“The key to moving beyond just optimization to reinvention is to empower a culture of ideation, exploration, trying, testing, failing, learning, and trying again. A culture of analytics-driven innovation includes:
– Culture of Empowerment. Give everyone in the organization the power to envision, ideate, try, fail, learn, share, and try again. Empowerment isn’t just for the senior executives. Empower the front lines of the organization where customer, product, and operational tribal knowledge is gathered and nurtured.
– Culture of Sharing. Create a sharing feedback loop to drive the “economies of learning”. Learn from the AI model’s False Positives and False Negatives to overcome AI confirmation bias. Exploit sharing to drive the “economics of compounding” where compounding small improvements can drive big impacts.
– Culture of Learning Through Failure. If you ain’t failin’, then you ain’t learnin’. Organizations need to push the edges of where and how value is created. Organizations need to understand the power of exploring and testing ideas that “might” work. If your organization doesn’t have enough “might” moments, then you’ll never have any break-through moments.
– Culture of Experimentation. Nurture and reward a mentality of analytics-driven continuous testing and experimentation, of formal hypotheses development and testing, and exploring new algorithms, tools, data sources, and features to ascertain their predictive effectiveness.
– Culture of User Intimacy. Get close to your customers and the decisions that they are trying to make in their journeys and the metrics against which they are measuring the progress and success of their journeys. Invest the time to understand their journey intent; that is, what outcomes do they seek and what is the value of those outcomes. Mastering the determination of intent is the key to powering an organization’s innovation mindset.”