A real-life example of when the summarized learnings can be applied to the benefit of my banking organization includes the experience of restructuring company departments and the system of decision-making. Firstly, increasing the participation of all employees in the decision-making process through the creation of a less linear structure can significantly increase the opportunities for innovation (Goffin & Mitchell, 2017; Newell et al., 2009). Secondly, the creation of cross-department teams contributes to increased efficiency in solving difficult problems that require more intellectual resources (Newell et al., 2009). These changes occured in my banking organization, which made it much easier to address difficult work tasks, and allowed employees to have more access to communicate their ideas.
The application of the knowledge of the learning of the case study also has contributed to the development of my banking organization. Most importantly, decentralization and information sharing help employees improve their skills, as well as increase motivation due to greater involvement in the development of the organization. Additionally, empowering decision-making contributes to eliminating the threat of tunnel vision by offering a wide range of ideas to consider. These aspects actively support decision making as they allow top management to receive more relevant information and consider more ideas (Dodgson et al., 2008; Hayes, 2018). Additionally, the decentralization of innovation initiatives has enabled better knowledge management by allowing more intellectual resources to be applied to solve specific problems or implement changes (Eden et al., 2022). Thus, the application of the leanings described in the case study became the basis for the future development of the organization.
The potential benefits of the described learnings may have expanded for me the possibilities of collaboration with related departments and the possibility of sharing knowledge. This allowed me to acquire new skills for professional development. From a personal point of view, I began to try to look at the problem from different perspectives or involve third parties to avoid tunnel vision. The considered case study made me think about what strategies exist in the field for effective knowledge management. Moreover, I would like to learn more about how interaction and communication with shareholders can positively influence innovation initiatives in banking organizations. In the future, I may change my practice towards a more collaborative approach and work in a team rather than individually. I would also like to work more on the development and implementation of innovative projects and initiatives.
Reference List
Dodgson, M., Gann, D. and Salter, A. (2008) The management of technological innovation: strategy and practice. Oxford: OUP Oxford.
Eden, F. O., Zayed, N. M., Nitsenko, V., Brezhnieva-Yermolenko, O., Negovska, J. and Shtan, M. (2022) ‘Predicting innovation capability through knowledge management in the banking sector,’ Journal of Risk and Financial Management, 15, pp. 1-12.
Goffin, K. and Mitchell, R. (2017) Innovation management: effective strategy and implementation. New York: Springer.
Hayes, R. (2018) The theory and practice of change management. Basingstone: Palmgrave Macmillan.
Newell, S., Robertson, M., Scarbrough, H. and Swan, J. (2009) Managing knowledge work and innovation. Basingstoke: Palmgrave Macmillan.