FINAL WORD
ideas as the vibrant heartbeat at the centre of this mix .
Modern organisations need to create an enabling environment and the psychological safety for their people to innovate . They need to give people the freedom , space and time to innovate , be creative and execute on their ideas .
This means creating the space to try things and to fail , but fail fast , then learn and move on to the next thing . Microsoft has , for instance , introduced wellbeing days , which is the intentional provision of space for people to explore their ideas outside of traditional work structures and confines . Businesses can also introduce initiatives like learning and innovation days in their HR policies and calendars .
This helps to redefine and evolve the ways that people work and empowers them to think , ideate and innovate . However , this also needs to be matched with a solid reward mechanism to celebrate and reward people for the work they do and crucially the impact they make . Further democratising technology and putting the right tools in people ’ s hands will amplify their strengths , create digital capabilities at scale , make it faster and easier to introduce new products and services , and drive a culture of innovation .
Innovation in action
When all these ingredients are in place , we start to see innovation in action – and the associated business benefits and value that it brings . As an example : the Saudi Investment Bank ( SAIB ), a key player in delivering innovative financial products and services in the country ’ s banking industry , has invested in digitalisation to deepen its understanding of customer needs through data . It is using these insights to improve the customer experience , as well as streamline and optimise both finance and operations . The bank integrated the Power BI platform and through the segmentation of data and insights provided , it was able to better analyse customer behaviour , transactions and interactions with the bank . This has allowed SAIB to react quickly and efficiently , providing customers with the right products and services at the right time . As a result , this is enhancing the customer experience and improving the bank ’ s performance by enabling products and services up-selling to their customers .
Another example is how Standard Bank South Africa , one of the country ’ s top four banks and financial services providers , has invested in building digital and people capabilities to boost the customer experience .
This largely meant investing in connected , intelligent business applications , like Power Platform , to effectively bring together people , process and technology . It is helping organisations to democratise the process of building applications , while ensuring that the highest standards of security and control are built into the solution .
Power Platform enables non-developers to rapidly configure an application starting from zero in a matter of hours to days by using drag-and-drop or point-and-click tools , rather than code and script . The platform also empowers the true developer to build faster-better-cheaper systems by taking advantage of a ready-to-go development platform in the cloud .
The bank ’ s adoption of the platform has resulted in over 300 solutions being innovated since 2019 for varying business needs and functions ranging from finance to operations to HR . This has led to faster time to value , reduced expenditures , and service resilience , all of which translate into an improved customer experience .
Although just one example of many , it illustrates the power of innovation and nimble change management . This is the true differentiator in an age of rapid and unprecedented change . And for companies to be able to tap into continuous innovation , rather than approach it as something that takes place at a point in time , they need to actively find ways to empower their people to innovate , aided by tech intensity .
The organisations that get this right will be the ones that not only survive but thrive . •
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