The results of scientific innovation

Executive Brief summary:

The purpose of writing this report was to analyze the results of know-how in an firm. The major results in this record indicate that technological innovation is necessary in every corporation for the betterment of the same itself. Within this report the analysis has been made on the Barclays Bank's PINsentry device. Nevertheless the complete research is on this particular development of the bank. But there may be some debate about the technological innovations and its advantages and disadvantages in the previous area of the report to clear the idea of know-how to every individual audience. Later as the survey progresses towards your body there lies a short discourse about the role of administrator in an firm towards the technological innovation. And just following to this there's a short explanation about bank industry, as it is the indirect foot of the report and this issue. Later on we can see a discourse about the technological innovation of Barclays Loan provider i. e. the PINsentry device. Continuation to the PINsentry, there are the advantages and disadvantages of the new technology. And in the concluding part of the report there's a limelight show on the huge benefits which the Barclays Bank received because of the innovation. As problems are part of every innovation, so does the PINsentry device had, which are stated just adopted to the huge benefits. As we check out the finish of the article there lays the conclusion about the report. And in the end lays the bibliography about the sources of the complete survey.

Introduction:

In this present fast and speedy changing world it's important for every corporation to come up with innovation. Whether it's an advancement in group culture or it is in the field of technology, it's important to keep innovating new ideas and solutions to be able to endure. A know-how occurs when there is a need of a fresh product as per the necessity of the specific market. A know-how heralds the business and helps it boost efficiently.

What is technological innovation?

Any improvement in present technology or an invention of any new technology is called know-how. Technology is an tool provided by science which enormously enhances it power, as Albert Einstein performed with his enhancements. An advancement is an instrument with which technology flourishes. Fundamentally both advancement and technology are complementary to each other.

Advantages and negatives:

The world today has altered a lot with the aid of technology. Those things which were once done personally have not flip computerized. Almost anything is a click forward. Every technology has advantages as well as negatives. But on most of the situations advantages addresses the part of cons. Technological innovation also has some benefits and drawbacks too. Handful of them are stated below:

Advantages:

Globalization: New technology have bind world very close. The firms attended under one system i. e. online to a larger extent. The linguistic and physical boundaries have been removed by means of innovative technology.

• Cost efficiency: Since the business is becoming online the expenses for owning a business have been reduced to a huge extent for most organizations. The machines have substituted human.
• Communication: Together with the development of new systems communication is becoming very easy, fast and cheap. E. g. -Mobile, internet etc.
• 24/7: Organizations have switched to web business by using new technology, hence globally. This feature has increased the versatility of business and has helped to expand and earn faster.
• Job opportunities: With the development of new technology the scope of employment in addition has lifted. Every new technology requires specialized skilled person to focus on them.

Disadvantages:

• Scope of unemployment: While using technology of new solutions, the business is becoming more streamlined which includes resulted in job reduced amount of staff, downsizing of organizations and outsourcing in other countries. It has created unemployment at lower and middle level of many organizations.
• Dominant culture: Since the world has turned into a global village, the culture is being dominated by the strong one. For instance, >>>>>>>>>>>>>>>. >
• Lack of security: As the systems have made communication easier and faster but the degree of security has been endangered too. Samples - email hacking,

Role of manager to support progressive technology:

Every industry consists of many competitors. So that it is the key responsibility of the director to support the new technology in order to make it effective and effective. Everything to aid the innovation is to be done by the supervisor itself. The role of supervisor in support of innovation is as follows:

• Mentor: One of the key jobs of the supervisor for the organization is to do something as a coach. As the term mentor itself suggests about the duty of director. The manager must adopt every specific idea about the new technology and have to ensure that the business achieves its complete goal through full potentials.
• Identifying talents and weakness: Again the manager has to sort out the advantages and weakness of the new technology earned a business. By taking advantage of strengths the manager must flourish the new technology and then put a check up on weakness and eliminate it for making the technology successful.
• Right timing: A right eye-sight about when the creativity should be helped bring in to the market to attain best results is very important. Because that only will decide the success or failing of new invention.
• Reviewing concepts: Looking at the principles about the new technology and the figure out how it pertains to the organization culture and working and exactly how it can enhance the organizations attempts in neuro-scientific new technology.

The Bank Industry:

The Banking industry is one the easiest and reliable business which calls for deposits from the clients at a lesser rate of passions and lends them in to the market at a higher interest. The technology enjoyed a great role in the development of banking industry. By using new technology the bank industry has altered from being manual to automatic or computerized systems. Banking institutions have finally become global. Due to the creativity in technology banking services became available a day every day for your yr comprising of 365 days and nights. The banking industry regularly comes up with new progressive technologies in order to make banking more easy, convenient, safe and faster. It really is because of the help of new and superior technologies that the business enterprise is carried on globally by using banking industry. Before a person experienced to hold back for days and months to produce a deal in other country. But now with these new technologies it is very simple and fast to produce a transaction in any part of world in a small percentage of second.

Let us cite an example of a particular loan provider, to be able to clarify the impressive technology in the banking industry. And what results and changes it taken to the industry using its new ground breaking product or services. The bank which our company is taking into example to describe the progressive technology and its own effect on the business is the Barclays Standard bank.

Barclays Lender:

It is a British financial service being controlled worldwide in various countries. Matching to Forbes Global 2000, Barclays is the 25th largest company on earth. And it is one of the major lenders in the united kingdom. The bank offers two major clusters; Global retail bank and corporate and business and investment and prosperity management. Though Barclays have a great many other constituents as well like Barclays private equity, Barclays Cards etc. Being such a large organization, it must keep innovating new technology to be unique in the market. Though there have been many impressive systems being presented by Barclays in recent years. However the most impressive and latest is the PINsentry, a device/system which regulates online banking and keeps the interest of its customers anchored and safe from frauds.

Barclays's PINsentry:

PINsentry is a device produced by the Barclays Loan provider in order to prevent fraudulent in online bank. The device is a two factor authentication security system. The PINsentry device has a small LCD, 4 main control keys and lots pad. Barclays's online banking has always been highly secured however the invention and launch of PINsentry has added up an additional degree of security. The usage of this system is super easy and quick. The PINsentry is a kind of card reader which generates rules for login which are based on the last four digits of your customers' greeting card. Each time when you have to login, it creates a fresh code. All a person needs to do is place the card in these devices and enter the secret pin amount on its quantity pads to create a new code. Simply the PINsentry i. e. the cards audience reads the cards details and creates a fresh code appropriately for login. It then generates an eight digit code for using online banking.

The PINsentry device needs to follow certain steps to be able to begin with and utilize it every time. All you have to do is get the Barclays credit card, PINsentry device and 12 digit online banking membership amount. After having these whole things, a customer must get recorded online for PINsentry. And it is prepared to use.

Advantages of PINsentry:

The PINsentry added a numerous numbers of advantages to the customers of Barclays. Some of them are pointed out as below:

• Easy and quick in use.
• Safe and secured online bank.
• Hassel free service.
• Additional degree of security with no frauds.
• Privacy of customers.
• Smart technology in modern times.

Disadvantages of PINsentry:

Though every technology has advantages but it will have some problem too. They are as follows:

• Inconvenient to transport device everywhere.
• After every 90 mere seconds the device changes off.
• Problems in using overseas.
• Time eating process.
• The card gets locked if inappropriate pin is inserted thrice.
• These were the advantages and disadvantages of PINsentry of Barclays. Irrespective the negatives, the new technology have been liked by the customers and also have been accepted broadly around. The Barclays says that till time there has been no frauds occurred with use of PINsentry. The lender gained distinct acceptance in the industry with the advantages of the technology.

Benifits to Barclays:

• A distinct acceptance was achieved by Barclays on the market with PINsentry.
• A fight in frauds made common people have more faith in Barclays.
• A development in customer is achieved because of new technology.
• Increased market goodwill.
• Online usage progress.
• Wide approval by customers.

Problems encountered by Barclays:

Irrespective of experiencing so many benefits, Barclays experienced many problems too with PINsentry.

• Problems with these devices were found numerous customers. It became problematic for them to gain access to online banking.
• The device was not accepted atlanta divorce attorneys country. So it was difficult when customer were abroad.
• The PINsentry executed security on own banking, but it's the same like a normal cards when used on other sites.
• Safety limited to debit greeting card users.
• Inconvenience confronted by customers compelled them to switch over to other banks.

Though the device faced problem and few problems but it is still in use and folks find it worthwhile and good are still accepting it. The Barclays also needed certain actions to get over these problems and on the major entrance the advantages of PINsentry cannot be overlooked.

Conclusion:

It is worth to say that PINsentry by Barclays helped bring a new technology in banking industry. And it is worth appreciating. Everything coin has two factors, like wise every creativity has both advantages and disadvantages too. Though it can be said PINsentry acquired quite a few negative remarks, but the positive remarks are way important and appreciable which can't be overlook. So in my opinion I'd say that the PINsentry device has a larger importance for online banking even if it provides an extra step to gain access to but it is all for self security. And so far as everybody knows, everybody in this world could spare a few momemts for his or her own security somewhat than being unprotected even though you possess the technology.

Bibliography:

1. C. J. Touhill, Gregory J. Touhill, Thomas A. O'Riordan (2008), Commercialization of progressive technology, John Wiley & Sons Inc. , NJ, Ch. -. 16, 17.
2. John Howell (2005), The management of innovation and technology, Sage Publications, Cornwall, Ch- 1.
3. http://www. eoearth. org/article/Technological_innovation
4. http://www. slideshare. net/jamilkhatib/technology-and-innovation-management-1186056