Write about the Report on Nexus Innovations for Technology Leadership.
Nexus innovations offers strategic and technology leadership to the clients to establish their competitive edge in the market (Nexus Innovations, 2014). The company develops and designs customized solutions and applications for the organizations. The applications are developed by the best professionals using the finest technologies and approach. The firm analyzes the goals and objectives of the clients in order to address their challenges and issues. The organization consists of highly skilled professionals who drive a culture of service excellence and customer satisfaction. The core belief of the company is to drive success for the clients by developing strategic solutions for them. The clients are able to enhance and optimize their overall performance through the comprehensive solution of the firm (Nexus IPE, 2017).
As can be inferred from the description of Nexus, it develops tailored solutions for different organizations to meet their goals and objectives. The solutions are developed and designed by the best professionals who have acquired in depth knowledge and expertise through their years of experience. Nexus offers its services to energy sector, healthcare sector, manufacturing sector, education sector, financial, state and local government and financial services. The company has excelled in its services through its years of experience and is able to meet the needs and requirements of the clients. After scrutinizing the business model of Nexus, it can be construed that the firm offers its complete support through its customized applications to address the challenges of the organizations. The company has encompassed a broad range of sector through its quality services, yet one large sector has been identified that the business could target to expand its business horizon. Banking sector has not yet been touched by the company and could facilitate the company to grow its sales revenue. Thus, Nexus could target this sector and develop tailored solutions for banking industry. This would not only help the organization to grow its market share but would also give an opportunity to gain an insight of a new sector.
Banking sector is one of the largest sectors of New Zealand and is always growing in terms of revenue and sales. Kiwi Bank is one of the largest banks in New Zealand that has more than 250 Post shops across the country (Kiwi Bank, 2017). The banking industry is evolving because of digitalizing phenomenon and the need for fulfilling the needs and requirements of customers (RBNZ, 2016). With the changing business environment and context, bank is going to need advanced banking integrated systems that are innovative and helps to simplify the banking process for the customers. The banks have introduced highly comprehensive solutions to increase their customer base. The banks are going to need highly customized solutions to enhance their customer services. Thus, there is a great scope in banking field and the company could increase its revenue by initiating the first project with Kiwi Bank. Kiwi bank has demonstrated phenomenal success by growing its market within a short span of time. The banks has established more than 250 Post shops within 15 years of duration and has acquired more than 800, 000 customers. Thus, the bank is the most potential target for the consultancy firm to increase its business.
Reasons For Innovative Solution
In order to target banking sector, Nexus Innovations need to first understand the software applications that are used in the banks. The company already has knowledge of finance sector and thus, has well equipped staff and resources to develop finance software. The company only requires understanding the working system of bank and how the transactions are being processed. Thus, a research needs to be carried out on the banking sector that would comprise of the working style of bank, the processes of banks such as online transactions, cheque processing, demand draft, loan sanctioning, credit system, type of banking and other banking facilities. This would help the company to develop the desired product for the bank that could be used to simplify the overall process of bank. For instance, there must be a provision for customer details so that the bank can store the separate records of their customers. Further, every customer would have access to the banking system of bank to carry out their banking transactions and other facilities provided by the bank online. Thus, the application must cover all these features to ensure satisfactory services to the customers.
In order to target the banking sector, the firm must form a coherent team of finance department by filtering the existing members. Further, new recruits may be hired who would handle the technical aspect of the software application. Now once the team has been deployed, an application must be developed by incorporating all the banking functionalities including top up the account, currency exchange, payments, money transfer, withdrawals from an account, issuance of payment instruments, mobile and internet payments and acceptance of payment instruments (Epay Suite, 2017).
The top up the account function would include bank wire, money transfer systems, credit and debit cards, e-currency, prepaid cards and payment kiosks. The currency exchange function would include internal exchange and third party exchange functions (Epay Suite, 2017). Payments would consists of bank wire, transfer between accounts, payments for online purchases, payments for services, standing orders and internal payments (Epay Suite, 2017). Money transfers would comprise of external and internal money transfer. The withdrawals from an account would include bank wire, e-currency, transfer to card and money remittance system (Epay Suite, 2017). Issuance of payment instruments would comprise of issuing virtual cards, local cards and co-branded cards. Mobile and internet payments would include internet banking, mobile banking and SMS banking (Epay Suite, 2017).
Type of Innovation
There would be two kinds of solutions that would be created for the customers: global solution and customized solution. The global solution would comprise of all the above functions as have been described above to fulfill the needs of the clients. The global solution would consider the needs and requirement of the current market trends after a detailed analysis (SAB2i, 2015). The customized solution on the other hand would be tailored according to the needs and requirement of the clients (Fawzy & Dworski, 2010). The public relationship manager would be conducting meetings with the clients to understand their requirements and then communicate the same to the technical team. Several meetings would be conducted with the client to ensure that the software development process is moving in the right direction. Once the software has been fully developed, there would be additional services given to the clients in the form of maintenance services. The additional services would provide consistent technical support to the clients by taking feedback from them. A customer relationship management module would be developed that would allow the clients to manage their front and back office requirements more effectively. The clients would also be given an alternative to develop their own personalized software tool that would help them to manage their activities proficiently. The graphical user interface and multi channel services would enable the users to pursue their banking according to their ease and convenience through mobile, online and ATM (SAB2i, 2015).
In order to incorporate each and every action into practice, a dedicated research team would also be deployed to offer latest software services to the clients.
The implementation of the innovative plan would target a new market segment of banking industry that is likely to increase the overall customer base of the company. Thus, the company would be able to expand its operations which in turn would increase the overall sales revenue.
When a firm expands its business operations by targeting new market segment, then there is always a risk associated with it. Since the firm would be entering first time into the banking industry, therefore, the software is likely to have some flaws that could affect the brand name in the market.
Once the firm enters the banking industry, then it would have an opportunity to target the small financial firms. The firm would be able to develop software at an optimized cost as no cost would be incurred on research and development. Further, there also lies an opportunity to enter the global market.
The largest threat that the firm is likely to face is the intense competition from the existing firms. There are already big players in the market that offer banking solutions at very competitive price.
The risk involved in the plan is the fierce competition that could hugely affect the sales of the company. In order to minimize the risk, the firm must perform an analysis of the existing players so that revenue can be estimated beforehand. Finzsoft is one of the leading software providing company in New Zealand that could pose threat to the company (Finzsoft, 2017). Glory global solutions is another leading company that offer financial and transaction services to the banks (ATS, 2011). SAB is another major global firm that deals with online software and applications especially for banking industry (SAB2i, 2015). Thus, Nexus needs to understand the marketing strategy of all of these firms before introducing its new product in the market (King, 2015). The core strategy of these firms is that they are specialized in banking industry and Nexus now needs to launch its product very strategically to attract the banks.
The report has successfully developed an innovative plan for Nexus Innovation. The plan was intended to target the market segment of banking industry. Thus, the strategic step included developing appropriate software to satisfy the needs and requirements of the clients. Global and customized softwares were developed to fulfill the needs and requirement of the banks. The main challenge identified was the existing rivals who have strategically positioned themselves in the market. An analysis of these firms is required in order to position the product in the market.
ATS. (2011). About Us. Retrieved from: https://www.atsltd.co.nz/about-us/our-history
Epay Suite. (2017). Functionality. Retrieved from: https://epaysuite.com/
Fawzy, L., & Dworski, L. (2010). Emerging Business Online: Global Markets and the Power of B2B Marketing, Portable Documents. New Jersey: FT Press.
Finzsoft. (2017). About Us. Retrieved from: https://www.finzsoft.com/about-us-3/
King, K.A. (2015). The Complete Guide to B2B Marketing: New Tactics, Tools, and Techniques to Compete in the Digital Economy. New Jersey: Pearson Education.
Kiwi Bank. (2017). More About Us. Retrieved from: https://www.kiwibank.co.nz/about-us/more-about-us/
Nexus Innovations. (2014). Success Builds on Success. Retrieved from: https://www.nexusinnovations.com/industries-overview
Nexus IPE. (2017). Nexus Innovations Incubator sites launched; research agendas set. Retrieved from: https://nexusipe.org/informing/about-national-center/news/nexus-innovations-incubator-sites-launched-research-agendas-set
RBNZ. (2016). Banking industry update. Retrieved from: https://www.rbnz.govt.nz/-/media/ReserveBank/Files/regulation-and-supervision/banks/publications/Banking-industry-update-newsletter-sept2016.pdf?la=en
SAB2i. (2015). Core Banking Software. Retrieved from: https://www.sab2i.com/refgb/core-banking-software.html
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