Innovation Review Tamesha Johnson ENT/527 Dr. James Davis October 24, 2022 1
Introduction In this assignment I will review the development of the innovation of Online and mobile banking which was discussed in previous weeks. It will specifically review the following: potential outcomes, the use of project champions, the use of sequential or parallel processes, the use of stage-gate processes, the benefit and cost of involving customers and suppliers in the development process, and the need to test viability of online and mobile banking with customers and how that testing is conducted. Potential Outcomes of Adopting Online and Mobile Banking Adopting online and mobile banking does not take anything away from customers. These services are not required, they are optional. On the positive side customers appreciate these services because it gives them the convenience of banking from home or on the go. Customers appreciate not having to go into branches to conduct banking. These services give customers the ability to bank after hours, which many appreciate. On the other hand, many banks who has chosen to move many services to online only are frowned upon by customers who choose not to conduct their banking online or mobile. They may change banks, and many make verbal complaint through customer service and when they visit their local branch. Use of Project Champions Project Champions are important because they keep the project on track and ensure everyone does their assigned tasks. In the case innovation of online banking project champions would be very useful because they can keep the project organized, and record ideas and feedback from those involved in the innovation. Project Champions could also use customer feedback after the launch of the innovation to continue to implement improvements and updates. 2
Sequential and Parallel Processes Parallel processors allow for executing codes more efficiently, which can help companies save time and money. Parallel processors also allow them to sort through large amounts of data quickly. Parallel processors also help solve more complicated problems, bringing more resources to the table (Gerencer, 2020). However, parallel processors do have some disadvantages including issues with task granularity, load balancing, memory allocations and garbage collecting, false cache-line sharing, and locality issues (Ostrovsky, 2022). Sequential processors are not as common as parallel processors. Sequential processors of programming processes systems in a chain one at a time. All devices must be programmed before any can be used ("Intel"). The disadvantages of sequential processing is the substantial amount of time it takes and can have negative financial effects. Sequential processors would not be ideal in the innovation of online and mobile banking because of these disadvantages. Stage-Gate Processes Stage-gate processing involves a process of presenting ideas through several steps for assessment, these steps are called gates. Steps include idea generation, scoping, build business case, development, testing and validation, and the launch stage. Advantages include identification of problems, assessment of progress, identification of poor projects, and reduction of complexity. Disadvantages include possible limitation of innovation and creativity, overly structured process, oversimplification of projects, and some projects may be labeled as poor incorrectly ("SlideModel," 2022). This process could possible be beneficial to the innovation of online and mobile banking because the steps could be helpful in organizing the launch of the services. 3
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