Write a Business Research Project on Innovation In Commonwealth Bank.
Innovation is one of the key processes through which development of growth of the organization is embarked. It can be said that innovation of new techniques and process through which a business can develop is an efficient process that company to use to the advantage of the business growth. Innovation in the business operation is one of the most significant ways through which a company grows in course of making slow and gradual organizational changes. Innovation is the way through which firm can have an advantage over other in the market. In the modern context of business, there are companies which hose model of innovation which rejuvenate the operations which are conduct within an organization. In this research, there will evaluation of fact that will portray the significance of innovation in the modern business environment and Fry Company operating in the Banking sector The Company chosen for the current research is the Commonwealth Bank which is situated in Australia.
Innovation in business has been key phenomenon’s that change the scope and size of business which is being conducted by a firm like Google and Apple which led to their success. Hence, it is very evident that innovation is a vital element of success in business. Innovation is doing something out of the box that is not expected in the normal course of business operation and is in favour of the business (Bell, 2014). It can be said that Innovation has the potential to change fates of the company operating normally. Importance of Innovation is high in an operating firm, as they help in giving a boom to the operations of the company. Many people think that inventions and innovations are the same but they are two coins apart from each other. The invention is inventing new ideas that may or may not help a business but innovation is added value to the inventions which have effects on the normal course of business operation. It can be said that Innovation is the key to which success in modern business wear Can be Achieved (McNiff, 2016).
Now the problem that stands in the line of the innovation is whether the concept of innovation will help a company Like Commonwealth bank that is operating in the financial sector to give itself an advantage over others in the market (Smith, 2015). In simpler then the problem lies in the fact on whether innovation model used by various business will suit the developmental aims of the company operating in the financial sector. As these companies are different from that of a manufacturing company will the innovation model play the same role in these companies or it will just merely increase the developmental cost of the business in adherence of developing at a faster pace. For this purpose, the current research is being conducted to gain knowledge on whether innovations models are viable for increasing the operational wells financial efficiency of the company operating in the financial sector (Thomas, 2017).
There some specific aims question and objectives for the purpose of which research are conducted. In this research, there are aims, question and objectives that the researcher will want to meet at the end of the research project. The research aims objectives and question will direct the search in the direction of articulating efficient conclusion that gives out necessary information about the subject research topic.
The research aims and objectives are as follows:
To determine the innovation models for a financial firm
To determine how it helps the firm to develop their operations
To determine the problems related to these innovation models
To recommend a solution for mitigating these problems
The research question is as follows:
What are the innovation models for a financial firm?
How it helps the firm to develop their operations?
What are the problems related to these innovation models?
What is the possible solution for mitigating these problems?
The justification for crossing the following research topic
The following topic is chosen, as it will help in justifying the role of innovation in financial business context. This research topic has been chosen because this will shed light on the viability of innovation model that helps a firm to develop their operations as well as another organizational efficiency (O’Leary, 2017). It can be said that the following research topic is also justified, as it will help in the determination of how Commonwealth bank case uses Innovation models to develop their organizational structure. This will help to know the ways in which innovation model will beneficial for the company. It can be said that there various ways in which developmental works of the organization can be evaluated through the use of innovation model. Theoretically, it can be said that the evaluation of the current topic will comply with the use of innovations model in the development process of companies like Commonwealth Bank. In real life practice, it can be said that the process of innovation will be tested to determine its viability in the modern business environment (Flick, 2015).
The potential outcome of the research will mainly focus on the ways in which innovation within firms like Commonwealth Bank work. The research process which will undertake on the subject will show the possible relationship which exists between the organization and innovation model recommended by a scholar for the developmental process of the organization. It has been seen that innovation model has been one of the most significant through which firm in the market has developed. It can also be said that the research will conclude on the viability of innovation models in helping the organization to develop at faster and rapid pace. It can be said that the project will also provide an outcome which is related to the relationship between financial banking sector company and innovation model. In this way, the research will evaluate the feasibility of innovation in determining an effectiveness of innovation in the development process of these companies (Davies & Hughes, 2014). It can also be said that through the following research the suitability of innovation model in the context of this form will also be evaluated in order to ensure on which model will be the most suitable for the developmental process of Commonwealth bank and which model will benefit the company the most. It can be said that through the use of effective technique it will be easy to determine on the feasibility of suitability of innovation models on the firm like Commonwealth bank which has different operational procedure compared to other company. Now there are some problems that can be faced by companies in implementing innovation models in their development process. The research project will also evaluate the problem which can be faced by a company in order of implementing and executing the said innovation model. In this context the researcher will also articulate possible solution for the problems which the firm may face through the implementation of the plans according to the innovation model as this will help in better planning of the company helping Commonwealth bank to develop at rapid face by mitigating the existing issues in the implementation of the innovation model (Wilson, 2014).
The main objective of the research is to identify the possible relationship that exists between the use of innovation mode and the compliance of the same to a firm operating the financial sector pod the market. It can be said that through the use of effective models the suitability of the innovation can be judged. For this purpose there is need of proper conceptual framework which defines the positives and the negatives in the research work which will help the researcher to judge the viability of the current research it can be said that through the use of the conceptual framework the research can use the basic idea and information derived and can judge of feasibility of the study in an effective and significant way.
Figure 1: Conceptual framework
(Source: Self-generated)
From the above conceptual framework, the positive and negatives of the subjected topic can derive based on which the researcher can conduct the research work having qualitative knowledge through the framework. This will direct the way of methods which the researcher will opt to conduct the following study.
Methodology and present secondary data
With the help of effective research, methodological approach the major aims and objectives of the concerned research proposal would be collected and analyzed. The researcher in context to this has opted for the secondary research methodology. The details of which have been underpinned in the under sections:
Various sources of secondary data would be considered by the researcher for this study. In order to collect relevant and valid literature and information, the researcher would study and evaluate a number of sources such as published journal articles, peer-reviewed articles, Google scholar, CQU library online search, and various books (Bell & Waters, 2014). This would thereby help the researcher to gain access to a number of diverse secondary resources
Population
The employee of the Commonwealth Bank has been considered as the major target population for the study. The employees of the said bank are well aware of certain aspects of innovation models and its utility in the financial sector (Bozorgnia et al. 2015). Most of the members of the sample population have acknowledged the increasing utility of innovation models in the financial sector for the purpose of improving the overall operations. The target employees belong to the various levels of rank under the management of the Commonwealth Bank. Owing to the inclusion of employees of different job ranks the researcher would use the stratified probability sampling method at different organizational levels. With the implication of this sampling method, the organizational rank of employees that will be majorly classified is “Executive Level”, “Managerial Level”, “Officer Level”, “Supervisor Level” and “Assistant Level/ ordinary employees”. The stratified classification would, in turn, help the researcher to acknowledge different organizational level employee of the said organization and gain a different perspective about the use of innovation models in the financial sector (Moyers et al. 2016).
Participants
The employees that have been selected from the said bank of Commonwealth are the major participants of the study and each of them has a precise information about the beneficial factors of innovation models in the improving the overall operations of a financial organization. A total of 25 employees would be selected for the concrete research study. 5 participants from each of the classified organizational ranks of the said bank in question. With 25 respondents, the researcher would undertake the said research study (Polonsky & Waller, 2014).
Data Collection Method
With an effective data collection, the method the researcher would be able to collect a range of informatory resources for the concerned research study and execute a successful research study. Therefore, in context to the researcher for this study would use observations, questionnaires and interviews techniques as the major methods of data collection. In order to escalate the validity of the responses made by the sample population the maximum number of questionnaires that would be developed would be mostly close-ended questions (Hair & Lukas, 2014). While on one hand the Executive Level” and “Managerial Level” will be interviewed by the researcher. On the other hand, the questionnaires will be given to the “Officer Level”, “Supervisor Level” and “Assistant Level/ ordinary employees”. When the respondents would answer during the interview and respond to the questionnaires that their behaviours would be evaluated by the researcher with the help of casual observation. Moreover, in order to facilitate the data collection process, the researcher would ensure all the complexity as possible like the details of the employees and the organisational level to which they belonged to in the said bank would be collected from the Human Resource Department of the Commonwealth Bank (Neuman, 2016).
Data Analysis
After the systematic collection of ample amount of data from different techniques ranging from questionnaires , literature review, observations to interviews it is equivalently important that the researcher properly analysis all of the collected data by the use of effective data analysis tools such as qualitative and quantitative data analysis techniques (Seikkula et al. 2015).
Quantitative Data
The responses that would be obtained from the questionnaires would be quantitative or numerical data that would quantify the attitudes, opinions, behaviours of the employees selected for the study. In order to evaluate the quantitative data, the descriptive data analysis method would be used by the researcher. In addition to this the collected data would be examined and interpreted through a series of sections in order to comprehend the kind of knowledge each of the employees had with respect to the innovation models, the value of their acceptance to the implementation of such models and to explore the impacts the innovation models would have on the respective employees productive factors (Burton, Brundrett & Jones, 2014).
Qualitative Data
While all the non-numerical or qualitative data would be collected from the observations, interviews and literature reviews. The researcher from these studies would evaluate the different elections in regards to innovation models. This would help in understanding the underlying reasons behind the financial sectors adopting such innovation models. The Analysis of variance of ANOVA, frequency, chi-square and Pearson’s correlation would be used. With the help of these Predictive data analysis technique, the researcher would determine the degree of relationship between the variables (Simpson et al. 2015).
The section deals with the systematic organization in which the research study would progress for the concerned research study by the researcher. The said report is organized in the stated manner which is as follows:
Chapter One:
In this very first chapter of the study, the Research Proposal as illustrated in the assignment would be-be outlined by the researcher
Chapter Two :
In the second’s chapter, the researcher would represent the different literary resources conducted by some of the renowned scholars with respect to the concept of innovation models and its use in the financial sectors. The section would illustrate the varying aspects related to the research topic
Chapter Three
The said section would consist of the conceptual framework and hypothesis for the research study
Chapter Four:
In this section, the researcher would represent its approach towards the kind of research methodology that would be used for the study such as literature review, Data collection and analysis methods, target population, Sample, Sample size etc.
Chapter Five:
In this section, the findings collected from the chapter four would be critically evaluated by the research with the help of specific data analytical tools
Chapter Six:
The chapter would represent a summary of the findings and discuss the implications in the financial sector
The following budget is created through the expense which will be incurred by the researcher in the conducting the research process. It can be said that through conducting an effective research work the researcher will incur a total expense of $ 5500. This affordable amount that the research can incur in order to carry out an efficient research work on the subjected topic (Dörffel, Riepenhausen, Lüders, & Brämswig, 2016).
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The budget for the business research project |
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Sl No. |
Particulars |
Amount |
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1 |
Literature Review |
$ 1,500.00 |
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2 |
Data collection |
|
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3 |
Interview |
$ 1,000.00 |
|
4 |
Survey |
$ 1,000.00 |
|
5 |
Data analysis |
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|
6 |
Qualitative data analysis |
$ 1,000.00 |
|
7 |
Quantitative data analysis |
$ 1,000.00 |
|
8 |
The total budget expense for the research project |
$ 5,500.00 |
The Gantt chart below shows the time frame in which the operational procedure of the research work will be executed. As it can be seen that In the initial week the researcher will set objectives and will review the literature relating to the subject topic. In this way, the researcher will be able to gain knowledge on the subject after which the researcher will formulate the methods which will be used in the research plan which will tend to help the researcher in conducting the research. After this data collection, sampling and data analysis will be done to draw proper research conclusion. After ending the research will document the findings and prepare for the final submission of the report in this process the research project will be executed (Gay & Mills, 2015).
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Activities |
Week 1 |
Week 2 |
Week 3 |
Week 4 |
Week 5 |
Week 6 |
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Setting research objectives |
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Review of literature |
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Setup of methodology |
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Implementation of reach |
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Data collection |
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Sampling |
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Data analysis |
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Documentation |
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Finalization |
Conclusion
Concluding in the light of above context it can be said that Innovation model is helpful to process through which a company can develop at a rapid pace. The research in this research will want to indicate the ways in which the innovation model help a company in their growth process. It is very significant that Commonwealth bank is an effective medium through which compliance of innovation modes to financial sectors companies can be judged as the company is big and looking for growth in near future. Taking into consideration the growth of the company the researcher will want to forecast the future developmental rates if the company applies innovation models that are ways in which the company can increase their rate of growth.
It can also be said that the methodology used by the research is very proper and will tend to articulate overall conclusion over the subjected topic. It Can also be seen that the time frame and budget displayed by the researcher are proper for the conduct of the research project and show that the research has determined effective resources which will help the latter in the conduction of the research. It can be said that through the use of this stated methodology, monetary and time resources the research will be able to meet the present objective and draw a suitable and viable conclusion of the stated topic.
References
Bell, J. (2014). Doing Your Research Project: A guide for first-time researchers. McGraw-Hill Education (UK).
Bell, J., & Waters, S. (2014). Doing Your Research Project: A Guide for First-Time Researchers [online].
Bozorgnia, Y., Abrahamson, N. A., Atik, L. A., Ancheta, T. D., Atkinson, G. M., Baker, J. W., … & Darragh, R. (2014). NGA-West2 research project. Earthquake Spectra, 30(3), 973-987.
Burton, N., Brundrett, M., & Jones, M. (2014). Doing your education research project. Sage.
Davies, M. B., & Hughes, N. (2014). Doing a successful research project: Using qualitative or quantitative methods. Palgrave Macmillan.
Dörffel, W., Riepenhausen, M., Lüders, H., & Brämswig, J. (2016). Late effects following treatment of Hodgkin lymphoma during childhood and adolescence. Results of the Hodgkin lymphoma late effects research project. Klinische Pädiatrie, 228(06/07), 286-293.
Flick, U. (2015). Introducing research methodology: A beginner’s guide to doing a research project. Sage.
Gay, L. R., & Mills, G. E. (2015). Educational Research: Competencies for Analysis and Applications, Global Edition: Edition 11. Pearson Education Limited.
Hair Jr, J. F., & Lukas, B. (2014). Marketing research(Vol. 2). McGraw-Hill Education Australia.
McNiff, J. (2016). You and your action research project. Routledge.
Moyers, T. B., Houck, J., Rice, S. L., Longabaugh, R., & Miller, W. R. (2016). Therapist empathy, combined behavioural intervention, and alcohol outcomes in the COMBINE research project. Journal of consulting and clinical psychology, 84(3), 221.
Neuman, W. L. (2016). Understanding research. Pearson.
O’Leary, Z. (2017). The essential guide to doing your research project. Sage.
Polonsky, M. J., & Waller, D. S. (2014). Designing and managing a research project: A business student’s guide. Sage publications.
Seikkula, J., Karvonen, A., Kykyri, V. L., Kaartinen, J., & Penttonen, M. (2015). The embodied attunement of therapists and a couple within dialogical psychotherapy: An introduction to the relational mind research project. Family process, 54(4), 703-715.
Simpson, S. W., Kleinsasser, L., Quade, J., Levin, N. E., McIntosh, W. C., Dunbar, N., … & Rogers, M. J. (2015). Late Miocene hominin teeth from the Gona paleoanthropological research project area, Afar, Ethiopia. Journal of human evolution, 81, 68-82.
Smith, J. A. (Ed.). (2015). Qualitative psychology: A practical guide to research methods. Sage.
Thomas, G., 2017. How to Do Your Research Project: A Guide for Students. Sage.
Wilson, J. (2014). Essentials of business research: A guide to doing your research project. Sage.
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