Introducing new innovative ideas relating to technology is crucial in helping an organization to move forward and have a competitive edge of its rivals in terms of profits and market dominance. This proposal analyzes the idea of introducing mobile money transfer services through a new subsidiary company to Triangle Solutions. This service will be crucial in enabling Triangle Solutions to dominate the market by implementing a technology that converge financial solutions and mobile technology. The proposal clearly shows that Return on Investment (ROI) is profitable; therefore, the project is crucial to Triangle Solutions. Similarly, the feasibility test indicates that the proposed service (mobile money transfer) is measurable and realistic. Strategic implementation of this proposed project requires that a multidisciplinary team approach is adopted to ensure that every team member specifically concentrate on his/her responsibility, while still ensuring that the new service remains under Triangle Solutions through a subsidiary company.
Keywords: return on investment, mobile money transfer
Innovations within an organization are significant in enabling the organization to strengthen and have a competitive edge over its competitors. Inventing new products or services through triangle solutions following existing or new markets are crucial for the organization’s success. Additionally, the procedures followed in developing and implementing the new service or product, as well as, the organization’s structures is crucial in the overall success of the organization. Therefore, developing a feasible proposal that is in line with triangle solutions objectives is the first huge step towards the successful development and implementation of a new service. The development of a concrete proposal is the best way of showing potential financiers, investors, stakeholders and directors of the organization that the new product is worth implementing. The proposal must be clear, focused and realistic, as well as, have the tools and talented team to ensure that the product is successfully developed and implemented (Jenkins, 2005). In this case, the development of a mobile money transfer, whereby customers can send and receive money using their mobile phones, following quality triangle procedures will be vital to the company.
Following quality triangle solutions that focuses on three primary forces is vital for project development. The three primary forces include time, cost and quality of the project. Time refers to the time available to deliver the project, while cost indicates the resources and finance available to successfully complete the project. Quality indicates the ability of the project to meet its goals and objectives. Therefore, the proposal about the new service (mobile money transfer) will be based on the triangle solution of time, cost and quality.
Mobile Money Transfer
The modern society is virtually evolving towards the use technological advancements in all sectors of life (Phan, Siegel & Wright, 2009). Developing a mobile money transfer whereby the targeted customers are given the opportunity of sending and receiving money at their fingertips, anywhere in the world, using their mobile phones is in line with technological advancements. This initiative will be crucial in giving the targeted customers the opportunity of sending and receiving money securely on their mobile phones. The service is significant in that it follows technological advancements, while at the same time giving the customers the comfort of sending and receiving money without many hassles. Additionally, this initiative will give the company a competitive edge of rival company as the diversification will ensure that profits are received from various sectors of the market.
Mobile money transfer will not be a banking system, but rather a technological platform, which allow customers to send and receive money through their mobile phones. This will be an initiative where the sender, through specific codes is given the ability to send money to the receiver’s mobile phone. The transfer will be possible through an electronic mobile phone account in which money can be electronically deposited and used as cash. The company will offer several and unique variations whereby consumers can send or receive money in their mobile phones.
The first initiative will be for the company to partner with mobile phone service providers. In this sense, consumers will be required to register with the company’s mobile money transfer services. Three services will be provided through this initiative:
Cash to Mobile: The consumer will initiate transfer by submitting cash to the company’s agent. The money is deposited to the consumer’s mobile phone money account, in which case the sent amount is tied to the consumer’s mobile money account.
Mobile to Cash: The Company, through its mobile money transfer services, will enable consumers to withdraw money from their mobile money accounts from any agent so long as the amount requested is available in the account.
Mobile to Mobile: This service will enable consumers to send money to a receiver who is also registered to the service. The money sent will go directly to the receiver’s mobile money account whereby he/she can withdraw the amount through the company’s agent. All these transaction will be notified through an SMS.
Feasibility of the Project
According to Zahra (2007) the Return on Investment (ROI) is one of the most vital components of project initiation. ROI calculation compares the cost of service development and implementation and with the benefits expected from the project. Therefore, it is vital to analyze factors that would prove that the project is viable. Using technological advancement found in mobile phone application, it will take about four months to fully and successfully design the project and implement.
There will be the need to enter into partnership with various mobile phone service provides to ensure that the service reaches a large number of consumers. The company will be diversifying in the mobile phone technology sector as the service is purely based on mobile technology. Considering that the use of mobile phone is embraced by almost every individual across the globe, the scope of the market will be large enough for the company to realize profitable ROI. However, in the first six months of operation the service will target only 10% of mobile phone users, and then as the services’ fame continues, will target 35% of mobile phone users across the globe.
The development and implementation team will require appliances such as 24/7 satellite operations, as well as, computers, which will enable the successful implementation of the project. The scalability of a product is crucial in ensuring that the project is measurable, makes sense and is realistic (Jenkins, 2005). In relation to the company’s mobile money transfer will be scalable based on the fact that costs of remittances will be low (two dollars per transaction), it will provide innovations on mobile financial solutions, as well as, converge mobile and financial industries. The costs and financial budgets of the project will add up to $250,000. This will be enough to cater for tangible costs (capital expenditure, lease costs, staff costs, professional services, supply and consumables, one-off costs and overhead), as well as, intangible costs.
According to Dess et al. (2003), large organizations are always hostile to new innovative initiatives and proposals. This is because the bureaucratic procedures that characterize large organizations can effectively exploit existing initiatives, but become ineffective with new initiatives. Considering that Triangle Solutions is a big Company, it would be difficult to incorporate the new mobile money transfer within it ranks. Therefore, the service should spin-off into a new subsidiary company owned by Triangle Solutions. However, the degree of integration with Triangle Solutions should be maintained as it is vital for the new initiative in terms of reputation and resources.
The multidisciplinary team will consist of the project manager, as well as, other designers involved in the invention of the project. The multidisciplinary approach is based on the fact that persons with different talents and disciplines are involved in the project. The discipline-oriented approach ensures that every team member contributes to the project by carrying out activities related to his/her own talent and discipline. Team members should ensure that they explore strategies that improve teamwork while focusing on the project.
Intrapreneurial approach is vital to the project as it aims to transform the innovation (mobile money transfer) in a profitable commercial venture, while remaining within the environment of Triangle Solutions. This approach is crucial as Triangle Solutions offer a platform for launching the new service. This approach and level of success is different from entrepreneurial approach, especially when introducing a new product or service (West & Simard, 2006).
Introduction of mobile money transfer to Triangle Solutions through a subsidiary company is vital in ensuring that the company holds the competitive edge over rivals. Mobile money transfers will give consumers the opportunity of sending and receiving money on their mobile phones. The mobile money transfer services will provide three services including cash to mobile, mobile to cash, and mobile to mobile. The feasibility of the project clearly indicates that the Return on Investment will be profitable and measurable, as long as, the project’s procedures and budget are adhered to. The multidisciplinary team approach is used in carrying out the project as every individual is brought in for his/her talent while following the ensuring that the service remains under Triangle Solutions, but in a new subsidiary company.
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