Creativity and Innovation are two different terms and they technically have different meanings. Creativity means originality, imagination and inventiveness that are brought out through resourcefulness. Innovation, on the other hand refers to modernization and improvement over an existing idea. In this way, it is true that creativity and innovation are two different terms and cannot be used interchangeably. Yet, they have been used interchangeably in several areas or walks of life, including business and management as well as technology. In this way the main distinction between creativity and innovation, being the originality has been ignored and as the line between creativity and innovation is thin, it becomes even more difficult to distinguish between these terminologies. Innovation is an important aspect of growth and development of individuals, organizations, cultures and societies. Innovation and creativity refer to bringing in new ideas to life. Innovation can be achieved strategically through a process of Continue reading
Management Concepts
Risk Management Principles for Electronic Banking- Basel Committee Recommendations
Continuing technological innovation and competition among existing banking organisations and new entrants have allowed for a much wider array of banking products and services to become accessible and delivered to retail and wholesale customers through an electronic distribution channel collectively referred to as e-banking. However, the rapid development of e-banking capabilities carries risks as well as benefits. The Basel Committee on Banking Supervision expects such risks to be recognised, addressed and managed by banking institutions in a prudent manner according to the fundamental characteristics and challenges of e-banking services. These characteristics include the unprecedented speed of change related to technological and customer service innovation, the ubiquitous and global nature of open electronic networks, the integration of e-banking applications with legacy computer systems and the increasing dependence of banks on third parties that provide the necessary information technology. While not creating inherently new risks, the Committee noted that these characteristics increased Continue reading
Ways to Overcome Resistance to Organizational Change
Change triggers emotional reaction because of the uncertainty involved, and most Organisational change efforts run into some form of employee resistance. Resistance to change can be overcome by education and communication, participation and involvement, facilitation and support, negotiation and rewards, and coercion and manipulation. Kotter and Schlesinger set out the following six change approaches to deal with this resistance to change: Education and Communication — Where there is a lack of information or inaccurate information and analysis. One of the best ways to overcome resistance to change is to educate people about the change effort beforehand. Up-front communication and education helps employees see the logic in the change effort. this reduces unfounded and incorrect rumors concerning the effects of change in the organization. Participation and Involvement — Where the initiators do not have all the information they need to design the change and where others have considerable power to resist. Continue reading
The 7 Core Principles of Customer Service
In any field either business, company or an institution they are usually guided by the principles of customer service. These principles help them improve the services and maintain a good relationship with their customers. Here are some of the principles of customer service that are core in any business or company. Through the core services, customer service techniques will govern the organization of the quality of service. The seven principles of customer service include; speed, accuracy, clarity, transparency, accessibility, friendliness and efficiency. Speed: This has been critical to many organizations. Through speed and responsiveness, it will determine the quality of service provided in an institution. As one may know, the ability to respond to the customer need has an impact on both the customer satisfaction and dissatisfaction. For companies to improve on their customer service, they ensure they have good responsiveness. There are various types of responsiveness which include first Continue reading
Leadership Scorecard
Role of Leadership in Organizations Leadership has been described as the process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task. A definition more inclusive of followers comes from Alan Keith of Genentech who said “Leadership is ultimately about creating a way for people to contribute to making something extraordinary happen.” In an organization where there is faith in the abilities of formal leaders, employees will look towards the leaders for a number of things. During drastic change times, employees will expect effective and sensible planning, confident and effective decision-making, and regular, complete communication that is timely. Also during these times of change, employees will perceive leadership as supportive, concerned and committed to their welfare, while at the same time recognizing that tough decisions need to be made. The best way to summarize is that there is Continue reading
Forecasting Manager – Duties and Responsibilities
The Forecasting Manager serves as the lead of a forecasting working group. The primary responsibility of this individual is to implement the forecasting process and provide objective short-term and long-range forecasting models, standards and guidelines to the Product Team. This includes the design, construction and implementation of forecasting models for specific brands. When working with the group, the Forecasting Manager must have the ability to quickly assess the major issues surrounding each forecasting problem, understand the decisions the forecast will impact, and recommend a forecasting approach. In addition, the manager should be able to identify the information/data required, and to articulate any secondary and/or primary research required to support the forecasting process. The Forecasting Manager may be required to hire external consultants to complete forecasting projects. Also, this position will require the continuous evaluation of new forecasting techniques, and technologies through internal/external networking, and attending forecasting and industry seminars. Major Continue reading