:
Participative and directive leadership
Shared leadership
Instrumental leadership and strategic leadership
Distributive leadership:
Identification of directions, initiatives and programs in organization:
Organizations are required to take initiative actions on part of initiating innovative
projects. In addition to this, they are required to implement the activities that helps in guiding the
innovative projects.
Activity 4:
Maintaining an innovative environment:
Opportunities for implementation of project:
Implementation of innovative projects within the organizational context is driven by the
ideas and creative thinking of leaders and managers.
Rationale for promoting innovative idea in organization:
In order to promote innovative idea within the environment of team, members should be
provided with a reason and importance of innovation should be continually stressed.