Docstoc

Innovation

Document Sample
Innovation Powered By Docstoc
					    Innovation at Bank of America
    Integrating to Win


    January 4th, 2005PDMA International
    October 24, 2006




1
    Product, Service, or Business Innovation

                          Innovation Operating Model   Tangible Goods   Bank of America

    Organic Growth Imperative

    Six Sigma (or equivalent) Discipline

    Front-end Idea Generation

    Ongoing Research and Concept Testing

    Innovation Portfolio Management

    Manufacturing and Distribution Model



2
    Innovation at Bank of America

    1. It’s a journey
    2. Innovation is part of our DNA
    3. Integration is our competitive advantage




3
    The Journey



                                                              Gen III: Integrate and Refine


                                      Gen II: Execute and Triage

           Gen I: Build the Process


    2002                  2003               2004                   2005                      2006




4
    End-to-End Innovation Business System

                         Vertical & Horizontal Strategic Planning



                                  Corp Governance & Portfolio Mgt
       Idea Generation

                                                                      Product
                                                                     Lifecycle
                                 Local Governance & Portfolio Mgt   Management




                             D        M       A        I        C

                                 New Product Introduction &
                                   Product Enhancement



              Accolade
5
       Vertical and Horizontal Strategic Plan Alignment
                           Bank of America
                              Ken Lewis

                                                             Hoshin Plan                                         Global Consumer &
                                                                  Bank of America
                                                                                                                Small Business Banking
                                                        Ken Lewis, Chairman and CEO


         VISION                 “Be The World’s Most Admired Company”
                                                               Companies”

          GOALS                                   Breakthrough Strategies                                                                 Deposits &
       CUSTOMER

     Provider of Choice
                                1.1 Provide alsdkjf; -class customer/client experience
                               1.1 Ala kjdljf; a world aldsfj;lfkj
                                    through easy access and efficient, error -free service
                               1.2 La;alf;dla jkd;lfkjsd;l fkjas;d flkja;sd lfkja;dlfkj;sdsfkj;asddfjjas;
                                                                                    C. Goslee / B.Desoer
                                                                                                                                         Debit Products
                                1.2 Attract and retain profitable customers/clients…and
                                    continuously reward them for keeping and ;lakdj j kjdf;lajjd
                               1.3 Galk dj;f aljkd;flkjsd f;lkjdjfklj;l kjfl kkdjf;lkddjf bringing more
                                    of their business to us
                               1.4 Eloroaid jlkaid man;lnva ife;akldj lkadkfi
                                1.1 Become
                               1.5 Drlejalvdi tjevhne kjjfkanvefoa klnvlefeii n alkadir nadlfkier
                                    adnk andk sto adkjf innovative
                                1.4 Develop and delivernvkaljeia new products and
                                    solutions which make financial services work in ways it
                               1.6 Drlejalvdi tjevhne kjjfkanvefoa klnvlefeii n alkadir nadlfkier
                                    never has before
                                                                                                                                                      New Product Introduction Team
       ASSOCIATE               2.1 Ala kjdljf; alsdkjf; aldsfj;lfkj
                               2.2 La;alf;dla jkd;lfkjsd;l fkjas;d flkja;sd lfkja;dlfkj;sdsfkj;asddfjjas;
    Employer of Choice         2.3 Galk dj;f aljkd;flkjsd f;lkjdjfklj;l kjfl kkdjf;lkddjf ;lakdj j kjdf;lajjd
                               2.4 Eloroaid jlkaid man;lnva ife;akldj lkadkfi
                               2.5 Drlejalvdi tjevhne kjjfkanvefoa klnvlefeii n alkadir nadlfkier



      SHAREHOLDER              3.1 Ala kjdljf; alsdkjf; aldsfj;lfkj
                               3.2 La;alf;dla jkd;lfkjsd;l fkjas;d flkja;sd lfkja;dlfkj;sdsfkj;asddfjjas;
    Investment of Choice
                               3.3 Galk dj;f aljkd;flkjsd f;lkjdjfklj;l kjfl kkdjf;lkddjf ;lakdj j kjdf;lajjd
                               3.4 Eloroaid jlkaid man;lnva ife;akldj lkadkfi
                               3.5 Drlejalvdi tjevhne kjjfkanvefoa klnvlefeii n alkadir nadlfkier
                                                                                                                                                                Individual
                                                                                                                                                            performance plans
     Hoshin Page 1




6
     High-Level Product Innovation Process

                           Idea
    Strategic                                         Measur                          Improv
                           Gen,   Define                          Analyze                                Control
    Planning                                            e                               e
                           Mgt



                                  Simply Stated                The Final Design

    Growth Opportunities                                                                         Launch and Monitor




                                       Evaluate and Validate

            Make It Deliberate                                       Build and Prep for Launch




7
VOC Helps Drive the Innovation Process

         Screen                     CONCEPT SCREENING


         Optimize                  CONCEPT OPTIMIZATION
                                           Qual and Quant

    Business Case   and Build            CONCEPT TESTING
                                          Volume Forecasts

         Launch                           MARKET TEST
                                            (VOC) (BOC)

      Monitor and Improve                  VALIDATION
                                               (BOC)




8
    Key Performance Metrics
    UNITS
       Number of ideas generated
       WIP, Yield, Kill Rate
       Strategic Mix (Incremental, Strategic, Breakthrough)

    TIME
        Average Completion Time
        Average Time to Launch
        Average Aging

    QUALITY
       Tollgate Achievement Rate
       Rolled Throughput Yield (RTY)

    BENEFITS
        Percent of total revenue from new products
        Percent of benefits achieved
        Number of patents

9
      Sustaining Innovation



                 1. Leadership commitment and growth aspirations


        2. Idea        3. Content     4. Portfolio               5. Talent
     generation and development and management and              management
      management      prototyping    measurement


                6. Governance                           7. Funding


                                8. Innovation culture




10
     The Result of Strategy, Process, and Integration

                                             Strategically driven innovation
                                             VOC throughout the process
                                             Integration made the difference



                                             In its first year:
                                                Over 3.2 million accounts enrolled
                                                Customers have saved over $230 million in their accounts




11

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:0
posted:4/6/2013
language:Unknown
pages:12
dominic.cecilia dominic.cecilia http://
About