Innovation and business transformation is the topic of discussion on this episode of the podcast. We talk with Dr. Sunil Mithas of the University of Maryland about what companies can learn from the Tata Group's ascension to becoming one of the world's most well-known - and profitable - businesses in the world. Dr. Mithas has studied the Tata Group's success in-depth for his just published book, Dancing Elephants and Leaping Jaguars: How to Excel, Innovate, and Transform Your Organization the Tata Way. On this episode we discuss the Malcolm Baldridge framework for measuring innovation, why it's important to have a long-term vision for innovation, and a number of different innovation competitions that Tata has set up to encourage innovation within its companies.

43. Innovation & Business Transformation, with Dr. Sunil Mithas

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Innovation in Healthcare: Why the Future Has Never Been Brighter Driving innovation in the healthcare space has traditionally been a challenge to say the least. The good news? Many of the challenges that have stood in the way of unlocking healthcare innovation in the past are now fading into the background. VP of Client Success Carl Rudow and our healthcare industry lead, Steve Rowe, unpack why we may well be entering a golden age of innovation in healthcare on the latest episode of The Innovation Engine.  The reasons why healthcare organizations have been slower to innovate than companies in many other industries are many. Root causes include a dearth of incentives for payers and providers to innovate on their services, an inability to attract engineering and product expertise to the space, and increasingly ossified systems that increase tech debt and hamper innovation.  Recent years, however, have seen a number of positive shifts in the healthcare landscape. These shifts include the emergence of low-code/no-code platforms for application development, the maturation of offerings in the RPA space, and more recently, in areas like generative AI, Vision AI, and machine learning. Each of these trends should give healthcare leaders hope that the industry in general is moving beyond more conversations around healthcare strategy. 
Episode Highlights
The healthcare industry faces challenges in driving innovation due to bad incentives, lack of engineering and product resources, and difficulties in implementing new systems and integrating data.Low code and no code tools are emerging as solutions that empower healthcare organizations to build high-quality custom apps and workflows, enabling engineers to be more productive and improving user experiences.Investing in good user experience design and product strategy for internal applications can lead to strong ROI and better serve patients and members.Innovation in healthcare requires innovative solutions to overcome the barriers and challenges in the industry. Emerging tools like robotic process automation (RPA) and AI have the potential to transform healthcare organizations by automating manual processes and improving decision-making.The ultimate goal of healthcare innovation is to provide better care and improve patient outcomes, and technology plays a vital role in achieving this.Healthcare organizations need to embrace these emerging tools and invest in the necessary infrastructure and talent to fully leverage their potential.
Resources
Check out the 3Pillar blogConnect with Steve Rowe on LinkedInConnect with Carl Rudow on LinkedIn
 Produced by NOVA Media

210. Innovation in Healthcare: Why the Future Has Never Been Brighter

On this episode of The Innovation Engine, we dig into the recent past and upcoming future of innovation in the Financial Services industry. Rob Murray, 3Pillar’s Financial Services Industry Leader, moderates a conversation with Jennifer Mun and Albert Thibault, two integral members of our Financial Services industry team.    The trio discusses some of the key trends they saw shaping the FinServ space in 2023, including the evolution of consumer behavior toward a cashless (and sometimes even cardless) society, and examining how data and personalization are revolutionizing customer experiences. Looking ahead to 2024, we predict further enhancements in customer and employee experiences, driven by evolving AI applications and data analytics. We stress the importance of ethical AI deployment and data use in a globalized landscape and the strategic decisions between buying or building solutions. Tune in to this robust conversation as we navigate through these exciting developments and lay out a roadmap for the future of financial services. 
 Episode Highlights:The transition to a cashless economy and its impact on financial services.Data-driven personalization as a key to enhancing customer experiences.The crucial role of talent in driving innovation in financial services.Prospects for AI and data analytics in shaping the future of the industry.The balance between innovation, security, and trust in financial services.
 Resources:Connect with Rob Murray on LinkedInConnect with Jennifer Mun on LinkedInConnect with Albert Thibault on LinkedIn
 Produced by NOVA Media

209. Financial Services 2023 Year in Review + Preview of 2024

In this episode of The Innovation Engine, we're thrilled to welcome Arjun Pillai, the visionary co-founder and CEO of the emerging company, Docket. Arjun, a seasoned entrepreneur with a rich history of successful ventures, delves into the critical concept of Go-To-Market First Product Management (GTM First Product Management). This episode is a deep dive into why it's essential to consider market strategy, distribution, and user acquisition right from the inception of a product. Arjun brings to light the importance of aligning product features with market needs and ensuring these are effectively communicated to customer-facing teams. He shares valuable insights from his experiences at ZoomInfo, emphasizing the evolution of product management and the pivotal role of product demos. Listeners will gain an understanding of how to empower teams for effective product demonstrations and the significance of setting clear goals for feature adoption. Join us as we explore Arjun's unique approach to product management at his new venture, Docket, where customer discovery and collaboration are key. His perspective on media consumption and engaging with industry experts offers a glimpse into the mind of a true innovator. Don't miss this opportunity to learn from Arjun's expertise and understand the nuances of bringing a product to market successfully. Tune in for a masterclass in product management strategy and execution. 
 Episode Highlights:Exploring the concept of Go-To-Market First Product Management (GTM First Product Management) and its importance Arjun's experience at ZoomInfo and how it highlights the alignment of product features with market needsThe evolving role of product management, shifting from holistic approaches to more specific tasksImportance and strategies for effective product demos, including the use of synthetic data and maintaining separate demo environmentsSetting and managing goals for feature adoption, with different expectations for different company sizes and markets
 Resources:Sign up to learn more about docketai.comConnect with Arjun on LinkedIn
 Produced by NOVA Media 


208. Go To Market First Product Management

On this episode of The Innovation Engine Podcast, we dive deep into the realm of innovation, change, and the human resistance to new ideas with David Schonthal, an award-winning professor at the Kellogg School of Management. David, co-originator of the revolutionary "friction theory," sheds light on why promising innovations often stumble before reaching their full potential. David and host Scott Varho explore the profound influence of human psychology on the acceptance and adoption of change. Why do people love the idea of innovation but dread the concept of change? David presents insightful real-world examples, highlighting the necessity of understanding the human element for successful innovation. As the discussion unfolds, listeners will be intrigued by the power of subtle shifts in approach, like shifting change management or marketing strategies to foster self-persuasion. It's an enlightening conversation that delves into the intricacies of introducing change, managing resistance, and ensuring that innovations don't just shine but also find their rightful place in the market. Tune in to discover the hidden challenges that await new ideas and how to navigate them successfully. 
 Episode Highlights:The challenges faced by promising innovations and the nuances of "friction theory," including the four types of frictionThe significance of empathy in product development and the limitations of traditional marketing personasReal-world examples of subtle marketing techniques that can influence consumer perception
 Resources:Learn more at davidschonthal.comRead: The Human Element by Loran Nordgren and David SchonthalConnect with David on LinkedIn
 Produced by NOVA Media

207. Fuel vs. Friction: Navigating the Forces of Change and Innovation with David Schonthal

3Pillar’s Financial Services Industry Lead, Rob Murray, joins us on the latest Innovation Engine to share some of the latest insights he’s gleaned from serving 3Pillar clients across the Financial Services space.  Rob and Scott Varho dive deep into what it takes to successfully drive innovation in a tightly regulated industry like Financial Services, where many organizations feel handcuffed by the legacy software and systems that power their customer experiences. In this episode, we explore the myriad of opportunities and challenges that the rapidly evolving banking, insurance and broader Financial Services sector presents, and how institutions are navigating this ever-changing landscape. Throughout the conversation, Rob sheds light on the pivotal role of innovation in shaping the future of banking. From the adoption of groundbreaking technologies like blockchain and artificial intelligence to strategic partnerships between traditional banks and FinTech startups, Rob provides a comprehensive overview of the forces driving change in the industry. He emphasizes the significance of customer-centricity and how banks are leveraging data, analytics, and technology to enhance user experience and meet the rising expectations of consumers in the digital age. In addition to his work at 3Pillar, Rob has extensive experience in leading digital transformation for renowned banks such as Wells Fargo and Bank of America, and he recently co-hosted our episode on Innovation by Design, which featured a conversation with JPMorgan Chase’s Chief Design Officer, Sam Yen.  Tune in to this episode for a deep dive into the state of innovation in Financial Services, where Rob offers valuable insights, discusses future trends, and shares his vision for a more connected and customer-focused banking experience. 
 Episode Highlights:Rob delves into the significance of innovation in the financial sector, discussing how it shapes competitiveness and meets the ever-evolving expectations of customers in the digital age.The potential and challenges of blockchain technology, highlighting their impact on trust distribution and the financial industry’s future.The shift towards a customer-centric approach in banking.The hurdles of digital transformation, including regulatory compliance, cybersecurity threats, and the integration of emerging technologies into legacy systems.Future trends and developments in banking, focusing on the integration of new technologies and the emergence of customer-focused business models.
 Resources:Connect with Rob Murray on LinkedInRead: "The Product Mindset" by David H. DeWolf and Jessica S. HallRead: "Amp It Up" by Frank Slootman
 Produced by NOVA Media 


43. Innovation & Business Transformation, with Dr. Sunil Mithas

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