Weekly FinTech Tip: Understanding and Utilizing Organizational Agility is Crucial during Your Digital Transformation
Hello, and welcome to this edition of FinTech minute. My name is John Best, CEO of Best Innovation Group, and today, we’re going to talk about organizational agility.
There are two main approaches that most financial organizations take to project management. The first one is Waterfall, and the second is Agile. They each have their uses, but when you try to apply a Waterfall process to a project that should be Agile, you’re going to experience delays, complexities, and, most importantly, confusion amongst the staff.
The Waterfall process involves sequencing of tasks on a very rigid schedule. Consider the idea of building a physical branch. Each task must be sequenced. You can’t have people hanging drywall when the frame isn’t up, and you can’t have people putting the frame up until the foundation is poured. That’s why Waterfall is a great process for something like building a branch.
However, as bank processes and services become increasingly digital, we need to think about a different way of approaching this project management, as well as the process of building a project in incremental steps and at regular intervals. Feedback is solicited from the end users. You wouldn’t invite hundreds and hundreds of customers to come take a look at the foundation on your new branch to give you feedback, right? That’s why you wouldn’t use Waterfall in the digital process.
You could and you should invite users and people in your organization to take a look at your new digital features. Consider a new website, home banking site, or a new mobile feature. Folks should get a look at that before it goes out the door. The value of digital is that you can change things very quickly, but you can’t do it if you spend your entire time sequencing and only at the end of the project do end users get to see the result. Because agile solicits end user feedback, it’s important that the entire organization or anyone involved in these projects understands Agile, because without their participation, the project will not be a success.
If you want to succeed in your digital transformation, you’re going to have to understand organizational agility.
This has been a FinTech minute. If you get the chance, please don’t hesitate to go buy my book, Breaking Digital Gridlock, available on Amazon and anywhere that you buy books.
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Premiered on May 23, 2019