It is a humbling notion - although we like to think we know what our customers like, want and respond to, we don’t really know until we treat product development as a series of experiments.
What we’ve learned so far is lessons from peers are a hugely effective learning tool for staff.
As Barry O’Reilly writes, people “remember examples and take inspiration from others” – what challenges they faced, how they addressed them and what they would do differently in the future.
According to Hirotaka Takeuchi and Ikujiro Nonaka in HBR in 1986, when members of a project team “…stay in close touch with outside sources of information, they can respond quickly to changing market conditions.”
“Team members engage in a continual process of trial and error to narrow down the number of alternatives that they must consider.”
Our process at ANZ has been inspired in parts by the work of Spotify which successfully crafted an agile company in the highly-competitive music streaming sector.
In financial services, lender ING took an agile approach aimed at fostering an efficient, flexible and energised workplace. ANZ’s leadership team spent time with the Dutch bank learning the ins and outs of the agile mindset.