In this white paper, Steve Meier, Director of Marketing, advocates for embracing change and innovation in organizations. He stresses the importance of allowing change, even in the face of initial resistance, and highlights the significance of focusing on perfect results rather than adhering strictly to existing processes.
Please click on the video to the right to learn more about the author, hear his insights on this white paper, and learn what motivated him to write about navigating pitfalls to deliver innovative solutions.
To discuss this white paper in detail, please contact Steve using the information provided at the bottom of the page.
If you could immediately add 20% more productivity to your workforce, would you do it? Where would you add it? Would this improve revenue? Would this help you scale? If you answered yes to any of these questions, then you are the perfect candidate to introduce change to your organization.
In the early 2000s, the adoption of broadband internet changed everything, and banks began investing heavily in automation and online solutions. This investment began to pay off when they streamlined processes, reduced overhead costs, and navigated change during the mortgage and financial crisis that defined 2007-2010. Today, studies show that AI and augmented technologies are likely to contribute $140 billion in productivity gains and cost savings to the financial services industry globally by 2025.
Prior to COVID, many organizations were averse to outsourcing, adopting innovative technology, or implementing savvy new processes. The original process was implemented, it helped organizations grow, and they stuck with what worked. In the years since, many of these organizations have shifted, looking to find ways to keep their heads above water amid a resource and financial crunch.
In these scenarios, companies define themselves. They create separation and become a business that thrives during troubling times, refusing to fall victim to the circumstances surrounding them. This is where innovation is born.
If you look back through the history of science and technology, it is full of innovation. If individuals and organizations stayed with the status quo, we wouldn’t enjoy many of the advancements that we use today. In fact, most people don’t realize that the vast majority of technological advances happened within the last 100 years.
In reality, within one century, we went from a home first being wired with electricity to people arguing the appropriateness of artificial intelligence. In many of these cases, innovation was born through the persistence of somebody who went against the grain, who didn’t take no for an answer, and quite often may have been viewed as “different” throughout the struggle to achieve a concept that others just didn’t grasp.
Innovation is an interesting concept. People talk about being innovative, and organizations like the idea of innovation, but most are not actually trying to achieve it. If you truly innovate and change how people and organizations operate, expect mostly negative feedback. In some ways, that’s just human nature. Although, if you believe in what you’re doing, and believe it will drastically improve things, then prepare for a long battle.
Let’s be honest. People naturally love to hear new and fresh ideas, but once change is actually introduced, that’s when the battle begins. Initial responses are almost always the same:
If you are truly committed to innovation, you have to be open to change, especially if change is not part of your DNA. Task your brightest assets to be change agents and find ways to improve your daily operations. Let innovation be the fuel that drives your organization forward. You or your team may have nine reasons why you don’t want to change the way you operate, but that one reason could be the difference between struggle and success.
If you’ve realized that there is an opportunity for innovation to advance your organization forward, the first step is to task the right people to lead the charge. You may have to add some to your organization to do it, or you may have to bring in consultants who already have been through the struggle. No matter which method you choose, add the right people and get out of their way. Establish the right roles, create trackable metrics, and believe that what you are implementing will fundamentally change the way you operate.
Growth happens by doing things that you are unqualified to do; innovation happens by doing the things most are unwilling to do. That is what will separate you from the competition, and that is what will propel your organization through the tough times that will inevitably happen.
As discussed earlier, history has proven that things are bound to change. Where people and companies fall with adopting these new methods varies, although they typically fall within one of five categories. True “innovators” are always thinking one step ahead of everyone else, whereas the “laggards” often wait until everyone else has tried it or has already adopted it. Technology moves fast, though, which often impacts revenue. In a digital age, we must always be ready to adapt or be left behind, hoping to catch up.
Being a change agent isn’t easy, and it is often accompanied by an uphill battle that requires extreme persistence to overcome. The beauty of change, though, is that it is all right to admit when you don’t have all of the answers.
Every organization in the world is also dealing with the same change and is trying to find unique and creative ways to streamline the way their businesses operate. Pool your resources, align with your key business partners, and work towards a unified goal. The building blocks of creativity are often found within your core employees and can be pinpointed to the issues they struggle with on a daily basis. Overcome them and see what other opportunities arise. You might find that somebody has an answer to your toughest questions.
As individuals, we push ourselves to learn and grow, to exceed our capabilities, and to become better versions of ourselves. We should expect the same from our teams and our organizations while pushing ourselves together to achieve innovative results. Because only then will we truly achieve extraordinary outcomes.
https://analyzingalpha.com/history-of-ai-in-finance
https://www.simplethread.com/20-things-ive-learned-in-my-20-years-as-a-software-engineer/
https://www.visualcapitalist.com/the-history-of-innovation-cycles/
https://www.slideteam.net/innovation-diffusion-curve-powerpoint-presentation-slide-template.html
