Staff-resources Analytics
do estimation, planning, capacity utilization, allocation and distribution of ‘5M’ resources.
Man (human capital management [scientists, business analysts, system analysts, project managers], talent acquisition, talent retention, training, reward and recognition);
Machine ( computer hardware, software, internet);
Material ( Financial data);
Method (process innovation);
Money (optimal fund allocation, project management, resource allocation, resource distribution).
Dr. Richardson is analyzing the need of staff-resources in terms of 5M (man, machine, material, method and money) for the innovation of financial technologies. In this connection, human capital should be considered as a strategic asset and a sustainable resource of technological innovation. Talent management demands the skills of human resources for the innovation of financial security technologies. ‘Man’ explores various aspects of human capital management of technological innovations such as talent acquisition and retention strategy, training and performance evaluation. ‘Machine’ indicates the basic need of computer hardware, software and internet. ‘Machine’ analyzes various aspects of digital technologies for banking, insurance and financial services such as hardware, software and networking schema. ‘Material’ analyzes planning of essential resources such as mobile phones, tablets, desktops and laptops to be used for financial operation. ‘Method’ explores various aspects of process innovation, intelligent mechanism and procedure associated with financial corporations. Finally, ‘money’ highlights optimal fund allocation for innovation, adoption and diffusion of financial technologies.
It is crucial to analyze the dynamics of this technological innovation in terms of sources of innovation and roles of individuals and organizations, government and collaborative networks; various types of resources are required for effective technological evolution and diffusion. Innovation demands the commitment of creative people. Creativity is the underlying process for technological innovation which promotes new ideas through intellectual abilities, thinking style, knowledge, personality, motivation and commitment. Innovation demands the motivation and commitment of creative people. The innovation needs useful and novel support of creative, skilled, experienced and knowledgeable talent. Creative talent can look at the problems in unconventional ways; can generate new ideas and articulate shared vision through their intellectual abilities, knowledge, novel thinking style, personality, motivation, confidence, commitment and group dynamics. A cooperative and collaborative environment must recognize and reward creative talent in time. Organizational creativity is associated with several critical factors such as human capital management, talent acquisition and retention policy, complex and tacit knowledge management strategy and organization structure.