A model for managing innovations in banks
Abstract
Considering the critical role of
nationalized banks in India's economic
transformation, there is a need to replace
the present piecemeal approach to innovation
by a systemic approach similar to that
underlying the setting-up of R & D departments
in manufacturing organizations.
In this article, Deepti Bhatnagar
proposes a model consisting of three
stages with a corporate unit to continuously
scan for ideas. The three stages of
the model are the idea generation stage,
the development stage, and the implementation
stage. She delineates, for each stage,
personnel and structural requirements
and suggests mechanisms for minimizing
resistance to change.
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