Introduction to innovation

This is a type of innovation in which technology plays an important role in creating alignment in

business operations and improving the organisation's efficiency (Dziallas & Blind, 2019). This

innovation helps organizations improve the quality of their services and increase sales and

operational efficiencies. There are different types of IT-based innovations, such as

 Development of automated IT-based technologies.

 Development of new IT-based markets.

 Desktop visualization.

 Development of new android-based technology products and services.

The most attractive and new developments are linked to the IT-innovation-based services at the

enterprise level, such as banks. By assembling innovation teams made up of members from

several departments inside the firm, many businesses, particularly startups, attempt to

institutionalize the process of innovation (Cinar, Trott, & Simms, 2019). This process is also

known as innovation management. It helps organization achieve their long-term strategic

objectives and goals for the organization (Oeij, Van Der Torre, Vaas, & Dhondt, 2019).

Some of the top innovative companies are

 Amazon

 Apple

 Linkedin
These companies are a trendsetter in the field of Information technology innovations(Nong,

Escobar, Britz, & Börner, 2020). Figure 1.1 will show the innovation process within the

organization.

Modern innovations in the field of banking and finance.

 Blockchain-based payment applications

 Buy now and pay-later applications.

Introduction about buying now and paying later applications.

Banks and payment companies are developing “ Buy now and Pay Later” applications .In this

application, customers can buy products in advance without paying (Johnson, Rodwell, &

Hendry, 2021).

• These innovations are based on the

• Big-data analytics.

• Blockchain

• Artificial intelligence

The context of the Innovations.

• This innovation is focused on large online retailers such as

• Amazon

• Walmart

• Home Depot

This will help the organization to increase sales for the company by making a flexible payment

schedule according to the needs and wants of customers (Guttman-Kenney, Firth, & Gathergood,

2022).

This also helps customers to develop good and long-term relationships with the customers.

Steps involved in buy now and pay Later applications.

The competitive advantage of this innovation

• This will add benefits for the organization who are selling products.

• Before this, the customers must apply to the company offering a guarantee.

• This will add the following benefits to the organizations

• This will be cost-effective.

• Low cost than the competitors.

• Generate high profits

How the organization generated this idea

• With the advancement of big data and artificial intelligence, it’s easy for organizations to

track back their customers.

• So they develop research base collaborations with data-provided companies so they can

evaluate potential customers.

 • They developed apps so they can have accurate data for customers. Such as

1. Payment history

2. Product purchase history.

3. Tracking and products

Types of Programming

• C++ Programming

• Java

• Android

• Central systems

Required training and Skills

• On-Job Training

• Off-the-job training

• Employees training programs

• Customer services training programs

• The hiring of new skilled labour

References

Cinar, E., Trott, P., & Simms, C. (2019). A systematic review of barriers to public sector

innovation process. Public Management Review, 21(2), 264-290.

Dziallas, M., & Blind, K. (2019). Innovation indicators throughout the innovation process: An

extensive literature analysis. Technovation, 80, 3-29.

Guttman-Kenney, B., Firth, C., & Gathergood, J. (2022). Buy Now, Pay Later (BNPL)... On

Your Credit Card. arXiv preprint arXiv:2201.01758.

Johnson, D., Rodwell, J., & Hendry, T. (2021). Analyzing the impacts of financial services

regulation to make the case that buy-now-pay-later regulation is failing. Sustainability,

13(4), 1992.

Nong, D., Escobar, N., Britz, W., & Börner, J. (2020). Long-term impacts of bio-based

innovation in the chemical sector: a dynamic global perspective. Journal of Cleaner

Production, 272, 122738.

Oeij, P. R., Van Der Torre, W., Vaas, F., & Dhondt, S. (2019). Understanding social innovation

as an innovation process: Applying the innovation journey model. Journal of Business

Research, 101, 243-254.