Exploring Innovative Digital Technologies in Lloyds Bank Workspace

This report investigates the attributes of innovative digital technologies shaping the workplace at Lloyds Bank, a leading British retail and commercial bank. It examines the project management cycle, including initiation, planning, execution, and closure, within the context of Lloyds Bank's adoption of digital workshops and advanced technologies to enhance customer satisfaction and improve information flow. The report details the research methodology, findings, and analysis related to key technologies driving innovation, addressing research questions about the characteristics and attributes of an innovative digital workspace. It also covers the project management plan, work breakdown structure (WBS), Gantt chart, and personal reflection on the project's execution, limitations, and recommendations for future improvements. The appendices include the WBS, Gantt chart, project logbook, performance review, and questionnaire used for data collection. This document is available on Desklib, a platform offering study tools for students.

Contents
INTRODUCTION...............................................................................................................4
Project management cycle..........................................................................................4
Project Management plan...........................................................................................6
Work breakdown structure.........................................................................................8
Gantt Chart....................................................................................................................8
DETAILED PROJECT.......................................................................................................8
Research Aim.................................................................................................................8
Research objectives.......................................................................................................8
Research Questions.......................................................................................................8
Literature review..........................................................................................................9
Research methodology.............................................................................................11
Findings and Analysis...............................................................................................13
Discussion..................................................................................................................26
Limitation of the research.........................................................................................27
Recommendation.......................................................................................................27
Conclusion..................................................................................................................28
PERSONAL REFLECTION.............................................................................................29
REFERENCES................................................................................................................30
Books and Journals......................................................................................................30
Appendix..........................................................................................................................33
WBS.............................................................................................................................33
GANTT CHART............................................................................................................33

Project Logbook.........................................................................................................35
Performance Review..................................................................................................39
Questionnaire...............................................................................................................40

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.
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. This step us
important as it allow the team to know about the main objective of the project and the
way it has to work in order to accomplish it. Although it helps in dealing with the risk
and allow manger to meet up with the changes.

Why this stage is important in ensuring the project completion?
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. This step is important as it allow
projectallow project manager to know that its objectives have been met and all other
requirements have been fulfilled in effect way. It also help in knowing about the client
satsifctionsatisfaction objectives have been accomplsihnmentaccomplishment.in
Why this stage is important in ensuring the project completion?
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 and clear it will
affect the quality of the
entire project.
To investigate the
attributes of innovative
digital workspace at Lloyds
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
 To investigate the
characteristics of an
innovative digital
workspace.
 To determine the
key technologies
that accelerate the
innovation within

cleary then there will be
confusion regarding limit
of the study.
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 it is not
clearly define it can
negatively affect the
quality of the end result.
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 manner.
Further, work breakdown
structure is provided for the
time plan.
Quality This is consist of numerical
data and information which
has been used in project.
The quality of the project
can be maintained by
making use of quality
assurance plan as it will
help in evaluating the
performance of team and
customer. Pros of quality
assurance is it will help in
achiving the aim of project
quickly. Cons is very time
consuming and require lot
of budget.
In the present research
scholar has adopted for
quantitative data for
analysing the finding and
make the study look more
authentic.
For maintaining the quality
at primary research I have
ensure that right people is
engaged in right manner.
In case secondary data
has been collected through
copyright website and
books and journal related
to digital workplace area

has been referred.
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 (Thesing,
Feldmann and Burchardt,
2021).
During the project there is
high probability of risk
such as lack of
communication, aims and
objectives is not clear or
any natural disaster.
However, the probability of
occurrence can be high,
low or moderate.
Moreover, it is necessary
to identify risk at early
stage so that its impact
can be reduce.
One of the major problem
faced by researcher is
completing the project on
time. It is accepted that
there has been small delay
in submission of the
formative research report.
Communication resources In the project it is
necessary to maintain
smooth flow of information
regarding resources like
how much is needed to
complete the work, what is
The communications were
maintained with the
managers and research
participants (employees in
Lloyds) to collect authentic
and raw data.

the delivery date of
material or details
regarding fault in
resources. Thus, it is
necessary that manager
should maintain the flow of
communication at each
functional unit so that it
can work collaborate to
achieve the common
objective. 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.
Research methods It describes the method
through which information
is gathered and analyse
way to meet the aim of a
project. If the methods are
not selected properly then
there can be inaccurate
research finding.
For collecting numerical
data quantitative approach
has been used by the
scholar.
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.
S.
N
Tasks
By Week
Wee
k 1
We
ek 2
Wee
k 3
Wee
k 4
We
ek 5
Wee
k 6
Wee
k 7
We
ek 8
Wee
k 9
Wee
k 10
1 Module
Introduction,
Topic
Selection
company
selection and
Define Topic
Project Research
Plan
Initiation
Chapter 1
Planning
Chapter 2
Literature Review
Chapter 3
Methodology
Chapter 4
Reflection
Execution
Primary and
Secondary data
collection
Data Analysis
Handover and
closeout
Research finding
and
recommendation

2 Project
Management
Plan
4 Literature
Review
5 Methodology
6 Data
Collection
7 Data Analysis
and
Interpretation
8 Personal
Reflection
9 Evaluation
and
Limitation
10 Recommend
ation
11 Fill up
Logbook,
Proofreading
and Final
Submission
DETAILED PROJECT
Topic: What an innovated digital workspace look like a case of Lloyds bank?

Research Aim
 To investigate the attributes of innovative digital workspace at Lloyds bank.
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.
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?
Literature review
Exploration of the characteristics of innovative digital workspace:
As per the viewpoints of Karani and Mehta, (2021) innovative digital workspace can
be characterized as the working environment where digitalized tools, technologies and
sort of other aspects are being inculcated in order to make the workspace more
productive and dynamic in nature. it adds value to the organization and also hike their
operations efficiency. in the age of modernization digitalization of workspace makes it
more dynamic and innovative in nature.
Supporting the above viewpoints Karagiannis, et. al. (2020) exemplified innovative
digital workspace as the place where such organizational environment is created where
people may work with higher operational efficiency, and they bring better practices to
the organization. development of digital ecosystem in everyday practise can be
deciphered as such innovative digital workspace.
Contrasting the above convictions Chowdhury and Lamacchia, (2019) raised the
argument that innovative digital workspace is not all about digitalization but it brings
innovation in the daily practice by using sort of digital tools so such type of