BACKGROUND:
We were asked by Lloyds bank to help them solve a long-term problem that they faced around innovation. The bank had many examples of failed projects where ideas would be generated, teams created and initiatives started that would result in significant time, costs and efforts being spent on solutions that never launched.
We spent nine months working with Lloyds to fully understand the underlying reasons for failure so that we could then build an approach to innovation that would drive new revenue streams. The result was PACE.
CONCEPT:
PACE is built on the concept that, using agile ways of working, you can take an idea from concept to pilot in six weeks. Failure is a key success criteria in this process – fail quickly and you can go onto the next idea rather than waste time, money and effort on the wrong thing.
The project was so successful that the MD for the division asked for it to be extended to other parts of the bank. This video was used to explain the overall process to staff as part of this wider engagement program.
IN ACTION:
The following two videos provide a more detailed view of what to expect both during the initial triage process of selecting ideas through to taking them to pilot.
A key part of the work was based around building a culture of innovation. This started small, with teams of six taking time out to prove initial ideas. It then turned into a much wider communications exercise as colleagues within the bank started to see successes emerge.
Step 1: The triage process is the initial short-listing of ideas prior to starting PACE. This often involves some pre-work with teams across the business to build a long-list of possibilities that are then triaged.
Step 2: PACE has a number of follow-on steps. The quick wins process is the 6 week approach to go from idea on a piece of paper (selected during Triage) to pilot with a live client.
OVERALL:
The overall approach can be used across multiple different types of innovation program. For Lloyds, this was about taking tactical ideas to market quickly. For Western Union we used the approach for develop a digital first solution for micro-SME clients. The overall framework can be seen in the diagram below:
Obviously, there is a lot more to the approach than is given here. Please get in touch for more information.