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Credit Union Magazine just ran a great article on my keynote yesterday in Las Vegas for Drive 17, the annual conference from CU Direct on trends in the automotive lending space for credit unions.

Self-driving cars, drone technology, Apple Watch, and even FaceTime.

It’s technology we see depicted in “The Jetsons,” a cartoon from 1962 that depicted the life of a futuristic family. But we’re already seeing much of the technology today, more than 40 years before the cartoon takes place in 2062.

It’s staggering to think how quickly the world around us is changing,” says innovator and futurist Jim Carroll, who addressed CU Direct’s Drive 17 Conference Wednesday in Las Vegas.

The technology in The Jetsons is just another reminder that credit unions need to innovate and not only develop new products, but also transform to keep up with the speed of change, Carroll says.

Given the fast pace of change, more than 80% of conference attendees believe their current business model will not stay the same in the next 10 years due to the significant disruption.

We need to deal with the innovation killers which hold us back from pursuing the opportunities of the future. The future is coming at us with a greater intensity and great speed,” Carroll says. “We need to think big, start small, and scale fast.

Carroll offers credit unions five strategies for successful innovation:

1. Think big

Innovators need to make big, bold decisions to be transformative. This is the only way credit unions will be able to counter the impacts that disrupters, such as fintech companies, have, Carroll says.

Think of Tesla, Carroll says, which has transformed the auto industry by manufacturing vehicles on demand and have placed their dealerships in retail shopping areas rather than in stand-alone structures. Some 400,000 people have signed up for these vehicles, he adds.

2. Presume that everything will speed up

Credit unions are not the only industry struggling with the speed of technology.

Technology is rapidly changing in vehicles, says Carroll, who believes Siri or Alexa buttons, augmented reality screens, vehicle-to-vehicle communication, and payment technology embedded in the dashboard may be features in vehicles by 2020.

For credit unions, think about how biometric scans can be used at ATMs.

3. Align to Moore’s Law of innovation

This law says the processing power of a computer chip doubles every 18 months. Technology is constantly changing and is becoming embedded in more items, such as garage doors, ceiling fans, and even grills, Carroll says.

Hyperconnectivity is becoming the rule.

Credit unions need to be aware of the expectations members have for personalization, their use of technology, and a desire for real-time support or interaction when needed.

You need to be prepared to innovate quickly,” he says.

4. Align changing business models and consumer behavior

Mobile devices have a huge influence on people’s purchasing and financing decisions. Research shows the average consumer scans 12 feet of shelf space in a second, and 80% would leave a store if they must wait more than five minutes to pay.

Determine ways to grab your members’ attention and provide solutions faster, in addition to providing a way for members to interact online, Carroll says.

5. Realign to the impact of generations

Recognize how younger generations live their lives. Don’t cling to a routine or process just because that’s the way your credit union has always operated.

Millennials, for example, have been weaned on technology, speed, and innovation, and are open to transformations and changes that take this into account, Carroll says.

 

IBM’s Think Marketing blog found my site, and interviewed me on some of my thoughts around innovation and culture. Give it a read!

 

Hatching your next great idea: 5 ways to set the stage
by Jennifer Goforth Gregory, IBM Think Marketing Blog

Sometimes, you wake up and it feels like it became spring overnight. But when you stop to think about it, the change of seasons happened gradually over the course of a few weeks, and you missed the subtle signs. The daffodils started blooming last month. You started leaving the house without a coat. And, last week, you noticed a few trees sporting light green leaves.

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I did a keynote a few weeks back for a leading North American food company.

It was a highly customized keynote, built around the theme, “Being Agile: How Innovators Thrive in the High Velocity Economy.” I think it took about 5 or 6 conference calls with senior executives at the client as I worked to build my content and insight into their overall theme. They had about 200 of their top executives at the corporate offsite. (This is typical of about 50% of the events I do ; a lot of “corporate off-sites” for Fortune 1000 companies, often at the behest of a CEO).

Agility2015

A quick screen shot of one of my opening slides!

What is “corporate agility” or “business agility”? From my perspective, it involves an organization that has aligned itself so that it can “respond to fast external trends in order to spot opportunity, ward off challenge and align resources for fast success.”

Of course, a good part of my talk focused on the trends in this particular sector that are driving the need for agility; specifically, the rapid emergence of new forms of in-store promotion known as “shopper marketing,” which combines location intelligence, mobile technology and in-store display technology; massive changes to the in-store payment process, including mobile payment involving Apple Pay and the complete elimination of the concept of the cash-register; the emergence of same-day shipping from titans such as Google, Amazon and Walmart; the rapid installation of “click and collect” infrastructure (i.e. an online purchase, with same day pickup at a retail location); faster ‘store fashion’ with rapid evolution of in-store promotion, layout and interaction; the arrival of intelligent packaging and intelligent (“Internet of Things”) products; and collapsing product life-cycles, rapid product obsolescence and the implications on inventory and supply chain! (All of which is covered in depth in a previous retail trends post….). Not to mention all the fast changing consumer, taste, food and social networking trends influencing today’s food purchasing decisions…

How do achieve agility in a fast moving environment? I focused on these issues:

  • structure for execution
  • rebuild your competitive intelligence capabilities
  • watch the “edges”, particular crowdfunding initiaitves in your space
  • abandon tradition – get more projects on the leading edge
  • be decisive – avoid aggressive indecision
  • innovate with structure – form fast teams!
  • enourage entrepreneurial units – spin out units rather than reining them in
  • partner up in unique ways
  • redefine strategic planing – flex it to short term thinking
  • build a culture that supports new ideas
  • challenge decisions
  • rapidly ingest new technology
  • “test and learn”
  • spots trends quicker
  • risk failure faster
  • align different generations on social projects

I spent some time walking through each of these issues in a fair bit of depth; and there is a copious amount of insight on each elsewhere throughout my blog.

And of course, avoid the “innovation killers” — which can shut down opportunities in learning how to be agile!

It was a great keynote talk on agility, and the client was genuinely thrilled.

Agility is a critical issue that organizations need to think about in a world in which the future belongs to those fast….! Here’s a video clip to whet your appetite!

 

Franchise

I found this recently from a keynote two years back….

Future Trends: Futurist, Trends, and Innovation Expert to Keynote Multi-Unit Conference

Jim Carroll loves to predict where the world is going. As such, he has become one of the world’s leading international futurists, trends, and innovation experts. His analysis digs deep into topics such as technology, business model change, fast paced innovation, and global challenges and growth. He’s been in demand with such clients as Northrop Grumman, Visa, Rockwell Collins, Lincoln Financial, and the Walt Disney organization. He was featured as an innovation expert on the global CNBC show, the Business of Innovation, and was named one of four leading sources for insight into innovation by Business Week magazine.

Jim Carroll loves to predict where the world is going. As such, he has become one of the world’s leading international futurists, trends, and innovation experts. His analysis digs deep into topics such as technology, business model change, fast paced innovation, and global challenges and growth. He’s been in demand with such clients as Northrop Grumman, Visa, Rockwell Collins, Lincoln Financial, and the Walt Disney organization. He was featured as an innovation expert on the global CNBC show, the Business of Innovation, and was named one of four leading sources for insight into innovation by Business Week magazine.

He’ll be bringing his latest insight to the Multi-Unit Franchising Conference this April at the Venetian Hotel in Las Vegas where he’ll be a keynote speaker.

We had the opportunity to sit down with Carroll and posed some franchise-specific questions. Here’s what he shared with us.

In terms of the future, what do multi-unit franchisees have to fear?

Well, there’s nothing to fear really, if you view future trends as being full of opportunities rather than as a threat. I find that many of my clients think about future trends and think, “oh, this can’t be good, it’s going to be pretty difficult to deal with.” The first step with getting into an innovative frame of mind is to think of every trend as an opportunity, not a threat.

So let’s think about a few of them. Consider social networks, there are huge impacts on how consumers perceive, interact, and provide feedback on brands. Obviously, if you don’t pay attention to the trend, it can turn into a big negative for you.

But if you get involved, engage the new consumer, and continually experiment with new ways of taking advantage of this new form of interaction, then you are doing the right thing.

What kinds of things do multi-unit franchisees have to look forward to?

Oh, there are just so many opportunities to grow the business. We’ve got all kind of new location-intelligence oriented opportunities – people walking around with mobile devices that have GPS capabilities built in. Think about instant couponing apps that might encourage customers to drop in and purchase something. There are new methods of getting the brand image out there – we’ve seen so many franchise groups with successful viral videos. For restaurant franchisees, there’s the rapid emergence of the new health-conscious consumer and opportunities to reshape the menu to take advantage of that. I look around and I just see a countless number of methods by which a franchisee can run the business better, grow, and transform their business. And that’s what innovation is all about!

What kinds of things do multi-unit franchisees need to be doing in their businesses right now?

Investing in experiential capital. Look, there’s so much new stuff happening out there, and markets are changing so quickly, that the only way to get ahead is to try out a lot of new ideas. In a world in which Apple generates 60 percent of its revenue from products that didn’t exist four years ago, it’s critically important that an organization constantly enhance the skill, capabilities, and insight of their people. They do this by constantly working on projects that might have an uncertain return and payback – but which will provide in-depth experience and insight into change. It’s by understanding change that opportunity is defined, and that’s what experiential capital happens to be. In the future, it will be one of the most important assets you can possess.

What kinds of things should multi-unit franchisees stop doing?

Making excuses. Look, it’s all too easy to avoid the future and not do the tough things. Stop using what I call the “innovation killers,” phrases like:

  • “We’ve always done it this way”
  • “It won’t work”
  • “That’s the dumbest thing I ever heard”
  • “That’s not my problem”
  • “You can’t do that”
  • “I don’t know how”
  • “I don’t think I can”
  • “I didn’t know that”
  • “The boss won’t go for it”
  • “Why should I care?”

What can multi-unit franchisees do better right now and how?

Change their attitude to try new things. Innovation is critical. Innovative companies act differently.

In these organizations ideas flow freely throughout, subversion is a virtue and success and failure are championed. There are many, many leaders who encourage innovative thinking, rather than managers who run a bureaucracy. There are creative champions throughout the organization – people who thrive on thinking about how to do things differently. Ideas get approval and endorsement rather than stating “it can’t be done,” people ask, “how could we do this?”

People know that in addition to R&D, innovation is also about ideas to “run the business better, grow the business, and transform the business.” The word “innovation” is found in most job descriptions as a primary area of responsibility, and a percentage of annual remuneration is based upon achievement of explicitly defined innovation goals The fact is, every organization should be able to develop innovation as a core virtue — if they aren’t, they certainly won’t survive the rapid rate of change that envelopes us today.

10 Enemies of Innovation!
November 22nd, 2011

I had a conference call with a client yesterday with respect to an upcoming leadership meeting; I’ll be helping the organization think about some of the barriers they have towards innovation, and what they need to do to overcome these challenges.

As we were talking, I scribbled down a short list of some of the issues that I was identifying with them.

  •  tradition. Some organizations are too caught up with the past, which causes them to lose sight of opportunities for the future.
  • culture. Often corporate culture can stifling, if not deadening. Some build up an organizational sclerosis which eventually clogs up their ability to try to do anything new.
  • organizational memory. It causes people to focus on the past instead of the future.
  • bureaucrats. Their job is simply to shut down ideas, get people to fill out forms, and reduce the everyday work experience to a series of mind-numbing tasks.
  • stock markets. They cause too many senior executives to spend their time thinking about short term hits that can keep the stock price up, rather than working on the big bets that can provide for transformative opportunities. No wonder so many organizations are going private!
  • job descriptions. They reduce the role of people to a narrowly defined set of activities and small goals. I’ve encountered few organizations where innovation success is actually enshrined into the job description, let alone the HR reward system.
  • mission statements. They can be a great thing to give everyone an overall sense of purpose. On the other hand, most organizations don’t update and refresh them, which means that in many cases, the mission statement has nothing to do with what the organization actually needs to be doing.
  • strategic planning. Some organizations get so caught up in the process of strategic planning that they never get beyond the planing statge. Where do you think the phrases “analysis paralysis” comes from — organizations who are busy analyzing things as part of their planning process!
  • lone wolves. They’re often folks who can lead innovation, since they can have the brilliant ideas that are the spark for greatness. On the other hand, they can become so blinded by their belief that they refuse to accept the ideas and insight of anyone else, forgetting that collaboration is often at the root of all great innovations
  • history and legacy. What made you successful in the past won’t work for you in the future.

That’s a short list of some of the enemies of innovation – there are lots more!

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