Добавил:
ivanov666
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз:
Предмет:
Файл:I.T. Innovations in Business. Teaching handbook
.pdf
Questions for Chapter 3
Innovative financial services: The Russian fintech landscape
offers various innovative financial services, including online
banking, peer-to-peer lending, platform for fintech projects,
and index-based solutions for investment companies and liquidity for crypto exchanges.
Integration of technologies: Fintech in Russia is character-
ized by the integration of technologies such as big data, artificial intelligence, and machine learning to enhance customer
focus and improve the quality and range of financial services.
Overall, fintech is a rapidly growing industry that uses technology to enhance or automate financial services and processes. It has
a wide range of applications and offers several benefits, including increased accessibility, affordability, and efficiency. Fintech is a promising field that offers a wide range of career opportunities for those
with the necessary skills and expertise.
Queions for Chapter 3
1. What are the fundamental characteristics of big data, and how
does it differ from traditional data management approaches?
2. Discuss the challenges and opportunities associated with big
data analytics in various industries, including healthcare, finance, and e-commerce.
3. Explain the core principles of blockchain technology and how
it ensures data integrity and security in decentralized systems.
4. Explore the potential applications of blockchain beyond cryptocurrencies, such as supply chain management and voting systems.
5. Analyze the impact of fintech innovations on traditional financial institutions. How are banks and financial services
adapting to compete with fintech startups?
6. Discuss the regulatory challenges and concerns associated
with fintech, including issues related to data privacy and cybersecurity.
7. Define the concept of digital twins and their role in industries
like manufacturing, healthcare, and urban planning.
51
3. Modern technological innovations
8. How do digital twins enhance predictive maintenance and
operational efficiency in complex systems? Provide examples.
9. Explore the differences between virtual reality (VR) and augmented reality (AR) technologies and their respective applications in education, entertainment, and industry.
10. Discuss the ethical and privacy considerations associated with
the use of VR and AR, particularly in contexts like data collection and surveillance.
52
4. Assessing innovative
digital products
Why is assessment of innovation and innovative products relevant? The evaluation of novel digital products is essential for guiding
strategic decisions, driving financial growth and progress, as well as
ensuring that firms and societies remain competitive and resilient in
an increasingly dynamic and innovative landscape. This section introduces a few methods (quantitative and qualitative) that are widely
accepted in industry for supporting decision making.
4.1. SWOT Analysis
SWOT analysis is a simple, clear methodology that offers guidance and serves as the foundation for developing marketing initiatives. It achieves this by evaluating an organization’s strengths (what
it can do) and weaknesses (what it cannot do), as well as opportunities (potentially favorable situations for an organization) and threats
(potentially unfavorable conditions for an organization). Despite its
simplicity, SWOT analysis is a critical phase in planning, and its importance is frequently underestimated. The purpose of SWOT analysis is to segregate information from the environmental study into
internal (strengths and weaknesses) and external (opportunities and
threats). After that, SWOT analysis analyzes whether the information
indicates something that will help the organization achieve its goals
(a strength or opportunity), or if it shows an impediment that must
53
4. Assessing innovative digital products
be overcome or minimized to obtain the intended results (a weakness or threat)17. Beyond the commercial realm, SWOT analysis can
be used on a human level to examine a person’s situation in relation
to their competition.
Let’s take a closer look at SWOT quadrants.
Strengths
Internal strengths are beneficial. Strengths are factors that help
you take advantage of an Opportunity or overcome a Threat. Some
examples of strengths are:
financial strengths (a robust balance sheet, good cash flow
and good credit rating)
technological and production advantages (plant, machines,
and associated techniques)
customer service advantages in marketing, sales, and reputation
talented, dedicated, and well-trained employees
Weaknesses
Internal flaws are detrimental. Weaknesses are aspects of your
firm that indicate you are unable to capitalize on an opportunity or
are exposed to a Threat. Weaknesses could include
financial weaknesses such as high debt ratios
old or inflexible technology
customer service weaknesses, for example, long delivery times
or poor customer communications
skills shortages or poor employee morale
Oppounities
Opportunities are useful external factors over which you have
no control. Opportunities occur from a variety of causes, including
competitors exiting the market, new social trends, and technology
advancements. Even seemingly restrictive legislation might be considered as an opportunity if it limits your competitors’ ability to compete. Opportunities can be either real (items and features) or intangible (such as improving your reputation or expanding your influence).
17
Marketing Strategy / Ferrell O. et al. Orlando, FL : Dryden Press, 1998.
54
4.2. PESTEL Analysis
Threats
Threats are dangerous external factors over which you have no
control. Threats can take numerous forms, such as a new competition, restrictive regulation, or aggressive takeovers.
Threats can be both tangible and intangible. A concrete threat
could be an aggressive takeover bid, restricting legislation, or even
theft (of property and assets).
Intangible dangers include the inability to obtain licenses (in many
forms) or the possible loss of reputation or brand damaging issues.
While the SWOT analysis is commonly used to aid in the development of organizational or personal strategy by evaluating internal
and external factors, it is not without criticism. Some detractors believe that the instrument is overly superficial and formulaic, which
hinders performance because outputs may be misconstrued or misused. This latter concept is especially important when attempting
a SWOT analysis without meaningful critical reflection by a group.
Having only a few people do the evaluation increases the possibility of misrepresenting the SWOT inputs, resulting in incorrect outcomes. Furthermore, businesses can become fixated on one aspect
of the analysis, losing sight of the matrix’s other key aspects. Finally, the SWOT analysis captures the internal and external factors
of a specific period.
4.2. PESTEL Analysis
A PESTEL analysis, also known as a PESTLE analysis, is a framework or technique used to analyze and monitor macro-environmental
elements that might have a significant impact on an organization’s
performance. When launching a new firm or entering a foreign market, this tool is extremely valuable. It is frequently used in conjunction
with other analytical business tools such as the SWOT analysis and
Porter’s Five Forces to provide a comprehensive picture of a situation
and its linked internal and external elements. PESTEL refers to Political, Economic, Social, Technological, Environmental, and Legal
55
4. Assessing innovative digital products
aspects (see Fig. 19, 20). However, over time, people have added aspects such as Demographics, Intercultural, Ethical, and Ecological,
resulting in versions such as STEEPLED, DESTEP, and SLEPIT.
Fig. 19. PESTEL aspects
18
Political factors
These factors determine how much the government can impact
the economy or a specifi c business. A government, for example, may
implement a new tax or duty, causing entire revenue- generating systems of corporations to shift. Political considerations include tax laws,
fi scal policies, trade tariff s, and so on that a government may impose
around the fi scal year and which may have a signifi cant impact on
the business environment (economic environment).
Economic factors
These are characteristics of an economy’s performance that have
a direct impact on a corporation and have long-term consequences.
A rise in any economy’s infl ation rate, for example, would alter how
enterprises price their products and services. Furthermore, it would
alter consumer purchasing power and disrupt demand/supply models for that economy. Infl ation, interest rates, foreign exchange rates,
economic growth patterns, and other economic factors are examples.
It also considers FDI (foreign direct investment) depending on the
industries under consideration.
18
Macro Economy Analysis Framework // Mavink : site. URL: https://mavink.
com/explore/Macro- Economy- Analysis- Framework (date of access: 01.06.2023).
56
4.2. PESTEL Analysis
19
Fig. 20. PESTEL aspects (brief explanation)
How to Predict your App’s Success with PESTEL Analysis // Magora : site. URL: https://magora-systems.com/pestel-
19
analysis/ (date of access: 01.06.2023).
57
4. Assessing innovative digital products
Social factors
These elements examine the market’s social environment and assess determinants such as cultural trends, demography, population
analytics, and so on. For example, consider purchasing tendencies
in Western countries such as the United States, where there is considerable demand during the holiday season.
Technological factors
These are technological advancements that may have a positive
or negative impact on industry and market operations. This refers
to automation, research and development, and the market’s level of
technology understanding.
Environmental factors
All aspects that influence or are determined by the surrounding environment are included in this category. This feature of the
PESTLE is critical for some businesses, including tourism, farming,
and agriculture. Climate, weather, geographical location, global climate change, environmental offsets, and other factors are all included in business environmental analysis.
Legal factors
These variables have both external and internal components.
Certain laws affect the business environment in a particular country, whereas certain policies are maintained by businesses for themselves. Legal analysis considers both perspectives and then develops
methods considering these laws. Consumer legislation, safety regulations, labor laws, and so on.
4.3. HIIT Matrix
HIIT Matrix is a methodology and tool designed to assess and
evaluate innovative digital products. Developed by HIIT (Helsinki Institute for Information Technology), it provides a structured framework that combines product development, user experience, and business model dimensions for assessing the potential of digital products.
58
4.3. HIIT Matrix
The HIIT Matrix consists of two dimensions: the user experience dimension and the business dimension. Each dimension is further divided into three sub-dimensions for a comprehensive evaluation.
The user experience dimension assesses the user-centric aspects
of a digital product:
1. Usability: This sub-dimension evaluates the ease of use, intuitiveness, and efficiency of the product. It focuses on how
well the product meets user needs and if it provides a seamless user experience.
2. Enjoyment: This sub-dimension measures the emotional appeal and enjoyment factor of the product. It looks at factors
like aesthetics, engagement, and satisfaction derived from using the product.
3. Innovativeness: This sub-dimension assesses the novelty and
uniqueness of the digital product. It examines if the product
offers innovative features, functionalities, or approaches that
set it apart from existing solutions.
The business dimension assesses the commercial viability and
value proposition of a digital product:
1. Viability: This sub-dimension evaluates the potential profitability and sustainability of the product. It considers factors like market demand, competitive landscape, and revenue generation potential.
2. Scalability: This sub-dimension examines the ability of the
product to scale and grow in the market. It looks at factors
like market size, target audience, and potential for expansion.
3. Feasibility: This sub-dimension assesses the technical feasibility and resource requirements of the digital product. It considers factors like development cost, technical constraints,
and available resources.
By using the HIIT Matrix, product developers and evaluators can
gain a structured understanding of the strengths, weaknesses, and potential areas of improvement for innovative digital products. It helps
in identifying the key aspects that contribute to a successful user experience and the commercial viability of a product, enabling better
decision-making in product development and investment.
59
4. Assessing innovative digital products
4.4. Urgency vs. Business Value Matrix
Using this strategy for qualifying will mostly provide you with
a road map of which ideas to prioritize fi rst. When you collect ideas,
you usually narrow them down to a specifi c problem that needs to be
solved. One simple technique to determine which concept to pursue
fi rst is to compare them to:
1. On a scale of 1 to 10, how urgent is this idea? Is this something we need to deal with right now? Are there any negative
consequences to not implementing this concept?
2. On a scale of 1 to 10, how valuable is this idea in terms of business? Will this proposal generate revenue or save us money?
Does it assist our organization in meeting its objectives?
When you have scored your ideas, the next step is to plot them
into a chart (see Fig. 21) like the one below.
10
Not valuable
enough yet
Prioritize
these ideas
Urgency
Throw these
ideas away
1
1
Business Value
Fig. 21. Urgency vs. Business Value Matrix
20
The 4 Best Methods To Evaluate Ideas For Your Innovation Pipeline // Hives.co :
site. URL: https://hives.co/en/blog/best-methods-to-evaluate- innovation-ideas (date
of access: 02.06.2023).
Not urgent
enough yet
10
20
60
Соседние файлы в предмете [НЕСОРТИРОВАННОЕ]