In today's fast-paced business environment, staying ahead of the competition is crucial for success. One key strategy for achieving this is through rapid experimentation with digital teams. However, many organizations struggle to drive this type of experimentation, particularly in the banking industry in Indonesia. Digital transformation initiatives can be complex, and it's not always easy to know which direction to take. This is where rapid experimentation comes in
What is Rapid Experimentation?
Rapid experimentation is a process of testing and validating hypotheses quickly and iteratively. It is a way to quickly understand what works and what doesn't, and make decisions based on data and feedback rather than assumptions. This approach is particularly useful for digital teams, as it allows them to validate their ideas and pivot quickly in response to market needs
Case Study: Rapid Experimentation at a Bank in Jakarta
In a recent project, ABC Consulting helped a business unit within a large bank in Jakarta overcome common challenges and unlock the power of rapid experimentation with their digital teams. The bank was facing several challenges in their efforts to drive rapid experimentation, such as a lack of agility within the business teams, a development process that was not properly validated, and a lack of alignment and shared vision among the IT and business teams.
Challenge 1: Lack of Agility in Business Teams
One of the main challenges the bank faced was a lack of agility within the business teams. While the IT teams had adopted agile methodologies, the business teams were still operating in functional silos, hindering the ability to quickly validate and pivot business ideas. Greyamp Consulting addressed this challenge by creating cross-functional digital "squads" that included both business and technology teams. This helped to improve alignment and collaboration among the teams, and increased the speed and efficiency of the experimentation process.
Challenge 2: Poorly Validated Development Process
Another challenge the bank faced was a poorly validated development process. Ideas were going directly into development without being properly validated, leading to a lack of clarity in requirements and causing a significant amount of churn. Greyamp Consulting provided a solution by implementing a defined, scalable, and repeatable process for customer centricity. This helped to ensure that all initiatives were clearly defined and that expected outcomes were identified during the inception stage, reducing the amount of churn and increasing clarity for the entire team.
Challenge 3: Lack of Alignment and Shared Vision
In addition to these challenges, the bank also struggled with a lack of alignment and shared vision among the IT and business teams. To address this issue, Greyamp Consulting implemented JIRA for dashboards, visibility, and a single source of truth. This helped the teams to keep track of progress and identify any issues or delays, and also improved communication and collaboration among the teams.
Challenge 4: Lack of Market validation
The bank also faced the problem of lack of market validation, which leads to a lot of churn in the requirements and lack of clarity. To address this, Greyamp Consulting provided solutions such as market validation workshops, Lean Startup methodology, Customer Development interviews, and Value Proposition Canvas. These solutions helped to validate the business ideas before they went into development, which improved the chances of success and reduced the amount of churn in the requirements.
One of the key outcomes of the project was the creation of a unified digital team that was working towards a shared outcome. This helped to improve the alignment and collaboration among the teams and increased the speed and efficiency of the experimentation process. Additionally, the bank was able to pivot more quickly when experiments failed to understand market needs, which helped them to identify one successful model. Furthermore, the bank was able to reduce the amount of large investment in IT development without validating the business case first, which helped them to be more strategic in their investments and focus on areas that were more likely to be successful.
Rapid experimentation is a powerful strategy for driving digital transformation and staying ahead of the competition in the banking industry. By implementing the solutions that Greyamp Consulting provided, the bank in Jakarta was able to overcome common challenges and achieve significant results. The bank was able to create a unified digital team, pivot more quickly when experiments failed, and validate business ideas before investing in development. As a result, they were able to be more strategic in their investments and focus on areas that were more likely to be successful.
If your organization is facing similar challenges in driving rapid experimentation with digital teams, reach out to us at email@example.com for expert guidance and support. Our team of experienced consultants can help you to create a unified digital team, validate business ideas, and implement a scalable and repeatable process for customer centricity. We are committed to helping organizations like yours achieve success in the digital age.