Assignment Sample on Creativity enterprise and Innovation
Introduction
In the present era, technology plays a vital role in human lives in making their lifestyle better. Small and big enterprises are now adopting advanced technologies to make their operations efficient and more productive (Galletly, 2021). The present report will discuss the Onfido action plan to develop data and digital skills to make their company more competitive in the market. In this regard, the advanced technology that is being used will describe in the report along with its effect on management. Further, innovation techniques, areas, and its benefits will be discussed as well as the risk associated with innovation also highlighted in the present report.
Action Plan
As per the result of digital competency, I get to know my digital competencies skills that are not very good but sufficient to pursue in my future career. On the basis of my digital competencies, I conduct SWOT analysis to present my ability in a structured way.
| Strength | ● I have a relatively high score in communication as I am able to understand the use of appropriate media channels. Further, I use a robust communication model which makes a consequential effect on the audience. For example, I use Instagram which helps to increase brand reach to target young audiences along with I use LinkedIn which enables me to get positive leads and facilitate engagement with professionals.
● I am able to understand emerging technologies specifications like cloud computing, blockchain, and visual reality techniques (Živčicová and Gullerová, 2017). Since, Onfido is also involved in these technologies which are beneficial for me to cope-up with the company work environment. I know the implementation of effective interventions which improve my ability and skills.
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| Weaknesses | ● I am not good at making digital content, its management, and storage techniques.
● I believe learning at my own level is not good for my comprehensive knowledge as having a mentor increases our strength to understand digital technologies. |
| Opportunities | ● Emerging technologies and its wide usage in the mentioned organisation are the best opportunity for me to understand new technologies and increase my digital competencies.
● Lot of opportunities to learn new things and the training sessions provided by the company are also good opportunities for me to develop my skills. |
| Threats | ● The technologies are changing frequently and it takes a lot of time to learn the technology. Hence, it makes my knowledge redundant and I have to learn new techniques. It is a big threat in my learning process. |
As per the analysis of my strength and weakness I develop a robust action plan to achieve SMART goals which is described in the below table.
| Specific | Measurable | Attainable | Relevant | Time-bound |
| I learn AI technology first as Onfido mainly works in this technology. It moves me forward to learn new things. | As I mentioned that I focus on AI first which is the measurable point for me. When I get proficient in AI skills then I think that I will develop some skills and start to learn new things. | Since the mentioned company mainly involves AI, it is easy for me to learn the technology as there are many AI experts who can help me. | In the present time, most of the companies use AI technologies so it is relevant to learn this technology. | There are many things to learn in the technology field. Since, I decided to learn AI so it saves my time to think about other fields and helps me to concentrate. It takes 2 months to become proficient in AI technology. |
As I am the manager of Onfido, it is my responsibility to highlight the company practices in the field of digital competencies. Thus, I highlight company’s operation and innovation in below points:
Apply advanced technology
Contactless transactions are now becoming the high preference for people as well as the companies in the world to save their valuable time and cost (Daudkhane, 2017). In order to fulfil such emerging market trends, Onfido introduced a start-up which facilitates virtual identity verification. Through this way the person can verify their identity without face-to-face interaction and in-person verification. For that purpose, the company uses artificial intelligence to read consumer identity documents and access facial recognition or further data points to confirm that the customer is authentic. The customer can be an individual person, banks, government bodies, organisations who want to run their verification process virtually. Thus, they invest huge amounts to expand their business which has been flourishing in the US market also after getting great success in the UK market. The aim of this start-up is to replace credit bureaus, Facebook logins, and further channels. Moreover, the further objective is to resolve a problem on the internet and digital platforms through verifying people who claim their identity right and their actions are different from their identity as the company maintains user’s security and privacy.
The company uses Internet of Things to manage their operation and ensure that they handle their different types of customers effectively (Galvin et. al. 2018). Through this technology they ensure that their customer can verify its all-employees backgrounds and for individual customers they ensure to verify the institution background. The company further uses both existing and emerging technologies to provide customised services to their customers (AIT News Desk, 2020). It is the most effective approach to get constant success even in the changes of the business environment.
The company uses big data analytics to manage their customer data and keep them secure from breaching activity. Thus, the company uses cloud computing services and gives access to authorised persons only. Through this practice the company has large data which can be used for future marketing campaigns. Other than that, the company uses social media platforms and digital marketing techniques to promote their services worldwide and establish their business in the desired market (Eubanks, 2018). For this, the company uses Facebook, Instagram, and LinkedIn platforms to generate leads. Further, they adopt chatbots to expand their customer reach. It involves having an automatic interaction between the company and the customer. It plays a vital role to meet the customer demand for consistent engagement. Additionally, the company uses HR management software to fulfil their employees’ demands and manage them effectively.
Hence, it can be said that the company uses multiple technologies to provide high quality services to their customers.
Technology usage in effective management
The company uses AI, facial recognition, and other technologies to provide person or company verification services. Other than that, the company uses different software to manage their operations and HR related work. Moreover, the technology enables the company at international level for customer acquisition, reducing fraud, and generating sustainable revenue sources in the digital world (YOUSSEF and NARASIMHAN, 2020). Through assessing photo ID genuinely and matching it against facial biometric, the company gets a massive positive response from many firms who outsource their employee and third-party verification systems. Hence, the adoption of advanced technology helps the company to generate more business and effective management by making their operation systematically.
Innovation profits for the company and customers
Innovation is the key to sustain in the market and get immense profit and goodwill. In regards to this fact, Onfido constantly innovate its products and services to give amazing experiences to their customers. However, the start-up is involved in modern approaches to virtual identity verification. Moreover, the company automates their manual operations also to decrease its operating cost and overhead cost. Other than that, their innovation ensures that customers have easy access to the services which are also helpful to anticipate their needs (Schwartz and Machulak, 2018). The company focuses to increase their capability to implement a value proposition that enables them to expand their product portfolio and market reach. Further, the company has the ability to broaden the number of provided services to its customers. For that purpose, the company raised 100 million Dollar funds and on the other side, they also invested in many innovative ideas to enhance their company profit and customer experiences. In addition to this, the firm found an opportunity to leverage the adoption of ERP (enterprise resource management). It aligns decision-making to achieve positive outcomes. Further, they improve resource management which is key to achieve their innovation goals. Hence, innovation is profitable for both the company and the clients.
Innovation areas
In Onfido, there are various areas where the company can bring innovation (Schizas et. al. 2019). In services the company provides virtual verification services using AI technique and facial recognition. Thus, the company can use different technology also like centralised data of its customer verification so they do not need to take the service again. In the product field the company verifies customer documents and matches them against facial recognition. The company can also provide an entire professional career verification service which is important for big organisations. Moreover, the company also provides different kinds of verification like verification through video calls. In the area of marketing there are multiple platforms used by the people worldwide and several e-commerce sites where most of the companies sell their product and services and promote their brand (Nyikes, 2018). The company can effectively use these platforms to increase their brand reach in other markets.
However, after getting massive success in the UK market they aim to target the US market. For that purpose, the company explores digital marketing channels to advertise their company or they can outsource this operation to execute it more effectively and can focus on more prior tasks. On the other hand, the company can bring innovation in its business model. As the company provides identity verification service remotely where there is no requirement of physical contact. The company can use video call services to robust their verification system and increase customer engagement. Further, the company can expand their service worldwide and hire local employees to cope up with different time zones. Moreover, the company can use more technologies to improve its existing business model.
The company can use above mentioned suggestions to make their company process effective and enhance customer experiences.
Innovation risks management
Building an innovative work culture is very important to ensure that the company is able to achieve their targets (Choi, 2018). It is necessary to manage the internal environment of the company and make their stakeholders satisfied in order to reduce the chances of disruptions. Moreover, it is vital to increase the strengthening of the competency ability in innovation management. Developing a risk management environment at all hierarchy levels is important to make every person understand the value in innovation management. Thus, the company uses a robust risk management system at each step of the innovation process. There are many certain or uncertain risks in the innovation process. For instance, the threat of data breach through hacking or phishing, misuse of customer data, the risk of information threats, financial loss, image damaging risk, operational risk, employee’s resistance, and further risks are always there with innovation processes (Onfido, 2021). Thus, risk management should be embedded in the innovation steps within the company which is important for them to achieve desired outcomes.
The company should adopt an effective change management system as innovation not only done through stakeholder’s support, but also employee’s consents are also very important. For instance, measuring the innovation process is necessary in order to build a framework that helps the company to monitor their performance. Moreover, the company constantly innovates their product and services, so the company should align their team and other stakeholders to reduce resistance chances (Lunden, 2020). Further, the company should make their software fully secured and protected in order to diminish the chance of hacking and data breach. Further, the company should inform their customers and employees about new products or services in order to take their consent.
In my opinion as a manager of Onfido, I recommend the company to adopt a problem-solving and time-management approach to break complex issues into small parts and try to solve them under a strict timeline. It improves the understanding of stakeholders and employees in such changing technologies. Thus, I continuously invest my time and efforts to develop professionalism to add more value in the organisation.
Conclusion
The report concluded that Onfido is efficiently using AI and facial recognition techniques to provide virtual identity verification services, is involved in a constant innovation process. Moreover, the company uses a robust risk management system to achieve their innovation goals. To sum up this report, I present my personal SWOT analysis and SMART goals to become an effective manager of the company and implement its innovation process and achieve end-goals.
References
Books and Journals
Choi, S.Y., (2018). A study on the digital competency for the fourth industrial revolution. The Journal of Korean association of computer education, 21(5), pp.25-35.
Daudkhane, Y., (2017). Why SMART Goals are not ‘Smart’enough?. Imperial Journal of Interdisciplinary Research.
Eubanks, B., (2018). Artificial intelligence for HR: use AI to support and develop a successful workforce. Kogan Page Publishers.
Galletly, S., (2021). Using work-based learning for revalidation 2: putting it into practice. Nursing Times, pp.47-50.
Galvin, J., Han, F., Hynes, S., Qu, J., Rajgopal, K. and Shek, A., (2018). Synergy and disruption: Ten trends shaping fintech. McKinsey Global Banking Report.
Nyikes, Z., (2018). Contemporary digital competency review. Interdisciplinary Description of Complex Systems: INDECS, 16(1), pp.124-131.
Schizas, E., McKain, G., Zhang, B.Z., Garvey, K., Ganbold, A., Hussain, H., Kumar, P., Huang, E., Wang, S. and Yerolemou, N., (2019). The global regtech industry benchmark report. Available at SSRN 3560811.
Schwartz, M. and Machulak, M., (2018). Securing the Perimeter: Deploying Identity and Access Management with Free Open Source Software. Apress.
YOUSSEF, A.B.G. and NARASIMHAN, V., (2020). ADVANCED ANALYTICS FOR RISK MANAGEMENT.
Živčicová, E. and Gullerová, M., (2017), September. Evaluation Of Managerial Competences Through Self-Reflection. In CBU International Conference Proceedings (Vol. 5, pp. 512-515).
Online
Lunden, I., (2020). A guide to digital identity verification: the technology and trends. . [Online] [Available Through]:<https://onfido.com/resources/home/a-guide-to-digital-identity-verification-the-technology-and-trends>
Onfido, (2021). Onfido digitally proves a user’s real identity. [Online] [Available Through]:<https://partner.visa.com/site/partner-directory/onfido.html>
AIT News Desk, (2020). Deliveroo and Onfido Expand Partnership to Provide Streamlined Digital Identity Verification. [Online] [Available Through]:< https://aithority.com/security/deliveroo-and-onfido-expand-partnership-to-provide-streamlined-digital-identity-verification/>
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