![]() ![]() ![]() It's a concept that comes from the software world where large projects are turned into smaller, incremental projects that are then evaluated by customers. The seemingly small shift has a big impact on the speed and flexibility of the product development cycle.Īdditionally, the company’s Consumer & Community Banking team uses an Agile approach to innovation. JPMorgan Chase, for one, has changed the way their technologists work.įor example, at JPMorgan Chase products are not developed in a silo, instead engineers collaborate with support functions, such as legal, human resources and communications, to leverage their insights and surface new opportunities in real time. The same can be accomplished at large companies. They emphasize continuous improvement and use build and test methods to ensure that products and services meet customer needs. Startups are revered for their "disrupt or die" mindset. "The size and reach is sometimes hard to fathom-10,000 times that of a startup."Įmbracing a new kind of thinking begins with minimizing waste and maximizing customer value or, as they like to say in the startup world, "be lean." Doing so accelerates transformation to the speed customers now expect. When you choose to work at a large company, you give up some control but you make it back multiple times over with scale," says Vinay Patel, managing director and a leader in the Agile transformation office of JPMorgan Chase. And despite its heft-50,000 technologists and 60 million retail customers-the technology team is working to become as nimble and disruptive as the next hot startup. It's already broken down age-old processes, silo mentalities and slow, ad-hoc approaches, so that technologists can deliver next-generation products at breakneck speed. JPMorgan Chase is well ahead of that game. In fact, results from a 2015 survey by the Boston Consulting Group found that overly long development times were the most-cited obstacle to generating returns on innovation and product development. But the growth mindset isn’t enough-you have to be able to execute faster than anyone else. However, large corporations have recognized that to stay competitive and sustain their growth, they need to take a page from the startup playbook.įacebook, Intuit and Amazon are just a few examples of large, established companies that have thrived from adopting startup strategies. ![]() In an age of rapid disruption, innovation is often thought to be synonymous with startups. ![]()
0 Comments
Leave a Reply. |