Innovation Means Credit Unions Knowing Their Capacity to Fail
LAS VEGAS -- Realizing that failures could occur over and over and might not ever yield results is at the core of innovation, said Joe Batista, director and chief creatologist at Hewlett-Packard Co., told attendees at NACUSO's annual conference.
Batista spoke on discovering, unlocking and unleashing innovation and shared several case studies on companies that are using intellectual capital, new technologies and the rearrangement of business relationships to produce revenue. He used WD-40, the lubricant and rust corrosion solution, as an example. The creators failed 39 times before hitting the jackpot. Hence, the "40" in WD-40.
"What is your capacity to fail," Batista asked attendees. "Do you celebrate innovation? I am amazed that so many companies don't."
Rather than coming up with a new product, credit unions should first ask if the new offering will "delight the member," Batista said. By discovering where the assets are, credit unions increase member value. Knowledge is the best and cheapest weapon for innovation, he added. On that same path, silo busting can help connect and develop. Run-of-the-mill products and services just won't do, Batista said.
"If it's not industry-leading or best practices, why are you doing it?"