Discuss the Five Practices of Exemplary Leadership, challenge the process. Use Bank of America.
1. Identify an organization challenging the process by creating a stimulating and innovative environment.
2. Describe what the organization does and how it keeps people engaged in innovation and change.
3. Analyze the reaction of employees to identify why they respond positively in that environment.
4. Identify and described the evidence depicting the organization's benefits from its innovative environment.
5. Analyze other ways you would challenge the process.
6. Describe three to four methods or processes you would use to infuse your organization with new ideas and create an environment receptive to creative thinking and change.
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Challenge the process
The organization selected to analyze in challenging the process through creation of a stimulating and innovative environment is the Bank of America. The Bank of America is an organization that serves individuals, businesses and governments and provides banking services and other financial services. The organization offers services such as banking, asset management, investing, credit cards, mortgage and risk management products and services (Reuters, 2011). Bank of America has six segments through which it does business and this includes Global Commercial Banking, Deposits, Global Banking & Markets, Global Card Services, Home Loans & Insurance, and Global Wealth & Investment Management (Reuters, 2011).
The banking sector is a highly competitive industry and one of the strategies employed by Bank of America to build and sustain competitive advantage is through innovation. According to Murray (2009), innovation in the banking sector is challenging and this is because there is a large number of products and complex infrastructure that require constant upgrades in order to maintain pace with changes in technology and adhere to evolving regulation requirements. Bank of America challenges the process through innovation where it develops products that are new and offer the company competitive advantage such as Keep the Change idea (Case Study, 2006) and also changing bank design for improved customer satisfaction (Thomke, 2003). Other innovations introduced by Bank of America include online banking and mobile banking (MIT Media Lab, 2008).
How Bank of America creates a stimulating and innovative environment:
Most of the innovations that occur in the banking sector are concerned with core competencies accounting for 90% of innovation in the sector while a small proportion leads to significant change in customer experience (Murray, 2009). The Bank of America promotes innovation through partnerships with researchers, peers and also by observing customer requirements and behavior. The Bank of America has encouraged a culture of innovation in two dozen branches which act as laboratories where new products and services are tested (Cannon & Edmondson, 2004).
It is essential for an innovating company to have competent employees and Bank of America ensures it has research individuals possessing adequate technical skills. Bank of America has partnered with MIT Media Laboratory to develop the Center for Future Banking where innovative ideas are developed to respond to customer requirements and trends (MIT Media Lab, 2008). Bank of America also has an Innovation and Development Center ...
The solution discusses five practices of exemplary leadership.