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1 Innovation at Bank of America Integrating to Win January 4th, 2005 PDMA International October 24, 2006.

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Presentation on theme: "1 Innovation at Bank of America Integrating to Win January 4th, 2005 PDMA International October 24, 2006."— Presentation transcript:

1 1 Innovation at Bank of America Integrating to Win January 4th, 2005 PDMA International October 24, 2006

2 2 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

3 3 Innovation at Bank of America 1.Its a journey 2.Innovation is part of our DNA 3.Integration is our competitive advantage

4 4 Gen III: Integrate and Refine The Journey Gen II: Execute and Triage Gen I: Build the Process 20022003200420052006

5 5 End-to-End Innovation Business System Accolade Product Lifecycle Management Vertical & Horizontal Strategic Planning New Product Introduction & Product Enhancement DMAIC Idea Generation Local Governance & Portfolio Mgt Corp Governance & Portfolio Mgt

6 6 Vertical and Horizontal Strategic Plan Alignment Bank of America Ken Lewis Global Consumer & Small Business Banking Individual performance plans Hoshin Page 1 1.4 Develop and deliver innovative products and solutions that make financial services work in ways it never has before. Deposits & Debit Products New Product Introduction Team Bank of America Ken Lewis, Chairman and CEO Companies Breakthrough Strategies Provider of ChoiceEmployer of Choice 1.1 Provide a world-class customer/client experience through easy access and efficient, error-free service C. Goslee / B.Desoer 1.2Attract and retain profitable customers/clients…and continuously reward them for keeping and bringing more of their business to us 1.1Become 1.4Develop and deliver innovative new products and solutions which make financial services work in ways it never has before VISION GOALS ASSOCIATE SHAREHOLDER CUSTOMER 2.1 Ala kjdljf; alsdkjf; aldsfj;lfkj 2.2 La;alf;dla jkd;lfkjsd;l fkjas;d flkja;sd lfkja;dlfkj;sdsfkj;asddfjjas; 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 Be The Worlds Most Admired Company Provider of Choice Investment of Choice - - SHAREHOLDER CUSTOMER 1.1 Ala kjdljf; alsdkjf; aldsfj;lfkj 1.2 La;alf;dla jkd;lfkjsd;l fkjas;d flkja;sd lfkja;dlfkj;sdsfkj;asddfjjas; 1.3 Galk dj;f aljkd;flkjsd f;lkjdjfklj;l kjfl kkdjf;lkddjf ;lakdj j kjdf;lajjd 1.4 Eloroaid jlkaid man;lnva ife;akldj lkadkfi 1.5 Drlejalvdi tjevhne kjjfkanvefoa klnvlefeii n alkadir nadlfkier adnk andk sto adkjf nvkaljeia 3.1 Ala kjdljf; alsdkjf; aldsfj;lfkj 3.2 La;alf;dla jkd;lfkjsd;l fkjas;d flkja;sd lfkja;dlfkj;sdsfkj;asddfjjas; 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 1.6 Drlejalvdi tjevhne kjjfkanvefoa klnvlefeii n alkadir nadlfkier Hoshin Plan

7 7 High-Level Product Innovation Process Strategic Planning Idea Gen, Mgt Defi ne Mea sure Anal yze Impr ove Cont rol Growth Opportunities Make It Deliberate Simply Stated Evaluate and Validate The Final Design Build and Prep for Launch Launch and Monitor

8 8 VOC Helps Drive the Innovation Process Business Case and Build CONCEPT TESTING Volume Forecasts CONCEPT OPTIMIZATION Qual and Quant Optimize CONCEPT SCREENING Screen MARKET TEST (VOC) (BOC) Launch VALIDATION (BOC) Monitor and Improve

9 9 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

10 10 Sustaining Innovation 1. Leadership commitment and growth aspirations 7. Funding 3. Content development and prototyping 2. Idea generation and management 6. Governance 5. Talent management 4. Portfolio management and measurement 8. Innovation culture

11 11 The Result of Strategy, Process, and Integration Over 3.2 million accounts enrolled Customers have saved over $230 million in their accounts Strategically driven innovation VOC throughout the process Integration made the difference In its first year:

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