Introducing agile working practices in this financial service company improved internal project performance:
The initiative to transform by a Financial Services provider who wanted to “go digital” had stalled in the face of internal resistance and lack of cultural change:
- Powerful leadership in different business units could not agree on a unified approach to and common principles for change.
- Cultural differences and varying technical capabilities undermined change efforts.
- Conflicting priorities wasted estimated 25% of management time in previous 3 months.
Over the period of the program and beyond, the client reported significant improvements in:
On day two of the program, the client reported that applying agile problem-solving method helped resolve an 18 months old internal issue within a two-hour meeting,
The initial team spread their capability beyond their functional teams, resulting in widespread buy-in to the transformation project. After 18 months, the portfolio of internal projects remains 98% on track for program, budget and benefits.
Participants in the program report a high degree of confidence in applying the learnings in their work, resulting in greater productivity for themselves and their teams.
Teams report a greater level of initiative being taken at all levels to support the transformation, with less time in meetings. Estimated cost saving of £350,000 for 4 months period alone.
Based on the increase sales alone, the team achieved an ROI of 21:1
- Creating an agile mindset:
We coached the team in developing agile thinking and working, cutting down on time spent in meetings and improving the speed of decision making.
- Breaking down silos:
Co-created initiatives to break down functional silos and foster collaboration across multi-disciplinary teams. It improved the internal customer feedback, leading to shorter product development times while improving product robustness.
- Practising empathy:
Equipped the team with the tools to gain empathy for the needs of different cultures quickly and approach potential conflicts with business objectives in a results-orientated way. This reduced resistance and created greater support from the different country locations, bringing the project back on track.
- Improving cross-team collaboration to support in times of pressure:
We coached the teams to self-create aligned definitions of success that supported both: achieving the desired business outcomes and recognising the different aspirations and cultures of the teams & their team members. As a result, different teams supported each other, alleviating pressure in sales and product development teams allowing for a better customer experience, leading to positive customer feedback and higher sales.
- Realigning focus on customer service makes customers happy:
Taking the team through practical exercises to enhance their ability to develop empathy for their customers’ needs, enabling them to find suitable solutions quicker. For external customers, this lead to shortening of the sales cycle, for internal customers it meant less time in meetings, more acceptable solutions and less rework.