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!

Magwis penker's newbook play bold howto win the business game through crative destruction is available to buynow on Amazon Com, read the book and, in the meantime, sit back and enjoyingthe playbold podcast. Welcome to the latest episode of Play,bold and on this one magnus is chatting to colleague and friend, Jerry Persel,a trusted adviser from BCG and Kerni nail serving as principal at innovation,thre, dudred and sixty leading the Canadian operation as well as runningthe fintake podcast. We would't normally mention another podcast, but,as is Jerry, you welcome to check it out. The finovative show with all thequestions to put to Jerry. Let me hand you over now to Maglis welcome to thenext episode of Play Ball this time with my Coligan friend Gary Pruser Garyhas an acceptional background as a trusted adviser from BCD and Kony, nowsoaring as principal at invation thrd. Sixty leading the Canadian operationfor is broad and deep knowledge of innovation, transmation girls, regionallobally, gary develop insides and Bak practices. He frequently shares in Kee,nols and books. He is also running the finoate show, with leading PHINTICexperts, guesting and distusting thintech. A warm welcome garry thanks, Maga thanks realy, invitingthanks thanks for the kind words Youkoweven I even if they may be onlypertialy truths, Gey you'r running a podcast withThintech, executives and expert all over and Wat on. The key takes the keytakeaway at that you have fom all these guests.

Certainy covid has been a big impactand, and there's been a lot of energy, put into responding to the challengesthat have faced the industry. It's had amongthes sort of challenges to had some positive aspects, in that it forcedmany providers and clients to be open to change D, in fact where they mighthave resisted it in the past and in doing so enabled aquite it quite a lotof innovation that otherwise might have taken much longer. That's one example:This digitization, which has been accelerated in while, while somecompanies see digitization as adding zoom to a meeting, it's not many othershave made some real strides in terms of improving their servicing and accessfor their clients. In the face of the many changes, suchas faster payments and open banking and others, Whet's come out of theconversation I've had with with the leaders that I've spoken to is theyrecognize the importance of their people as they work to respond and prepare forthe future you're listening to Magnus penker and guests on the playbowdpodcast W th, with all this wistolman and potense in scenarios that you gainfrom from research and interview in the field take industry, can we learn fromthem and apply that in ater industries as well? Is that possible? Yes, yes, I think thatthere's there's a lot of learnings.That can happen. TACROSS industries and people are people and behaviors,behavior and whatever, but if you think about banks and other financial Tutians,ther they're really good at operating its scale, and they they do that and it coul be good and itcoal be bad, so most yore skilled at very large technology, implementationsand and managing big distribution networks and because of their size. Sometimes they can't pivit very well,though, in terms of new ideas and individual needs. The intoduction offintex has offered th that sort of increase capability torespond individual need and part...

...because of the lack of scale. So,having said that, banks now theyr Jitional fanciil Situtians are very,very capable of marsling resources and responding to big systemic issues, andtypically they respond better to regutarynd economic challenges andother small organizations and other industries. It sort of hearkens back toHenry Forge Montre for a bank. In a way you K, owany customer can have a carpit any color as long as it's black, because banks are good at deliveringstandardized products at scale and keep er keeping your money safe. Otherindustries could certainly learn about that. Reports on chart falls in theability of government to deliver services. Some of the pandemic relatedissues and the level of cyber crime are really good examples of areas where thefanancinal isitutions succeed. I guess it's an lot of Hato do to Covit. I guess a lot of Introducens D and frouardand. It has tobe very interesting to work with Inte compar. I guess a lot of thingshappening 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 alarge institution with thousands of people and doing that in a distributionenvironment that might have been hundreds of locations and now thousands,so it certainly has cibery implications controls. You know, process flow, all kind ofstuff yeah. So I also know that that you do quite muchin Inregial Development D and You were engaged in that. It could be quite interesting to hear from you. How do you think about regialdevelopment? I mean you, you apparently combined your knowledge abouttransforming industries and companies,...

...and you bring that to regionaldevelopment. Could you Liberateli ith on that? In my view, historically,regional development efforts have focused on financial benefits, ofmoving to a region, so touting tax benefits or textbreaks of subsidies to encouragebusiness and growth in a particular region. But while that's been good for bringing newbusiness into major urbanaries, it really hasn't been great in terms ofbuilding region economies, in the way that it could and sometimes does create pockets ofhalves and have nots and a bit of a zero some game. So they can be in oneragion or another, but it really hasn't o O, create anything new or sort ofgrown. An industry I Canada and other jurisdictions.Funding SARSES for new ideas have to have tended to reinforce that byoveremphasizing startups and short term exit strategies, rather thanencouraging mediunto long term ambitions and scaleup and growth, soinnovation ha big buzzword. Now it's been around for a long time, but regalhufters is also but Aboue word, and the past year is highlighted. The regionaland systemic gaps in our economies, like labor mobility and the ability topivot from Ou k ow to a stay at Homm economy, which is quite different thanthings were in the past. It's clear that that some regions and and types ofworkers have been better able to respond to Cova challenges than thanothers. In my view, regional development has has to focus on thesupport of core innovation districts, but to do so with a unique foxin onunique capabilities, multicountry efforts and a strategy for long termgrowth. Today, there's much being done to boost international cooboration, butits really really early and there's not a lot of examples of of how regionaldevelopment has sort of taken advantage of crossborder discussions, and what Ithink they need to understand is that...

...it's important also to assist it inareas that would typically not be focused on or be more challenged tosucceed and impacted by the changing dynamics of work. I think there's realopportunities in Regian development. I think there's lots of eagerness andexcitement about it and I think you know we're on the right track, althoughI think that there's now way more that we can do in terms of in terms of thatthat area of development, you're listening to Magus, penker and guestson the playbold podcast. So you seem to take a very systematic and systemicapproach to redial development, to look at the whole system, how to make itmore efficient and if that's also lead me into the next questo about t einnovation. Why is innovation important? I mean from everything from from fromcompanies to Redions, and it's also very boad topic. So in your expertiseand experience, why is it important and what is it? It's SOIT's, a Fussy, yeahand I think Hereis, where I find the frameworks that we've deloped inside inAva, throe N, sixty ver very very helpful, because what they do is reinforce the fact thatinnovation is a really important part and a life blood of thrivingorganizations and thriving regions of we sort of go back to the previshquestion. People think about innovation asasidiation really, and it's not just that. You know like stick it going in aroom and put the other stickies in the wall and stuff, it's an important part,but isn't the only thing, and I like to say that you know that's, that ideasare places that need attention. But there are lots of ideas that the reallythe trick is to figure out where you what how why and who and make sure that you've got thatright. So as an orgunization, it's about being clear where you want to gothinking in the end about how you're going to do that. You know from strategy through thecommercalization and if you figure that...

...out and you are able to pivot as industriesinvolve, then your organizations coan be around for a long time, and so forme. That's that's why inovations important, because it's a critical partof your a longterm presenc in a market or other markets of a organization, andwithout that we have lots of examples of a fortne five hundred companies thatlast, for you know a minute and a half because of the fact they haven't reallythought forward and innovated tot way that they could. I guess that when you work across differentindustries and Wals in your case Redience, I guess you can see commonpatterns when it comes to to change and trust eMesin, an innovation maybhe resistance. What kind of paters do you see you?Typically when you work with with this this issues that has o do with growthand change? So so what I find is there absolutelyis a pattern you know there is. There is a commonality across industries andwhen I work in the fantial service industry, there are actually ve anumber of different verticales within the industry, and you know there arepeople that would argue that insurance is different from banking and like that,and there is a a difference in the product, but really when you thinkabout it, it's all about people- and you know human behavior and structure-are the the most important part and that you can see across industry so oflate. I've been doing work in the manufacturing, andtraplication,environment and infinantial services, and in a a while there's, not a lot ofheavy machinery, actually there's some in the snancial servicof space. Youknow the the actual innovation process and the way people need tothink about it. Whatever and the way people behave inside. You know thecapturing hearts and mind stuff is very similar and it all comes down tocommunication and whatever so so. I think about innovation o something thatyou have to work together to accomplish...

...and so to. How do you do? That is very similar, in my view, acrossorganizations, industries and countries. So so here's here's how I think aboutit and you'll see a little some themes that might be similar to the stuffwe've talked about before. But to me, there's four important stepsstep. One is driving an agenda with a coherent strategy that reflects theorganizations, capabilities and we've talked about this a lot and that youcan't accomplish something. If you don't have the capabilities toaccomplish it, step two is setting the stage forsuccess by really understanding and addressing the needs of your clientsand your internal resources and agreeing to a set of needs in adirection. Third, one is folcing on executing whatyou've promised and and often that's where people jump toafter the first meeting, so they get to executing and they really haven't spentthe time energy to really understand. Eter line needs, and sometimes at theend of the step. Three, that's where people stop, in my view, there's aforcstep and that step is to make a point ofasking your clients if theyare satisfied, trying to learn from the experiencageyou've had with them and look for ways to exceed those expectations. With newsuggestions on how that you can help going forward. That for step, I think,is the one of the biggest differentiators between the companiesthat I've been involved with and how successful they can be versus otherswho sort of jump quickly to execution, declare completion and then move on tothe next initiative. So yeah and it's wane to call out our newest other podcast calleddefinofa Chow, which you mentioned earlier. We have a new episode out called getting innovation done, and itreally talks about some of the of the this kind of stuff that we'e just beentalking about. So listen, NOP, everybody. You need to go to finoateand listen to that podcast. The playbold podcast find out more atinnovation, Rurd and sixtycom forward s...

...playbold. You see you talkg about howto to to organize organization and work ingtornally and to get it done when youhave this four step model. In your experience, what is what kind ofhordence is blocking? What all you know, typicalthings that you you have to take care of it jaster movie, Somehow Yeah Yeah,so so one of the things that is challenging sometimes working with withthe executives is they know where they need to go it just they haven't reallycommunicated it to their people. So I describe those an unclear strategy, soit's not as important that you know it's an impartn that everybody knows and so tha the whole sort of process ofgetting out clarity and the alignment of the organization around where you'retrying to go it is. It is a common thing for that not to be clear. The second one is what I what I talkedabout: The in the sort of stage of innovation, which is jumping to actionwithout really understanding what you're going to do, and so I've been inmany many meetings that turn in you know come from a discussion to actionand then theyre off, building whatever it is, and there's a whole number ofsteps and things that need to happen before that. And so ultimately, if HEUdon't do that, you end up with them with outcomes that aren't going to meetthe needs of anybody, including you, the lack of clear accountability andthe acceptance of failure. And actually I call that learning it's importantthat it's there's an an opening for an effect renegotiation of things that youyou have mechanism to bring forward things thatyou didn't think about, or timing issues or whatever and thet that isopen to discussion. Because what happens? Otherwise is people? Do things TT corners and make things happen bythe by the delivery date so to speak, but in fact haven't completed the taskat all and ther needs to be more discussion than that, and I think thelast one which we see across all...

...industries is assuming that youunderstand your clients needs without actually asking them, and we see, I know oustine and I'veseen many many many projects and products and services and differentthings that get launched with multiple millions of dollars. H T they don'thave the benefit of dialogue with clients around the specific needs orhow these products are going to be used, because there could be some surprises.In fact, a lot of banks and onstitutions are you know one of theregion or one of the industruies that do that, because they have such a longhistory and so many experts, real experts inside they forget about thefact that perhaps the Clinte is a more of an expert sometimes then than theyare. The playbold podcast find out more at innovation, trerd and sixtycomforward s play bold as asa a top consultant and a trust advicer. I not just assume, I know that you facenew situation very often, and you have you have tofind solutions to that. I am I'm very sure that quite many ofour listen listeners would be interesting. How do you proach that as the topconsultant? How do you think hove you approach a new situation that youhaven't done or been involved in? They might not even be answers to it. Itcouldyou share any of you insights in wisdom. How to tackle tothe new thingsyeah over the years in working on project is come up, come up with a fewkind of Montres for know, perking, Windo consultants and whatever thatdescribe some of these things and one of the things that I think is really important torecognize and it sort of sets the context for the for the work thatanyone does is to recognize t at if you're not overwhelmed in the firstweek or so you're, not listening, because they're not going to call in hethe consultants to help. If there's not a big hairy problem that can't besolved or t least theoretically can't...

...be solved. So so it's important torecognize that that overwhelming is a really good thing, because it meansyou're starting to understand- and you understand the breath and depth of theproblem and that sort of set you up on a on a in a place where you have a solidfoundation for going forward. The Alternative: is You come in and thinkyou, the smartest guy in the room and if you're never going to sovee anyproblem that way? The second thing which Ou Shourd ofleads from that is that clients always know more about their business than youdo soll you should you should shut up andsit down and listen without trying to fix them, because often they have abetter understanding of their business and they always they always will. So your value is to listen and observe,apply some logical structure or pattern that you seen before or haven't seen orwhatever figure out the way of describing the problem in simple termsand then help them to consider the options that they have towards asolution. It's not to be the smartest guy in the room or girl. So, in my view that the last one Iwould add, if you have to be open to all options- and when I was was a youknow- went behind the years consult my firststartoute, I figured it's. The answer was that my value was t to solve theproblems and to come up with all the positive things that would would couldhappen to make this project or program or system whatever successful, and whenI discovered was that you had to consider t the potential of failure as part ofthe discussion, because if you don't you make recommendations and you have athought process that that's plaud and I think a lot of the credit crunch stuffthat happened. You know fifte twenty years ago, had to do with the lack of aconsideration of the downside options and when you're talking aboutrecomnitions or for clients, there has to be an option that is not particularlyattractive and it may include getting rid of you yeah right right. So it's...

...it's an important thing to be thinkingabout. I think those areose are four of the things that I would think of as aconsult, yeah Deah, it's it's antastic having you share all this great insights and how to tackle things,and I think it could be trustful to to lead Aship as well. I'm quite sure it'snot just being a top consultan. It's actually how you lead people. So it's avery useful advice, think you so much so being in my guest Gary and see youaround and everybody shake out. The finoat show tank you Gary Thinkit, somuch thank you, magmes Trac to oon and thank Yo for listening to joinMagnus next week when he'll be chatting with Henri Freeman, an innovationprofessor president, the IHM business school and an Entrepreneaur, a mandriven by a passion for enlightening and developing people. You will hearthat conversation next week and, in the meantime, check out. Maknis is newbookavailable on Amazoncom and called how to win the business game throughcreative destruction until next time stay safe and play bold.

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