Analyzing Innovation Management Strategies at Westpac Bank

This report provides an analysis of Westpac Bank's innovation management strategies, focusing on future recommendations related to cost, competitors, and time frame. It suggests implementing cyber computing enterprise resource planning systems for data sharing, financial health check programs, and effective time management strategies. Specific cost reduction techniques, such as outsourcing and waste reduction, are recommended. The report also emphasizes the importance of understanding competitors' strategies and focusing on pricing and diversification. Ultimately, the analysis aims to provide insights for Westpac to maintain its leading position in the banking and financial service industry.

Running head: Managing innovations in the organization
Managing innovations in the organization

Managing innovations in the organization
Table of Contents
Background of the company........................................................................................................................3
Recommendations.......................................................................................................................................3
Conclusion...................................................................................................................................................4
References...................................................................................................................................................4
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Managing innovations in the organization
Introduction
The main of this task is to explain and analyze the main future recommendations of Westpac
bank. Some recommendations have been given in the task related to the cost, competitors and
time frame.
Westpac banking corporation is an Australian bank which provides financial services to the
customers across the world. It’s headquarter is located in Westpac place, Sydney. There are
approx 40,000 employees employed in the company. The vision of the company is to be a global
leader in the banking and financial service industry (Westpac, 2018).
Recommendations
Although, the company is achieving the long term goals and objectives but still it needs to focus
on its strategies and policies to make a good financial position in the near future. It shall be
analyzed that the company should use cyber computing enterprise resource planning system to
share and transfer data and information across the world. This system will provide reliability,
accessibility and scalability to the customers and employees as well. This system will also
prevent various types of fraud and obstacles at the workplace. It should be analyzed that the
company must implement financial health check programs to make a bright future (Westpac,
2018).
Time frame- Westpac must ensure the time frames for any goal or objective developed by the
company. Effective management of the time is considered as important success factor in lieu of
each and every project. However, it is challenging for the organization to ensure innovations in
context of time management in any project. For maximum projects, time becomes the
management red flag that signal the management if anything goes wrong in the project or gets
out of control. There are number of ways through which innovations through the times frames
can be ensured by the Westpac in their future projects:
 Management of the Westpac must create to-do list on weekly basis and assign the task to
the teams and employees on the basis of that to-do list.
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Managing innovations in the organization
 Management must prioritize and schedules their task on the basis of urgency and
importance (Westpac, 2018).
 There are number of distractions such as e-mail, social media, etc. and it is necessary to
manage these distractions in smart manner, so that they do not affect the work in
adequate manner.
 Besides this, the company should make an effective and unique business plan till 2020 to
achieve desired goals and objectives.
Specific costs-another recommendation in context of the specific costs for ensuring the
innovation, is to frame the cost strategy in such manner as it helps in reducing the cost. It is very
difficult to managing the cost and risk for the development of the new product. The most critical
factor in cost reduction strategy is the management of services. Westpac mainly focus on the in-
housing services and provide all the services through it-self only. It is recommended to the
company to use following techniques for reducing the specific costs:
 Company can focus on cutting the costs by outsourcing the activities and also by
prioritize the expenses.
 Company can focus on removing the waste and increase its efficiency.
Competitors- it is necessary for any company to understands its competitors and make strategies
after understanding the moves of the competitors. Following are the information which must be
known by the Westpac in context of their competitors:
 Products or services provided by the competitors.
 Prices charged by the competitors for their product or service.
 Marketing tools used by the competitors in context of their product or service
 Distribution and delivery channels.
 Westpac bank should focus on the plans, policies and strategies of the competitors to
stand out against the competitors in the international market. Apart from this, the
company should focus on the pricing and diversification strategies to beat the competitors
(Cohen & Scatigna, 2016).
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Managing innovations in the organization
Conclusion
From the above mentioned analysis, it has been concluded that Westpac bank is one of the
leading bank in the Australia. Here is the discussion about the suggestions that have been given
to reduce the cost of the company.
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Managing innovations in the organization
References
Cohen, B. H., & Scatigna, M. (2016). Banks and capital requirements: channels of
adjustment. Journal of Banking & Finance, 69, S56-S69.
Westpac.,(2018). About us[Online], Retrieved from https://www.westpac.com.au/about-westpac/
Westpac.,(2018). Media releases[Online], Retrieved from https://www.westpac.com.au/about-
westpac/media/media-releases/2017/10-july/
Westpac.,(2018). Supporting Australian innovation[Online], Retrieved from
https://www.westpac.com.au/about-westpac/innovation/supporting-australian-innovation/
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