Case Studies Of The New Innovation Playbook For Technology Leaders

Case Studies Of The New Innovation Playbook For Technology Leaders

WEBINAR

Speakers Patrick MillarCo-Founder, Formatic.lyFormer CTO, Chatham Financial

Franco FioriniProgram ManagerBelatrix Software

Charles GreenDirector of Thought LeadershipBelatrix Software

Agenda• Why technology leaders need new options for innovation

• Creating a Hack Week at Chatham Financial – overcoming challenges for success

• What is an “Idea Market”, and how to get one going

• Q&A

QUESTIONS #InnovationBSF

Shift away from central R&D organization


New “innovation enablers”

Innovation

TechniquesHackathons

CrowdsourcingInnovation Labs

Incubators

TechnologyOpen dataOpen APIs

Innovation tools


New “innovation enablers” emerge

Spur rapid prototyping and development

Significantly lower cost than centrally-funded R&D

Foster creativity by bringing together disparate perspectives

Take advantage of increasing availability of data


Case Study: Chatham Financial300+ person Financial Services firm

Serving clients through expert advice and technology services

Team size:

120+ professionals in software development and quant finance

Employees based in US and Europe, 40 with nearshore partners

Early adopter:Agile (Scrum) for software developmentLean for Product Management

Two great methodologies, but innovation requires a different environment

On the path to Hack WeeksBusiness Teams Technology and Quant Teams

Smaller team of generalists Small team of individuals, no specific methodology

Specialized teams serving specific market sectors with deep industry knowledge

Significant product backlogs for development

Large team, with multiple sub-teams

Adopted Agile methodology and Lean

Highly efficient use of time

Evolved toEvolved to

Frustrations

Many great ideas but only a narrow pipe to get them through

Lack of ability to experiment / prototype

Frustrations

Well executed methodology left little time to experiment with new ideas

No slack time

Conduct regular “hackathon” style events outside the normal planning and prioritization cycleShare ideas, prototype, experiment, have fun!Based on new knowledge: pivot, re-prioritize, accelerate (and reduce waste)

Opportunity


Innovation by Hack WeekQuarterly “Hack Week” projectsA full week each quarter spent on

innovative technology

Followed a “start-up weekend” format, but adapted to a full week

Week prior to “Hack Week”Gathered project ideas

Teams pitched ideas, whole team voted on best ideas

Everyone gets to state 1st / 2nd choice of team to work on

During Hack WeekExecute on ideas. Daily

“scrum of scrums” Presented findings back to whole team at end of week

Whole team votes for projects in different

categories

Cycle that emergedEvaluate tech (Hack

Week 1) -> Apply tech (Hack Week 2) ->

Recognize benefits

Challenges

Financial services companies don’t like riskIs this wasted time? Who has to pay for this? Who benefits?

This type of program will disrupt ongoing projects

Can really mess up a Product / Project Managers plan

Response

Think of it like an insurance premium

Hack Week projects often resulted in “pivots”

The pivots always improved the project outcomes

Transitions – two disciplines to get there

Lean Product Management

Agile software development methodology


SuccessBottom line benefit: Attracting and retaining great talent

• High performers contribute disproportionately to innovation (10x rule)• Avoids high expense of recruiting fees (>20% 1st year salary)

Top line growth: Delight your clients• Some of the greatest client praise tracked directly to hack week projects• Even better – solicit ideas from trusted clients and have them participate directly in the

process to strengthen the partnership

90% plus of projects ended up in the main branch (production code)

Expect ongoing challenges• There will always be a strong desire to exert control over innovation• Avoid creating innovation backlogs for these events. Keep each one fresh.


What is an Idea Market?


New Markets/businesses

ProductsServicesVerticals

Continuous Improvement

Better processesSuggestion box

Client EngagementPartnerships

Better service through

collaboration

MotivationIncrease sense of

belonging

Some benefitsQUESTIONS #InnovationBSF

How to get an Idea Market working?

Open for everyone

Get good ambassadors

People’s contribution is the

key

Gamification Keep moving , make ideas happen!

Belatrix Innovation!

Different campaigns to approach several niches. Gamification.

Employees’ contribution – selection.Next steps: Recognition and Hackathons.


Innovation via Hackathon

Hackatrix Mendoza2013

Hackatrix Lima 2014

Hackatrix Lima 2015

Hackatrix Buenos AiresComing soon


Q&A


Contact us! Patrick [email protected]

Franco [email protected]

Charles [email protected]