The results of technological innovation

The results of technological diversityExecutive SummaryThe purpose of writing this hatch was to examine the results of technological designing in an organization. The major findings in this report indicate that technological intro is necessary in any organization for the betterment of the same itself. Here in this report the larn has been made on the Barclays Banks PINsentry turn of events. Nevertheless the complete research is on this particular plan of the bank. But in that location is some discussion about the technological instaurations and its advantages and disadvantages in the former part of the report to clear the thought of technological innovation to every individual reader. after as the report progresses towards the body there lies a short discussion about the role of film director in an organization towards the technological innovation. And just following(a) to this there is a short description about banking assiduity, as it is the indirect base of the repor t and the topic. Later on we hatful see a discussion about the technological innovation of Barclays Bank i.e. the PINsentry winding. subsequence to the PINsentry, there ar the advantages and disadvantages of this advanced invention. And in the ending part of the report there is a shine up show on the benefits which the Barclays Bank got callable to the innovation. As problems are part of every innovation, so does the PINsentry plait had, which are mentioned just followed to the benefits. As we proceed to the end of the report there lays the conclusion about the report. And in the end lays the bibliography about the sources of the complete report.IntroductionIn this present fast and rapid changing ground it is necessary for every organization to come up with innovation. Whether it is an innovation in organization culture or it is in the field of technology, it is necessary to keep innovating modern ideas and technologies in direct to survive. A technological innovation tak es place when there is a need of a new ingathering as per the requirement of the undertake market. A technological innovation heralds the organization and helps it enhance efficiently.What is technological innovation?Any improvement in present technology or an invention of any new technology is called technological innovation. Technology is an performer provided by science which enormously enhances it powers, as Albert Einstein did with his innovations. An innovation is a tool with which technology flourishes. fundamentally both innovation and technology are complementary to each former(a).Advantages and disadvantagesThe arena today has changed a hatch with the aid of technology. Those things which were once done manually maintain not turn computerized. Almost everything is a slammer ahead. all(prenominal) innovation has advantages as well as disadvantages. But on most of the cases advantages covers the part of disadvantages. scientific innovation also has some advantages and disadvantages too. Few of them are mentioned belowAdvantagesGlobalization New technologies convey agree world very close. The businesses have come under one formation i.e. online to a greater extent. The lingual and geographical boundaries have been removed by means of innovative technologies.Cost effectiveness Since the business has compel online the costs for running a business have been reduced to a large extent for more organizations. The machines have replaced human.Communication With the advent of new technologies communication has become very easy, fast and cheap. E.g. -Mobile, internet and so forth24/7 Organizations have switched to online business with the help of new technologies, hence globally. This feature has increased the tractability of business and has helped to grow and earn faster.Job opportunities With the evolution of new technologies the scope of employment has also raised. Every new technology requires specialized skilled soul to work on them.Disad vantagesScope of unemployment With the innovation of new technologies, the business has become more streamlined which has led to job reduction of staff, downsizing of organizations and outsourcing in other countries. This has created unemployment at lower and middle level of many organizations.Dominant culture Since the world has become a global village, the culture is being dominated by the strong one. For example,.Lack of security As the technologies have made communication easier and faster but the level of security has been endangered too. Examples email hacking,Role of film director to support innovative technologyEvery manufacture comprises of many competitors. So it is the key responsibility of the handler to support the new technology in order to make it efficient and effective. Everything to support the innovation is to be done by the manager itself. The role of manager in support of innovation is as follows mentor One of the key roles of the manager for the organizat ion is to act as a mentor. As the word mentor itself suggests about the duty of manager. The manager has to adopt every individual idea about the new innovation and have to make sure that the organization achieves its complete goal through full potentials.Identifying strengths and weakness once more the manager has to sort out the strengths and weakness of the new technology brought in an organization. By capitalizing on strengths the manager has to flourish the new technology and then put a check on weakness and consume it for making the innovation successful.Right timing A right vision about when the innovation should be brought into the market to attain best results is of utmost importance. Because that only will decide the success or chastisement of new innovation.Reviewing concepts Reviewing the concepts about the new technology and the figure out how it relates to the organization culture and working and how it can enhance the organizations efforts in the field of new techno logy.The Banking IndustryThe Banking effort is one the most simple and trus twainrthy business which takes deposits from the customers at a lower crop of interests and lends them into the market at a higher rate of interest. The technology played a great role in the development of banking industry. With the help of new technologies the banking industry has transformed from being manual to automatic or computerized systems. Banks have now become global. Due to the innovation in technology banking services became available 24 hours every day for the whole year comprising of 365 days. The banking industry regularly comes up with new innovative technologies in order to make banking more easy, convenient, safe and faster. It is due to the help of new and improved technologies that the business is carried on globally with the help of banking industry. Earlier a person had to wait for days and months to make a transaction in other country. But now with these new technologies it is very simple and fast to make a transaction in any part of world in a fraction of second.Let us cite an example of a particular bank, in order to explain the innovative technology in the banking industry. And what effects and changes it brought to the industry with its new innovative product or services. The bank which we are taking into example to explain the innovative technology and its effect on the organization is the Barclays Bank.Barclays BankIt is a British financial service being operated worldwide in dissimilar countries. According to Forbes Global 2000, Barclays is the 25th largest company in the world. And it is one of the major banks in the UK. The bank has got dickens major clusters Global retail banking and corporate and investment and wealth management. Though Barclays have many other constituents as well like Barclays private equity, Barclays Cards etc. Being such a elephantine organization, it has to keep innovating new technologies to become unique in the market. Tho ugh there were many innovative systems being introduced by Barclays in recent years. But the most remarkable and latest is the PINsentry, a device/system which regulates online banking and keeps the interest of its customers secured and safe from frauds.Barclayss PINsentryPINsentry is a device developed by the Barclays Bank in order to foreclose fraudulent in online banking. The device is a two factor authentication security system. The PINsentry device has a small LCD, 4 main buttons and a number pad. Barclayss online banking has always been highly secured but the invention and understructure of PINsentry has added up an additional level of security. The use of this system is very easy and quick. The PINsentry is a type of bill reader which generates codes for login which are based on the last four material bodys of your customers card. Every time when one has to login, it generates a new code. All a person needs to do is insert the card in the device and enter the secret pin n umber on its number pads to generate a new code. basically the PINsentry i.e. the card reader reads the card details and generates a new code accordingly for login. It then generates an eighter from Decatur digit code for using online banking.The PINsentry device needs to follow certain steps in order to get started and use it every time. All you have to do is get the Barclays card, PINsentry device and 12 digit online banking membership number. After having these entire things, a customer has to get registered online for PINsentry. And it is ready to use.Advantages of PINsentryThe PINsentry added a numerous number of advantages to the customers of Barclays. Some of them are mentioned as belowEasy and quick in use.Safe and secured online banking.Hassel free service. redundant level of security with no frauds.Privacy of customers.Smart technology in modern times.Disadvantages of PINsentryThough every technology has advantages but it always have some set back too. They are as follow s awkward to carry device everywhere.After every 90 seconds the device turns off.Problems in using overseas.Time consuming process.The card gets locked if incorrect pin is entered thrice.These were the advantages and disadvantages of PINsentry of Barclays. Irrespective the disadvantages, the new technology have been liked by the customers and have been accepted widely all over. The Barclays says that till date there has been no frauds occurred with usage of PINsentry. The bank gained obvious recognition in the industry with the introduction of this technology.Benifits to BarclaysA distinct recognition was achieved by Barclays in the industry with PINsentry.A combat in frauds made common people have more faith in Barclays.A growth in customer is achieved because of new technology.Increased market goodwill.Online usage growth.Wide betrothal by customers.Problems faced by BarclaysIrrespective of having so many benefits, Barclays faced many problems too with PINsentry.Problems with t he device were found with many customers. It became difficult for them to access online banking.The device was not accepted in every country. So it was difficult when customer were overseas.The PINsentry implemented security on own banking, but it is the same like a normal card when used on other sites.Safety only for debit card users. get to faced by customers forced them to switch over to other banks.Though the device faced ramification and few problems but it is still in use and people find it worth and good are still accepting it. The Barclays also took certain measures to overcome these problems and on the major front the benefits of PINsentry cannot be overlooked. endpointIt is worth to mention that PINsentry by Barclays brought a new technology in banking industry. And it is worth appreciating. Everything coin has two sides, like wise every innovation has both advantages and disadvantages too. Though it can be said PINsentry had sort of a few negative remarks, but the posit ive remarks are far important and appreciable which cannot be overlook. So personally I would say that the PINsentry device has a greater importance for online banking even if it adds an wasted step to access but it is all for self security. And as far as we all know, everybody in this world could spare a few minutes for their own security rather than being unguaranteed even when you have the technology.BibliographyC. J. Touhill, Gregory J. Touhill, Thomas A. ORiordan (2008), Commercialization of innovative technology, John Wiley Sons Inc., New Jersey, Ch. .16, 17.John Howell (2005), The management of innovation and technology, Sage Publications, Cornwall, Ch- 1.http//www.eoearth.org/article/Technological_innovationhttp//www.slideshare.net/jamilkhatib/technology-and-innovation-management-1186056