Who is Innovating the Way we Work?
Who is innovating the way we work?
In my 20 years working with investment bankers, across borders and platforms, I have consistently observed the same system. In particular, the way we incentivize, train, recruit, manage and organize work.
It’s why I can be dropped into any investment bank in North America and I don’t need much explanation – I got the structure, culture, personalities, etc. There are nuances to be sure, but the system is stronger than the individual players.
Which leaves me to question – who is innovating the way we work? Silicon Valley has done the critical thinking to analyze how the most effective teams operate. Who is studying how to optimize how deal teams work, and what can we learn from other industries?
What about Agile?
This had led me to think about if there is anything we can learn from the Agile model, a methodology which was created to help software development teams speed up time to market for new products by solving issues in real-time.
Agile methodology uses an incremental and iterative process that allows teams to apply learnings quickly in a fail fast model. Agile teams deliver work in small, consumable increments, prioritizing quick delivery, adapting to change and collaboration.
Waterfall vs. Agile
Waterfall project management methodology is a sequential method where you establish a concept, then design, develop and then (when much of the work has already been done) test. The weakness is waiting too long to test the product when a course-correction could have come much earlier.
In deal team world, waterfall can lead to a game of broken telephone, where after weeks, neither the RM or client is happy with the produced work. Here are some common breakdown opportunities:
RM doesn’t clarify with client what will meet their need
Concepts not tested early with quick analysis
Junior team members get unclear instructions
Infrequent check-ins from RM
Agile methodology of “fail fast” involves infusing a discipline of consistent communication into the work flow. Note the key words “discipline” and “consistent”.
It starts with the RM who ensures their idea is aligned with the client’s needs and has gone through a quick vetting analysis before it’s passed down. Then the iterative process occurs with frequent communication.
Daily 15-minute stand-up meetings to monitor progress and identify roadblocks
Frequent communication to quickly detect and solve issues
‘Fail fast’ – Emphasizes swift, effective decision making
It’s about communication – fixing the broken telephone game
I’m not suggesting that we all go out and get trained in Agile. I’m sharing this high-level concept as a frame or lens to review the way you are working. Is there something about this concept that triggers something for you about how you can make a small change in the way you work to create greater efficiencies and end products?
If you are interested in this topic, check out my interview with Agile Coach, Jim Calko.