MasterCard's Innovation Fitness Report: Strategy, Process & Analysis

This report provides an analysis of MasterCard's innovation strategy and processes in the context of a rapidly changing digital environment. It reviews relevant literature on innovation strategy, key elements of the innovation process (search, select, implementation, value models, linkage, and learning), and presents a methodology involving both quantitative and qualitative data analysis. Findings from statistical analysis and interviews reveal the benefits of chatbot implementation and critical factors for fostering innovation within the firm. The report concludes with prioritized recommendations for improving MasterCard's innovation performance, including enhancing chatbot capabilities, providing effective employee training, and addressing internal bottlenecks through feedback mechanisms. The report references books and journals to support its analysis and recommendations.

Innovation Fitness Report
From the Handbook

Table of content
Introduction
Literature review
Methodology
Data analysis
Finding
recommendations

Introduction
 Information competencies are advancing at an incomparable pace which is quite quicker compared to the others in
the history of humans
 Considering this, , MasterCard is taking into account new solutions for making improvements in the financial
services that is Chatbots
 The current presentation will analyse the ways in which the organization is managing this innovation in this rapidly
changing digital environment
 It will evaluate the innovation strategy and innovation process adopted by MasterCard
 Prioritized recommendations for improving innovation performance will be provided

Literature review
Innovation strategy
Maier (2018) Global competition has resulted in the emergence of issues of innovation
Zhang (2015) Innovation management has enabled the organizations to react to both internal as
well as external opportunities through utilizing its creative efforts for introducing
novel concepts, merchandise and processes
Dodgson (2017) The advancement system of the organization alludes to arrangements and the
executives approach of the firm that immediate endeavours towards creating
items in accordance with the inclusive technique of the company.
Bessant and Tidd
(2019)
Gradual advancement is tied in with doing what we improve and hence it is a
systematic quest for making items, a help or an interaction more successful or
proficient.

Continued…
Key elements of innovation process
Search Strategic management of innovation as well as evolutionary economics of innovation literature stressed the significance
of access of the organization to an assortment of inputs for producing successful innovations that will going to impact
the competitive edge of the companies.
Select In most of the firms which are large in size, the senior managers of the firm delegate the main parts of the selection process to
the lower level managers. Nonetheless, delegation of this crucial decisions involves different kinds of risks (Russell, 2020).
Agile Implementation According to Rigby, Sutherland & Takeuchi (2016), from the past so many years, agile methods of innovation has transformed
the whole aspects of information technology.
Value/business models According to Almquist, Senior & Bloch (2016), for the purpose of better dissecting as well as comprehending the value by the
eyes of the clients, there are thirty important components of value categorised in four different groups that is life changing,
functional, social impact and emotional.
Linkage As suggested by Cross & et.al. (2017), there are many firms who struggle to catalyze innovation in their organization due to the
fact that the organizational capability requirement is quite different in different organizations.
Learning organization Furthermore, the authors have learned from reviewing the lean production that people not the processes cerates the great
product.

METHODOLOGY
Research type Sampling Data collection and analysis

Quantitative Analysis of data

CONTINUED..


H0- there is not ant significant
relation being present within benefits
of chatbots and the implementation
of chatbot was beneficial.


H1- there is a significant relation
being present within the use of
chatbot and benefits faced by its
implementation.
Model Summary
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
1 .612a .375 .312 .40825
a. Predictors: (Constant), Q6. After the implementation of chatbot
what benefit were faced by you?
ANOVAa
Model Sum of
Squares
df Mean
Square
F Sig.
1
Regression 1.000 1 1.000 6.000 .034b
Residual 1.667 10 .167
Total 2.667 11
a. Dependent Variable: Q9. What the new innovation of chatbot beneficial for
MasterCard?
b. Predictors: (Constant), Q6. After the implementation of chatbot what
benefit were faced by you?

QUALITATIVE- INTERVIEW
Question Interviewee A Interviewee B Interviewee C Synthesis of findings from interviews
1 Why is important for the organization to innovate and invest in modern
technological parts?
For coordinating with changing
requirements of customers
To get the competitive position In order to compliance with industrial
standards and to avoid irrelevant
complications
To cope with market requirements
2 How do you think that organization manages innovation process? By formulating effective strategy plan Formulating & instructing rules and
regulation framework for taking actions
Offering training & development is helpful
in managing process
Providing knowledge to participants to take
corrective action.
3 Describe the time when you helped to inspire innovation aspects in
employees to get positive outcomes?
In introduction plan regarding chat bot
innovation
While executing the actions to implement
innovation
In the middle of working due to lack of
motivation
In overall processing of innovation
4 Which are the major areas that hampers innovation activities in firm? Compliance with legal requirements Proper understanding to employees Ensuring elimination of negative aspects
from the overall outcomes t o meet
customer requirements
Adherence to different aspects
5 What is the crucial building block of professional management of
organizational innovation?
Leadership style Culture supporting innovation Creative collaboration & problem solving
tactics
Both internal and external factors contribute
in building block
6 Do you think that employees of firm possessing skills to offer service of
chat bot or required to take extra efforts?
Required to offer training & development Sufficient availability of skills Needed to give learning about features of
innovation plan formulated
Required to take extra efforts
7 What is the positive part of internal process that indicates that innovation
fits for the firm?
Availability of resources Continuous support from employees Effective communication and problem
solving reproach
Presence of different competitive edges.
8 According to you desirable organizational goal can be met with
implemented innovation?
Agree Agree Agree Yes goal can be achieved

FINDINGS
 With the analysis of the finding it is clear that the use of latest technology will be assistive to the business in order to improve its working.
 As per the views of majority of the respondent from the quantitative analysis it was analysed that there is awareness relating to the concept of
bringing innovation within the company. The reason underlying this fact is that is the within the external environment the competition is very
high.
 Further with the analysis it was analysed after the implementation of the chatbot ever different benefits with MasterCard enjoyed.
 From the evaluation of the interview conducted it can be interpreted that there are various factors which are referred as the crucial aspects for
bringing innovation in the specified firm.

RECOMMENDATIONS
having features as well in its chatbot that can handle
detailed questions so that depth understanding to
customers
having effective training & development procedure
that can provide assistance to employees to receive
significant clarity & transparency
to pay attention on eliminating bottlenecks of
internal areas via having feedback mechanism for
employee.

REFERENCE
 Books and Journals
 Almquist, E., Senior, J., & Bloch, N. (2016). “The Elements of Value”. Harvard Business Review, Vol. 94, No.9, pp. 46ʹ53.
 Amit, R., Han, X., & Zott, C. (2019). Collaboration in Business Model Innovation. OUP.
 Ballé, M., Morgan, J., &Sobek, D.K. (2016). “Why Learning Is Central to Sustained Innovation”. MIT Sloan Management Review, Vol. 57, No. 3, pp.63ʹ71.
 Bessant, J.R. & Tidd, J. (2019). Managing innovation/ integrating technological, market and organizational change, 4th ed. Hoboken: Wiley.
 Cross, R., Arena, M., Sims, J., & Uhl-Bien, M. (2017). “How to Catalyze Innovation in Your Organization”. MIT Sloan Management Review, vol. 58, No. 4, pp.
39ʹ47.
 Dodgson, M., Gann, D. & Salter, A. (2017).“The management of technological innovation: strategy and practice”, Oxford University Press, Oxford; New York.
 Russell, B. (2020). Vigilant Innovation. De Gruyter.
 Maier A., (2018), Innovation the new trend în today’ s challenging economy, The 13th International Conference on Informatics în Economy, IE 2014, 15-18.
 Zhang, S 2015, ‘Innovation management: Corporate’, in Encyclopedia of new venture management, SAGE Publications.
 Dodgson, M., Gann, D. & Salter, A. (2017). “The management of technological innovation: strategy and practice”, Oxford University Press, Oxford; New York.