Innovation is all about value creation.
Or at least it should be.
It’s easy to get caught up in the front end of the process. Brainstorming new ideas, drawing on whiteboards, and moving different colored sticky notes around the wall is fun. But all of that should be a means to an end. That end should be about creating value; whether it’s improving the customer experience, taking the cost out of a process, or creating a new feature or a completely new product category.
Most of the work I do is centered in financial services, which is not exactly known as an industry that excitedly embraces change. I spend a lot of time trying to convince leaders that they need to innovate, and that maintaining the status quo is a slow train to irrelevancy (and that the train is heading down a steep grade and picking up speed).
Over the past ten years (most of) the industry has gotten the message, helped more than a little bit by the perceived threats and opportunities of FinTech. A recent PWC…