MBA 7 CEI 1 Assignment Sample  – Creativity, Enterprise and Innovation 2022


This assessment is focusing on the various factors that are required for a business. Wagestream is a financial platform from where they provide financial support to the working people. People who work somewhere on a “monthly pay scale” and some of them is not satisfied with it and some of them are struggling to increase their pay scale. For those individuals, this online platform of financial business helps a lot to those people and challenges the negativity of the “monthly pay scale”. Thus, the aspects that are going to explain here is based on the digital skill, advanced technology, benefits of innovation, and risks that Wagestream may face.

Digital and data skills

The term “digital skills” covers the competencies and knowledge in a wide range. To operate the digital operations, an individual requires some digital skill that helps them to develop their digital knowledge. In this respect, Wagestream is an online financial platform and I have to acquire some knowledge about the digital skills and identify which skills I have to input in me. The basic digital skills that I have in me are –

  • Communication and information management skills through which I can communicate with different people at a different time from anywhere.
  • I also have the knowledge of the digital transactions, how to transfer money from one place to another place digitally (Van Laar et al., 2017).
  • I have the knowledge of E-Government through which I can connect with the digital services.
  • I know cybersecurity so that I tried my best to secure my account and my network.

This is very general and common digital skills, those I have in me, but except this, I also have to acquire some other skills that will help me to connect with Wagestream and invest my profits to gain financial resilience. For the future, I need to learn about some digital skills and those are –

  • Information and data literacy: In many companies, they have to deal with a bunch of information about their business, workforce, and customers. So, they are looking for those people who can operate or handle this data extensively. Thus, if I have the experience or gain knowledge about these data handling process then these companies will consider me as their “data handling expert” (Iordache et al., 2017). If I am the business manager of Wagestream, then I will develop this skill in me so that I can prove myself and my ability. As different types of financial information are collected from the users and categories them according to their demands and use of this platform. If I show my skill to Wagestream that I can handle this data and I am quite expert in it and it will be preferable for me.


  • Communication and collaboration: Communication and collaboration skill is important and the users should have the knowledge of social selling and the social team of an organization should adopt it in their business. Be a manager of Wagestream, if I focus on the social business and suggest them to socialize their business and introduce it in the social platform then they will catch more customers.
  • Digital content and creation: People follow digital content and introduce new creation for their business, so that they need to adjust their expertise and use them accordingly for the business (Correa, 2016). As I have some knowledge of customers so that I know that people mostly use mobile phones, if this business can appear in mobiles along with desktop then it will be a great opportunity for Wagestream to establish their business. [Referred to appendix 3]
  • Safety: Network and the information safety is crucial for an organization require security so that they are focusing on cybersecurity for their business and I have the knowledge of this cybersecurity then my preference will be considered first. Wagestream works with the financial data information of the customers so that cybersecurity is a must and I suggest them to use cloud computing for the security of their business. [Referred to appendix 4]
  • Problem solving: As the customers spend their time online and to get their attention a business needs a center stage. Being a manager of Wagestream I suggests that if they should not develop their website for the desktop but also for mobile screens so that the customers can easily get access to them through their mobiles and try to solve their issues (van Laar et al., 2018). If they also develop an app for their business then it will help them to expand their business from a large perspective. [Referred to appendix 5]

Advance technology

Technology developed in a very innovative way these days which attracts the attention of most people and it also holds a very strong position in the market. In Wagestream some new and advanced technology can use for supporting effective management. The advance technologies are –

  • “Artificial intelligence”: In the modern-day, “artificial intelligence” is the most effective and useful technology that most of the companies use. Through AI, they can improve their business and introduce it in the international market a reach to their customers easily (van Rijmenam, 2019). To make the management effectiveness of Wagestream they use AI in their business so that they can use new technologies in their business with the purpose of expansion.
  • “Big data analytics”: In an organization, the “big data analytics” use for upgrading the “operational efficiency”, helps to drive up the new revenue and helps to achieve the competitive advantages from the competitors. Additionally, this tool of “big data analytics” includes a framework through which the “data mining” techniques can use for analyzing the data, identify the patterns (Arunachalam et al., 2018). for recognizing and reacting towards the patterns some analytical models are suggesting. With the analytical models, the business process performance can enhance. For Wagestream, this technique helps them to improve their business for future growth and helps to identify the data carefully.
  • “Internet of Things”: The IoT helps organizations to identify the “environmental conditions” and the behavior of the users because it directly affected the product performance. The sensor of IoT used for measuring the “product performance metrics” and the data that are collected through this sensor used for the future growth of the products (Metallo et al., 2018). In Wagestream, this IoT helps them to measure how much their offers and services useful or the users and how satisfy with it and if they get any negative reviews then try to improve themselves.

MBA 7 CEI 1 Assignment Sample

Figure: IoT

(Source:, 2016)

Benefit of innovation

For the better benefit of the customers and the business, innovation is the major aspect that helps an organization to go further. Innovation can be anything but it should carry beneficiaries to the organization.

Service: The service that Wagestream provide to their customers are very interesting and for their benefit. But if they improve their services and innovate something new in their services then they can provide more profit to the customers. They decided to higher their customers’ expectations with their services. If they include this innovation in their services then they have to improve their service process and give assurance to their customers that they can fulfill their expectations and through it, they can also gain their trust (Pansera and Martinez, 2017).

For better performance of the business and for increasing their revenue every organization follows a particular business model through which they can improve their services and their facilities. Wagestream should include a business model in its system to improve its performance and provide the best service to the customers.

Marketing: For the market, every organization adopts its innovation through which they present themselves before the market in a new way so that they can attract the attention of the customers. “Marketing innovation” is the new method of marketing and for Wagestream, their marketing innovation is based on their “product pricing”. They decided to lower the price of the product but maintaining the quality so that the customers do not lose their trust in them. Product is another important part of an organization and it helps them to establish their business from a large perspective (Tidd and Bessant, 2018). In the products there are different types of innovations are taking place and within them, the most effective is a new product launch. In the case of Wagestream, they are focusing on a new offer for the customers so that they can attract more customers and provide them the products so that they can depend on them. It is also beneficial for the business because as much as the customers receive their services, they can grow up their business on a large scale.

MBA 7 CEI 1 Assignment Sample

Figure: Benefits of innovation

(Source:, 2012)

Risk identification

In business, different types of risks are developed and each of the risks is harmful for the organization. In Wagestream, they can also face various types of risks that destroy their business and within those risks, the most effective risks are identified and explained below.

  • Strategic risk: For the success of a business strategy is must and every organization should create a strategy for their business through which they can enhance their business. But if somehow their competitors know their strategy and implement it before then it will a great risk for them because at that they cannot create a new strategy and implement it in their business (Abdelrehim et al., 2017). In Wagestream, they also develop a strategy for their business and they face this type of problem in their business then they should prepare for it and find out a way through which they can overcome it.
  • Compliance risk: Every organization should follow compliance with the laws and regulations of the business. If the business does not follow the compliances then they have to face a lot of o issues which is not good for the business. They might be losing their business license and cannot do any business in the market (Muthuveeran et al., 2019). If Wagestream does not follow the regulation of business then they will face this risk. If they face this risk in their business then they should prepare themselves for mitigating this risk. From the beginning, they will start their business by following the laws and regulations.
  • Financial risk: This type of risk is very common and the organizations should be careful when they are making any transaction and should keep the record. If the organization faces any fraudulent behavior then it will directly affect the business’s financial status (Shonhiwa, 2018). Wagestream can face this risk in their business so that they should prepare themselves for the future and secure their financial data and care that this type of situation would not occur in the business.

The risk mitigation process are – “identify the risk”, “measure the risk”, “examine the risk”, “implement solution”, and “monitor results”.

MBA 7 CEI 1 Assignment Sample

Figure: Risk identification

(Source:, 2014)

Risk mitigation approach

In a situation where innovation and growth are closely intertwined in, it is not surprising that nine out of ten indicate that they are innovating in at least eight ways or plan to do so by 2020. Since technology supports all forms of innovation, it is not surprising that beginners introduce two major new technologies to develop existing products (86%) and create new ones (80%).

If there are technologies that their organizations are using or plan to use by 2020, the cloud will have the biggest impact on their organization. Artificial Intelligence (AI) and the Internet of Things (IoT) are also ongoing or planned and a greater impact is expected in the coming years,

while organizations seize the opportunities of these technologies. ProC projects that see artificial intelligence will add $ 15.7 trillion to global GDP as a result of efficiency and increased customer value.

Changing an organization’s talent model is the third most important ongoing or planned innovation activity (70% of respondents).

This allows the capabilities of technology, such as organizations, to be taken over.

it must change; and this necessary change depends on organizations acquiring, developing, and retaining their talent. According to the Digital IQ Survey, this priority follows that organizations should pay special attention to the adoption technology adoption and neglect the preparation of employees for years.

The biggest risk growing as a result of innovation is cyberspace and talent risk.

Is the risk of innovation essential? CEOs4 and risk analysts see cyber threats5 as the biggest risk for global growth in 2018. However according to the Global Information Status survey, firms are not prepared for growth and development of cyber security or privacy threats. .

Maybe that’s why cybersecurity are privacy threats considered in the risk category that is expected to increase with all the innovations we offer? From the introduction of new products to the entry of new markets, building alliances, creating new distribution models, the main issue is cyber security or privacy. As companies operate in an increasingly digital world, technology is central to many innovative activities and therefore carries greater computational risk.

Grab Bitcoin, which helps  wagestream increase their profit margins by reducing the number of intermediaries they need. Cryptocurrencies, like Bitcoin, carry a lot of risks. Users work with individually timed, stamped tokens under the control of their own software engineers with little security. This leaves financial institutions acting as agents.

At IoT, most people welcome IoT costs and time savings, as well as smart offices, facilities or ports. However, the increased volume of IoT assets has grown from 6.4 billion in 2020 to 20.4 billion in 2020.

Research firm Gartner said in 2016 that it is concerned about weak security connections that can open up control rooms, data storage and critical infrastructure to hackers. The main target is, for example, the oil and gas industry. About 7 out of 10 people are exposed to vulnerabilities caused by cybercrime. The cost of a complex and extensive attack on refineries can be significant, regardless of loss or reputation.

The introduction of new technologies has consequences for the entire organization. Therefore, in addition to the cyber data and data protection risks, participants evoke a number of other technological relationships, such as regulation, compliance, human capital, operational, cultural, and incentive risks, from the most critical innovations to the organization of their organization .

For example, AI can significantly reduce the cost of talent search, but its algorithms can be discussed and therefore produce results based on assumptions that do not reflect reality. This applies to human resources and legal officers, including other roles, as their organizations ’decisions may be based on founded, paralyzed AI screenshots.


Based on the discussion that made above describe the business aspects that are important and crucial for every organization. The company Wagestream is the most famous company that provides financial services to the working people and provides them basic support so that they can challenge their monthly pay cycle. As this is an online business and the users should have the digital skills to use it and for this purpose, the basic skills are identified with the future skills that are required for a better understanding of the business.

For this business, some innovative technologies are suggested through which they can improve their business. Some innovations are addressed here through which the organization as well as the customers will be benefitted. Risks are also identified that might be faced by this organization during their business and the mitigating process of the risks is identified and here. Thus, this assessment if describes the main requirements of a successful business.


Abdelrehim, N., Linsley, P. and Verma, S., 2017. Understanding risk disclosures as a function of social organization: A neo-Durkheimian institutional theory-based study of Burmah Oil Company 1971–1976. The British Accounting Review49(1), pp.103-116.

Arunachalam, D., Kumar, N. and Kawalek, J.P., 2018. Understanding big data analytics capabilities in supply chain management: Unravelling the issues, challenges and implications for practice. Transportation Research Part E: Logistics and Transportation Review114, pp.416-436.

Correa, T., 2016. Digital skills and social media use: how Internet skills are related to different types of Facebook use among ‘digital natives’. Information, communication & society19(8), pp.1095-1107.

Iordache, C., Mariën, I. and Baelden, D., 2017. Developing digital skills and competences: A quick-scan analysis of 13 digital literacy models. Italian Journal of Sociology of Education9(1).

Metallo, C., Agrifoglio, R., Schiavone, F. and Mueller, J., 2018. Understanding business model in the Internet of Things industry. Technological Forecasting and Social Change136, pp.298-306.

Muthuveeran, A.A.S., Tahir, O.M., Ibrahim, R., Abd Karim, S.B. and Rasidin, E.W., 2019. A REVIEW STRATEGIES INTEGRATING MS ISO 31000: 2010 RISK MANAGEMENT PROCESS INTO PROJECT LIFECYCLE FOR MALAYSIA LANDSCAPE PROJECT ORGANIZATION. Journal of Surveying, Construction and Property10(1), pp.16-30.

Pansera, M. and Martinez, F., 2017. Innovation for development and poverty reduction: an integrative literature review. Journal of Management Development.

Shonhiwa, P., 2018. Communication of risk to internal stakeholders under agile project management in a South African telecommunications organization (Doctoral dissertation).

Tidd, J. and Bessant, J., 2018. Innovation management challenges: From fads to fundamentals. International Journal of Innovation Management22(05), p.1840007.

Van Laar, E., Van Deursen, A.J., Van Dijk, J.A. and De Haan, J., 2017. The relation between 21st-century skills and digital skills: A systematic literature review. Computers in human behavior72, pp.577-588.

van Laar, E., van Deursen, A.J., van Dijk, J.A. and de Haan, J., 2018. 21st-century digital skills instrument aimed at working professionals: Conceptual development and empirical validation. Telematics and Informatics35(8), pp.2184-2200.

van Rijmenam, M.H.W.T., 2019. Sociomateriality in the age of emerging information technologies: How big data analytics, blockchain and artificial intelligence affect organizations (Doctoral dissertation).



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