"“I don’t do squishy and I don’t recommend that anyone who does innovation does squishy. This means setting out knowing what you want to accomplish." - Lara Dryan Managing Director Innovation Royal Bank of Scotland
Yet it does surprise me how often companies wish to trial innovation with very vague objectives. Sometimes goaded by the thought "we need to do something with digital" or fear of disruption from external competitors.
But without compelling and strategic goals that define the expected impact of innovation trials and POCs will remain "squishy" and by definition "easy to squash" the fate of many a digital transformation project.
The word “innovation” get thrown around a lot in banking these days (ah-hem!), but Lara Druyan, managing director, head of innovation, west coast, for the Royal Bank of Canada warned that without metrics, it is easy for innovation efforts to get “squishy.” Druyan described the metrics that helped give structure to innovation efforts. “I don’t do squishy,” she told the audience, “and I don’t recommend that anyone who does innovation does squishy.” This means setting out knowing what you want to accomplish, said Druyan.