Analyzing Innovative Digital Workspace Attributes at Lloyds Bank

This report investigates the attributes of an innovative digital workspace at Lloyds Bank, focusing on the technologies that drive innovation within the organization. The project management cycle, including initiation, planning, execution, and closure, is outlined, alongside a detailed project plan incorporating aims, objectives, deliverables, quality considerations, risk assessment, communication resources, and research methods. The research employs a quantitative approach to explore the characteristics of an innovative digital workspace, the key technologies used, and the attributes of Lloyds Bank's digital environment. The literature review examines existing perspectives on digital workspaces and relevant technologies like blockchain, AI, and robotic process automation. The report concludes with a discussion of findings, limitations, recommendations, and a personal reflection on the project management process, emphasizing the importance of digital technologies in modernizing the financial sector.

What an innovated digital
workspace look like a case of
Lloyds bank

Table of Contents
INTRODUCTION...........................................................................................................................3
Section 1..........................................................................................................................................3
Project management cycle...........................................................................................................3
Project Management plan............................................................................................................5
Work breakdown structure..........................................................................................................6
Gantt Chart...................................................................................................................................7
SECTION 2: DETAILED PROJECT..............................................................................................7
1. Research Aim...........................................................................................................................7
2. Research objectives.................................................................................................................7
3. Research Questions..................................................................................................................7
4. Literature review......................................................................................................................7
5. Research methodology...........................................................................................................10
6. Findings and Analysis............................................................................................................12
7. Discussion..............................................................................................................................19
8. Limitation of the research......................................................................................................20
9. Recommendation...................................................................................................................20
10. Conclusion...........................................................................................................................21
SECTION 3: PERSONAL REFLECTION...................................................................................22
REFERENCES..............................................................................................................................24
Books and Journals....................................................................................................................24
Appendix........................................................................................................................................27
WBS...........................................................................................................................................27
GANTT CHART.......................................................................................................................27
Project Logbook.........................................................................................................................29

Questionnaire.............................................................................................................................33

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.
Section 1
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.
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.
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 than research will not
be proper.
To investigate the
attributes of innovative
digital workspace at
Lloyds bank.
A study on Lloyd 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
cleary then there will be
confusion regarding limit of
the study.
 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
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
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

it is not clearly define than
end result will not be met.
manner.
Quality This is consist of numerical
data and information which
has been used in project.
In the present research
scholar has adopted for
quantitative data for
analysing the finding and
make the study look more
authentic.
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.
One of the major problem
faced by investigator is lack
of finance and time due to
that there has been delay in
the project. Along with this,
there is only facts and figures
collected in the research and
there is no theoretical
reference in the study
(Thesing, Feldmann and
Burchardt, 2021).
Communication resources 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.
For communicating with the
participant scholar will
conduct survey so that it can
collect authentic and raw
information.
Research methods It describe the method
through which information is
gathered and analyse way to
meet the aim of research. If
the methods are not selected
For collecting numerical data
quantitative approach has
been used by the scholar.

properly than there will be
inaccurate research finding.
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.
SECTION 2: DETAILED PROJECT
1. Research Aim
 To investigate the attributes of innovative digital workspace at Lloyds bank.
2. 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.
3. 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?

4. Literature review
Theme:1 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 practise by using sort of digital tools so such type of characterization is malicious and it
must be cited as innovative practice with the help of digitalization. at the same time, in order to
bring such innovation organizations, abide with digital tools which not only affect their job
generating ability but the individualism also gets suffered.
Innovative digital workspace is having a range of significant characteristics which makes it
productive and attractive in nature. it brings mobility to the organization so can work with faster
role and operational decisions making. at the same time, it brings data integration which paves
way for making organization more drastic.
Theme:2 Salient technologies hiking innovation within Lloyds Bank:
As per the views of Saravanan and Kaur, (2022) that the organizations like Lloyds bank who
is getting operated with diverse diaspora. for such entity it is essential to have strong control and
management of such technologies so can enable its internal environment to work with greater
innovative digital practice. with this regard there are multiple tools and technologies which can
be used but picking up the best set of practices is essential.

Misback, (2018) said that the organization may consider Block chain, Augmented Reality,
Artificial intelligence, and one of the newest emerging technology Robotic process automation
etc. These all tools and digital methods are having their realms to serve but it totally depends on
the approach and needs of organization to inculcate best out of it in attempt to make the
operations more efficient.
Over the time, with the progress of science and technology there are number of tools and
technologies which are bring used in the organization. specifically, entities like Lloyds Bank
whose operations are quite radical and drastic in nature. so, these tools can be used. Karani and
Mehta, (2021) supported the viewpoints that in banking sector after banking reforms the
organizations are more likely to perform range of tasks being under a single umbrella so they are
having inevitable need to use such tools to advance their activities and operations.
AI is becoming synonym of success for such entities. it cannot be avoided the Lloyds bank
is engaged in such financial and banking operations form 1765. there are more than 45000
employees are working at present so the need of managing their efforts and efficiency cannot be
expected without such tools. on the other hands the organization with around 16.6 billion USD
cannot keep itself away from using Block chain accounting. this will not make its work simpler
but will be giving upper hand in the market.
as per Lamacchia, (2019) in this age of Industrial revolution 4.0 there is need to adopt
Robotics. it would be helpful to make organizations smarter and highly competent. they may
work with such tools. it would eradicate issues such as staff shortage, and over management of
human being. it can be supported with the growth and profitability of the organization in last
couple of years.
Big data analytics is one of such innovative tool. with the progress of time the sector is
experiencing great development in the field of data. now Lloyds bank is having its widely
operating business so with this regard, it cannot avoid to use such tools. on daily basis the sector
is generating wide amount of data which can only be made useful with the help of Bid data
analytics so it is also being used by the bank for generating deeper and lucrative insights.
Theme:3 Assessment of the characteristics of innovative digital workspace of Lloyds
Bank:

As per Bank, (2020) there are number of characteristics innovative digital workspace brings.
specifically, if the organization is working in finance sector. Lloyds Bank is well known for the
wide area it is serving so the usefulness of such innovative digital workspace tools becomes
more comprehensive for it.
Such workspace comes with range of qualities and also opens mammoth window of
opportunities for organizations. it can also be seen as promising tool since it makes organization
thrive. it fetches Stress free ambiance, since it takes up the collaboration among participants and
key stakeholders so they may work with free mind-set in order to eradicate any possibility of
stress.
Saravanan and Kaur, (2022) supported the above argument and said that there are numerous
number of advantages or positives innovative digital workspace brings. Lloyds Bank is working
in such sector where dynamism is almost unavoidable. with this regard, some characterises
innovative digital workspace pours on, as such, Contextual conversations, accessing control
options, doing variety of work, higher efficiency, greater understanding and collaboration, smart
reporting, using big data in favour of organization etc.
contrasting the above statements, Pham, et. al. (2020) resized the notion that such innovative
digital workspace is also having some negative impacts on the performance. for instance, if the
organization is using or accentuating on Robotics, or utter Digitalization then it would affect the
morale and dedication of employees. then it becomes quite harder to manage human being and
their efforts. it rather becomes complicated for organization to abide with such tools and
technologies.
5. Research methodology
RESEARCH PHILOSOPHY:
There are mainly two types of such research philosophies known as Positivism and
interpretivism. in this research project the qualitative data has been used. the main aim of the
research was to decipher some qualitative segments which were having their great influence on
the performance so with this regard, Positivism philosophy has been taken into consideration
(Pham, et. al. 2020)
RESEARCH APPROACH:

For fulfilment of the aims decided in this research project the Deductive approach has been
taken into focus. it is based on such notions where from specific study of certain segments the
final outcomes are being generalized. this approach is very much significant since in this
research the quantitative data set has been used so for better outcomes the most appropriate
approach is deductive approach.
RESEARCH STRATEGY:
in this research the Case study strategy has been chosen. since the research has aimed to
present deeper insights about the performance of organization with respect to its use of
innovative digitalized workspace. in such predicament the most effective tool becomes case
study strategy which provides all needed insights. This strategy is very much helpful since it
paves way for better outcomes and by analysing case ones can deeply perceive its aims and
objectives.
POPULATION, SAMPLE AND SAMPLING METHODS:
In this research the all employees of Lloyds bank were population on which this study has to
be conducted. the sample has been taken by using randomized sampling methods which gives
equal chances to the all components of population to get selected. as a sample 30 employees of
the organization were picked up.
RESEARCH TYPE:
It is a quantitative type of research. there are two types of research qualitative and
quantitative. in the qualitative research qualitative type of information are used to carry out the
research but in quantitative some facts and figures are used in order to complete the project. so
here qualitative type has been followed.
DATA COLLECTION:
Data can be referred as the set of information which are collected from the participants in
order to carry out the research. In this case the data were collected by using Questionnaire
method. it is having its some merits and demerits which are as-
Merits-
it is a handy method.