The purpose of the Learner's Log Book (LLB) is to document the achievements of the learner in a central repository that will be considered as evidence of the effectiveness of the learning process. It is a 'monitoring tool' that e-tutors use to report on individual learners' progress and it is a way of ensuring that learners:
- are engaged in their learning process;
- are experimenting by doing the tasks subscribed to them by the e-tutor;
- avoid plagiarism because learners have to be engaged on a continuous basis and the informal assessment can therefore be used to ensure consistency with the main formal assessment;
- provide e-tutors with the opportunity to get to know the learners evaluate them and mentor them properly;
- have templates which will reflect whether learners read, understand, assimilate knowledge, develop inquiry ability, and have the potential to generate critical thinking and reflect on the knowledge accumulated by relating to real situations.
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The onus is mainly on learners to furnish the required information in the templates after each unit based on the Read and Analyze Activity. After filling the information in the template they need to e-mail it back to the e-Tutor.
e-Tutor will then comment on the work done and the involvement that takes place and give overall impressions on the learners at the end of the module.
Provide a summary in your own words of the article you have been requested to read and analyze in the following space.
The article "Post crisis, innovation will rule" is written by Mary Beth Sullivan, the managing partner at Capital Performance Group and it published in the ABA banking journal in April 2009.
The post crisis has hard effects on the financial situations of banks. Even though this crisis is passed but to recovery it requires some innovations. Not a big share in the market is available for any one. Every bank has to gain low share and try to increase the share. But this is not simple or easy for all the banks to be done at once, because many banks are running by management that resist changes.
Innovative ideas are always related with the successful persons and any one can get the innovative ideas by analyzing the examples of team Obama, Google, Hulu, Apple, and Cisco systems. The author discussed that team Obama interact in innovative way with people to make the campaign successful. The Google focused towards seeking new innovative ideas. They used the brain of users to make their company successful. Because user always think of new ideas for their comfort and entertainment and what they need should be in the market.
Hulu also got the innovative idea from the users interests. They analyzed what people usually do now a day and got the idea that people use the internet and watch television most of the time. Hulu captured the minds of people. Apple created the new idea of retail store as the slogan of apple that is "think different". Cisco systems also applied the same innovation of idea in the job they are doing.
KEY LEARNING POINTS
Identify the key learning points in the read and analyze assigned activity.
- It is discussed in the article that innovation will always rule whatever the financial conditions are. Innovative idea can divert the bad situation and crisis into progressive situation. The point is also discussed in the unit that for the long term growth and continuous profit finding new ideas are important.
- No customer would buy the product or service if getting same cheap product or service from the other so to get into the customers heart something new should be attached with that product or service. The same thing is discussed in the unit.
- Finding out new ways to inform people with your products and services. No one will come to you and listen to you. The company should be able to reach people as done by Obama team. They invented new ways to spread information and cleared their points by enhancing the campaign through new ways. And same is discussed in the unit that linkage channels are needed to spread the information.
- Strategic knowledge is very important for anyone to grow in the market as apple thinks in development. Apples products are totally different from other products where it reaches certain communities where it makes them feel Apple products are the best. Unit also discusses the same point that strategic knowledge is very important and how the market is operating with the new trends.
RELEVANT STATEMENTS TO THE SESSION
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While you reading, identify the relevant statements to the session and insert them in order in the following space.
Key quote from the article
"Innovation is a challenge for most banks; perhaps especially for those banks with long histories of conservative management histories that are serving them well in the current crisis. The controls and procedures put in place at banks to manage to safety and soundness objectives can also serve to stifle the innovation process". (Page 30)
Key quote from the unit
Disruptive technologies may create totally new customers or markets, and may provide an opportunity for firms to make higher profits than their competitors over the short term. They can compete for market share and increase profit.
Innovation refers to new knowledge and may refer to the technical innovation. Innovation contains a change in the firm's processes, services, or products. It may refer to the management innovation of organizational structures, architectures, systems, and techniques in dealing with people. The new knowledge of innovation may be the technical "knowledge of components, linkages between components, methods, processes, and techniques" (Afuah, 2003:13) used in producing a product or service.
This is the most important section in your analysis. To complete it successfully, learner is to consider the following guiding steps:
- Present arguments coherently, supported by evidence and facts to substantiate on why you may take a particular stance and/ or position towards a particular approach whether against or in support of it;
- Capable of bridging the gap between the theory and conceptual work with the application under consideration.
According to the current financial crisis in the market banks and companies are having the financial loss. The crisis is global and hitting those banks and industries which are stick to the traditional methods of running the business. Users are moving towards long term goals in order to save themselves from the crisis. So because of this reason, the author of this article is explaining that the innovative ideas are important to reach the goals and helping to survive in this financial crisis. The innovation need to exist in the market as well as in the hearts and minds of people. The people will be attracted to new products and services if the ideas are innovative.
The structure of new innovative ideas could be based on the following points
- The new technology plays very important role in innovative ideas to be implemented as used by team Obama in their campaign to reach more people in very short time.
- Cost effective solution attracts new customers.
- Understanding of users mind is very important to convert the new idea into a tangible business profit.
- Think differently and not try to copy others in products is the goal of Apple, that's why the products are popular and users liked it.
- Strategic innovation is a combination of strategy and creativity. The discovery of future business opportunities as done by Hulu when the joint venture between Fox and NBC occurred to attract people towards new idea of using internet and getting entertainment by watching television through the internet.
How could you apply the subject matter from the article in a real business case?
Innovation is the creation of developed strategies, new product, services or business models that change the traditional way of doing business and generate new value for customers and the firm. Disruptive Innovation will take the firm in short path to success; it will challenge the firm to look ahead of its business boundaries and establish a new environment full of creativity and innovation.
Innovation requires an approach that works on multiple levels. First, it combines traditional and new approaches to business strategy, benchmarking the industry, customer understanding, and a framework aligned with the organization innovative strategy. Second, it combines two visions of long term added value possibilities and the short term improved business impact.
What have you learnt? Critical thinking is about lessons learnt from the analysis.
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Reading this article was great experience that I learned lot about innovative ideas and their place in the market. The innovative idea is something that could lead the company to be a head of other companies in the market. One disruptive idea could change the position of any organization. I learned about the categories of innovation, their specific place of implementation. These innovative ideas are explained in great way by given examples of top 5 most innovative companies in the world. Companies will succeed if they recognize the next great opportunities before their competitors do. Always test the new idea before launch.