Play Bold: Finnovate in the air!

ABOUT THIS EPISODE

Welcome to the next episode of Play Bold, this time with my college and friend Gerry Purcell. Gerry has an exceptional background as a trusted advisor from BCG and Kearney, now serving as Principal at Innovation 360, leading the Canadian operation. With his broad and deep knowledge of innovation, transformation, and growth, regional and globally, Gerry developed insights and best practices he frequently shares in keynotes and books. He is also running the Finnovate Show with leading fintech experts guesting and discussing fintech. Welcome, Gerry!

MAGNUSPENCER's new book playbold, how towin the business game through creative destruction, is available to buy now on Amazoncom. Read the Book and, in the meantime, sit back and enjoyed theplaybold podcast. Welcome to the latest episode of Play Bold, and on thisone magnus is chatting to colleague and friend Jerry Purcell, a trusted advisor fromBCG and Kearney, now serving as principal at innovation three hundred and sixty,leading the Canadian operation, as well as running the Finn Tech podcast. Wewouldn't normally mention another podcast, but as it's Jerry, you welcome to checkit out. The finnovative show with all the questions to put to Jerry.Let me hand you over now to Magnus. Welcome to the next episode of PlayBall, this time with my colleague and friend Gary Prucel. Gary hasan exceptional background as a trusted advisor from B city and Connie, now sorrowingas principal animation tree hundred and sixty, leading the Canadian operation. When it'sbroad and deep knowledge of innovation, transformation, girls regional globally, Gary developed insightin bad practices. He frequently shares in key notes and books. Heis all a running to Fino. It's so would leading fine. Take expertguesting and discussing fine. Take Warm Welcome, Gary, thanks, Magna, thanksfor the invite and thanks, thanks for the kind words you'll, evenwhere they may be only partially truths, get it. You running a podcast, would feel take executives and Expook all over and we'll only key takes.The key takeaway that that you have from all these guests. Certainly, covidhas been a big impact and and there's...

...been a lot of energy put intoresponding to the challenges that have faced the industry it's had. Among the sortof challenges it's had some positive aspects in that it forced many providers and clientsto be open to change and in fact, where they might have resisted in thepast, and doing so enabled quite a, quite a lot of innovationthat otherwise might have taken much longer. That's example is digitization, which hasbeen accelerated and while while some companies see digitization as adding zoom to a meeting, it's not, many others have made some real strides in terms of improvingtheir servicing and access for their clients in the face of the many changes,such as faster payments and open banking and others. What's come out of theconversation I had with with the leaders that I've spoken to is they recognize theimportance of their people as they work to respond and prepare for the future.You're listening to Magnus Pink and guests on the playbold podcast. With all ofthese we still meant and put tenise in scenarios that you gain from from researchand interviewing the field that industry. Can we learn from them and apply thatother industries as well? Is that possible? Yes, yes, I think thatthere's there's a lot of learnings that can happen across industries. And peopleare people and behaviors, behavior and whatever. But if you think about banks andother financial tuitions, they're they're really good at operating at scale and theythey they do that and it can be good and it can be bad.So most are skilled at very large technology implementations and and managing big distribution networksand because of their size, sometimes they can't pivot very well, though,in terms of new ideas and individual needs. The introduction of fintext has offered thinkthat sort of an increased capability to...

...respond individual needs, in part becauseof the lack of scale. So, having said that, banks and othertraditional of financial situations are very, very capable of marshaling resources and responding tobig systemic issues and typically they respond better to regulatary and economic challenges and othersmaller organizations and other industries. It's sort of Harkens back to Henry Ford's mantrafor a bank in a way. You know, any customer can have acar pain any color as long as it's black, because banks are good atdelivering standardized products at scale and keep your keeping your money safe. Other industriescould certainly learn about that. Reports on short falls in the ability of governmentto deliver services, some of the pandemic related issues and the level of cybercrimea really good examples of areas where the financial institutions succeed. I guess it'sa little had to get to Covid S. I guess a lot of introduced sinsand and and fraud and it has to be very interesting to work withinthe company. I guess a lot of things happening right now. Yeah,and some. Yeah, some things that might not have been anticipated or werebigger than they were. Or you know, for example, operating a large institutionwith thousands of people and doing that in a in a distribution environment thatmight have been hundreds of locations and now thousands. So it certainly has cyberimplications. Controls, you know, process flow, all kind of stuff youso I also know that that that you do quite much in in region developmentand you're very engaged in that. It could be quite interesting to to tohear from you. How do you think about regial development? I mean youyou apparently combined your knowledge about transforming industries...

...and companies and you bring that toregional development. Could you elaborate limits on that? In my view, historicallyregional development efforts have focused on financial benefits of moving to a region, sotouting tax benefits or tax breaks of subsidies to encourage business and growth in aparticular region. But while that's been good for bringing new business into major urbanareas, it really hasn't been great in terms of building regional economies in away that it could and sometimes does, create pockets of halves and have notand a bit of a zero some game, so they can be in one regionor another. But it really hasn't gotter created anything new or sort ofgrown and industry. In Canada and other jurisdictions, funding sources for new ideashave have tended to reinforce that by over emphasizing startups and short term exit strategiesrather than encouraging medium to long term ambitions and scale up and growth. Soinnovasive the big buzzword now. It's been around for a long time, butregional clusters is also a buzz word. In the past year. Is highlightedthe regional and systemic gaps in our economies, like labor mobility and the ability topivot from to a stayathome economy, which is quite different than things werein the past. It's clear that that some regions and types of workers havebeen better able to respond to covid challenges than that others. In my viewof regional development has has to focus on the support of core innovation districts,but to do so with a unique focusing on unique capabilities, multi country effortsand a strategy for long term growth. Today there's much being done to boostinternational collaboration, but it's really, really early and there's not a lot ofexamples of how regional development has sort of taken advantage of cross boorder discussions,and what I think they need to understand...

...is that it's important also to assistin areas that would typically not be focused on or be more challenge to succeedand impacted by the changing dynamics of work. I think there's real opportunities in regionaldevelopment. I think there's lots of eagerness and excitement about it and Ithink, you know, we're on the right track, although I think thatthere's no way more that we can do in terms of in terms of thatthat area of development. You're listening to Magnus Pink and guess on the playbone podcast, so you seem to take a very systematic and sustamic approach toreneal development, to look at the whole system how to make it more efficientthem, and that that's also lead me to the next question about innovation.Why is innovation important? I mean from everything from from from companies to readons, and it's also very broward topic. So, in your expertise and experience, why is it important and what is it it's so it's so fussy.Yeah, and I think here's where I find the the frameworks that we've dwelup inside in a base thre hundred and sixty very very, very helpful,because what they do is reinforce the fact that innovation is a really important partand a lifeblood of thriving organizations and thriving regions. That we sort of goback to the previous question. People think about it innovation as is ideation really, and it's not just that, you know, like stick it going ina room and put the other stickies in the wall and stuff. It's animportant part, but it isn't the only thing, and I like to saythat that's that ideas are places that need attention, but there are lots ofideas that really there. Really the trick is to figure out where you what, how, why and WHO and make sure that you've got that right.So as an organization, it's about being clear where you want to go,thinking in the end about how you're going to do that, you know,from strategy through the commercialization, and if...

...you figure that out and you areable to pivot as industries evolved, then your organizations can be around for along time. And so for me, that's that's why innovation is important,because it's a critical part of you're a long term presence in a market orother markets of an organization, and without that, we have lots of examplesof fortune five hundred companies at last for a minute and a half because ofthe fact that I haven't really thought forward and innovative the way that they could. I guess that when you work across different industries and as in your case, redions, I guess you can see common patterns when it comes to changeand trust, some Mason and innovation, maybe resistance. It's a what kindof pactice do you see? You typically when you work with with this thisissues that that's to do with grows and change. So so what I findis there absolutely is a pattern. You know there is. There is acommonality across industries and when I will work in the financial service industry, thereare actually a number of different verticals within the industry and you know there arepeople that would argue that insurance is different from banking and like that, andthere is a a difference in the product. But really, when you think aboutit's all about people and you know human behavior and structure are the themost important parts, and that you can see across industry. So of lateI've been doing work in the manufacturing and fabrication environment and in Financial Services andin a while there's not a lot of heavy machinery. Actually there's some inthe financial services space. You know, the the actual innovation process and theway people need to think about and whatever and the way people behave inside,you know, the capturing hearts and mind stuff is very similar, and itall comes down to communication and whatever. So so I think about innovation tosomething that you have to work together to...

...accomplish and sort of how do youdo that is very similar, in my view, across organizations, industries andcountries. So here's here's how I think about it and you'll see a littlesome themes that might be similar to the stuff we've talked about before. Butto me there's for important steps. Step one is driving an agenda with acoherent strategy that reflects the organization's capabilities, and we've talked about this a lotin that you you can't accomplish something if you don't have the capabilities to accomplishit. Step to is setting the stage for success by really understanding addressing theneeds of your clients and your internal resources and agreeing to a set of needsand I direction. Third one is focusing on executing what you've promised and andoften that's where people jump to after the first meeting. So they get toexecuting and they really haven't spent the time energy to really understand the interline needs. And sometimes at the end of the step three, that's where people stop. In my view, there's a four step and that step is to makea point of asking your clients if they're satisfied, try to learn from theexperience that you've had with them and look for ways to exceed those expectations withnew suggestions on how that you can help going forward. That four step,I think, is the one of the biggest differentiators between the companies that I'vebeen involved with and how successful they can be versus others who show jump quicklyto execution, to declare completion and then move on to the next initiative.So yeah, and it's want to call out our newest other podcast called Definoate show, which you mentioned earlier. We have a new episode out calledgetting innovation done and it really talks about some of the this kind of stuffthat we just been talking about. So at least not everybody. You needto go to fine it and listen to podcasts, the play boat podcast.Find out more at innovation three hundred and...

...sixtycom forward slash play boat. YouSee, you talk about how two to two to organize. So we're goingto see sin and working tonally to get it done. When you have thesefour step model, in your experience, what these what kind of Hodel's isblocking? What all it? You know, typical things that you have to takecare of it. They're yester movie somehow. Yeah, yeah, so, so one of the things that is challenging sometimes working with with the executivesis they know where they need to go. It just they haven't really communicated itto their people. So I described as an unclear strategy. So it'snot as important that you know, it's an important that everybody knows. Andso the whole sort of process of getting out clarity and the alignment of theorganization around where you're trying to go and it is it is a common thingfor that not to be clear. The second one is what I would havetalked about in the in the sort of stage of innovation, which is jumpingto action without really understanding what you're going to do. And so I've beenin many, many meetings that turn in, you know, come from a discussionto action in and their off building, whatever it is, and it's awhole number of steps and things that need to happen before that. Andso ultimately, if you don't do that, you end up with a with outcomesthat aren't going to meet the needs of anybody, including you, thelack of clear accountability and the acceptance of failure. And actually I call thatlearning. It's important that it's there's a an opening for, in effect,reading a gootiation of things, that you you have a mechanism to bring forwardthe things that didn't think about or timing issues or whatever, and that thatis open to discussion, because what happens otherwise is people do things, cutcorners and make things happen by the by the delivery date, so to speak, but in fact having completed the task at all. And then needs tobe more discussion than that. And I think the last one, which wesee across all industries, is assuming that...

...you understand your clients needs without askingasking them. And we see, I know you've seen and I've seen many, many, many projects and products and services and different things that get launchedwith multiple millions of dollars, that they don't have the benefit of a dialogwith clients around the specific needs or how these products are going to be used, because there could be some surprises. And fact, a lot of banks, of constitutions are, you know, one of the region or one ofthe industries that do that because they have such a long history and so manyexperts, real experts inside, they forget about the fact that perhaps the clientis a more of an expert sometimes than than they are. Then play Boadpodcast find out more. At innovation three hundred and sixtycom forward slash play boatssaid at top consultant than the trust advisor. I just assume, I know thatyou face this new situation very often and you have you have to findsolutions to that. I am I'm very sure that quite many. Now fourlist listeners would be interesting. How do you approach that as the top consultant? How do you think? How do you approach a new situation that youhaven't done? It would been involved in. They might not even be answers toit it. Could you share any of few insights and wisdom how totackle tote the new things yeah, over the years and working on projects ascome up, come up with a few kind of Mantras for working window consultantsand whenever that describe some of these things in and one of the things thatI think is really important to recognize, and it sort of sets the contextfor the for the work that anyone does, is to recognize that if you're notoverwhelmed in the first week or so, you're not listening, because they're notgoing to call in the consultants to help if there's not a big hairyproblem that can't be solved, or at...

...least a theoretically can't be solved.So so it's important to recognize that that overwhelming is a really good thing becauseit means you're starting to understand and you understand the breath of the depth ofthe problem and that sort of set you up on a on a in aplace where you have a solid foundation for going forward. The alternative is youcome in and think you're the smartest guy in the road them and you're nevergoing to solve any problem that way. The second thing which sort of leadsfrom that is that clients always know more about their business than you do.So you should you should shut up and sit down and listen without trying tofix them, because often they have a better understanding of their business and theyalways they always will. So your value is to listen and observe, applysome logical structure or pattern that you've seen before or haven't seen or whatever,figure out a way of describing the problem in simple terms and then help themto consider the options that they have towards a solution. It's not to bethe smartest guy in the room or girl, so in my view that the lastone I would add is you have to be open to all options.And whenever that was a you know, a wet behind the ears consult myfirst start out, I figured the answer was that my value was to solvethe problems and to come up with all the positive things that would would couldhappen to make this project or program or system whatever successful. And when Idiscovered was that you had to consider the potential of failure as part of thediscussion, because if you don't, you make recommendations and you have a thoughtprocess that's that's blowed and I think a lot of the credit crunch stuff thathappened, you know, fift twenty years ago had to do with the lackof a consideration of the downside options. And when you're talking about old recommendationsfor clients, there has to be an option that is not particularly attractive andit may include getting rid of you. So yeah, right, right.So it's that's it's an important thing to...

...be thinking about it. I thinkthose are those are four of the things that I would think of as aconsult yeah, yeah, it's it's fantasty having you share all this great insightsand how to tackle things, and I think it could be trustfred to theleadership as well. I'm quite sure it's not just being a top consultantsy,it's actually how you lead people. So it's very useful advice. Thank youso much for being my guest, Gary, and see you around and everybody checkout the Finomi show. Thank you, Gary. Thank us so much.Thank you, Magnus Talker, Shon, and thank you for listening. ToJoin Magnus next week when he'll be chatting with Henry Freeman and innovation professor, president of the Ihm Business School and an entrepreneur and man driven by apassion for enlightening and developing people. You'll hear that conversation next week and inthe meantime, check out Magnus's new book, available on Amazoncom and called how towin the business game through creative destruction. Until next time, stay safe andplay bold.

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