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INTRODUCTION
IInd Largest Bank 4500 Branches 21 States. Serves 20K households & 2M business. Majority of branches in high growth areas & moving from inorganic to organic growth. National operations Decentralized (Gave more power to regional branches). I&D model 20 Lab Bank Models. 200 Ideas generated in one year. 20 implemented. Result
Higher Customer Satisfaction & decrease in employee turnover. Increase in Revenue.
CURRENT SCENARIO
Proposal to add new branches which would increase the experiment capacity by 50%. Issues/Dilemmas faced by Brady & Butler :
Huge difference between innovation in service & product industry. Service Industry innovation requires less capital investment in R&D and less investment in Patents. However contrary to this Product industry innovation requires huge capital investment in terms of R&D and Patents. It is difficult to duplicate a product because of patents & license. Equally difficult to duplicate service Management, Organizational Structure, Culture etc.
It also helps in knowing your customers better and hence satisfying the needs of the customer.
Every experimentation has core processes like idea generation, experiment design & plan, implementation & feedback for further improvement.
By conducting suitable tests like test for fitness of selected concept in the market and also whether the idea is in line with the targets and objectives of the business.
Undertake proper evaluation on the viability of the products by formally testing the ideas and concepts regarding those products. Within all I&D branches the customers were monitored closely to see their reactions to the innovations by a variety of means like surveys or statistics on such factors as revenue growth or number of services used by each customer. Shorter turnaround time for feedback would hold experimenters learn and prepare modified experiments more rapidly. Can generate more learning by failures. But too many failures will not be accepted.
DECESION POINT:
YESSSS!!!! Butler & Brady should accept the proposal because:
Allows faster evaluation of ideas through running of more tests and allows less feedback time. More refined products. Results in quicker and successful national rollout of products. Faster repayment of Debts (Capital used for I&D Team). Different Geographic locations and different customer needs according to this locations can be studied.