Is Ideation a realm of only select few (or) can everyone in an organization ideate?. Is Creativity Innate (or) can it be taught?. In Broadridge Financial Solutions (India) Pvt Ltd, the belief is "Everyone can ideate and Creativity can be taught" and this belief has been turned in to a reality since 2010. This entry will detail the story behind the Ideation framework and tools that has been built in Broadridge India which has been successfully embraced by every associate in India and adopted by multiple locations in Broadrige internationally
Broadridge Financial Solutions (India) Pvt Ltd is the India arm of $2.8 B Broadridge Financial Solutions (NYSE:BR). Broadridge financial solutions provides Investor Communication services and Securities processing solutions to the world's leading Investment Banks, Broker-Dealers and Buy side firms across 40 different markets. Broadridge financial solutions was spun off from Automatic Data Processing (ADP) in 2007.
Broadridge India was set up as Wilco International Systems Pvt Ltd in Hyderabad India in 1999. (Part of ADP). Broadridge India with approximately 1600 associates and 2 locations (Hyderabad and Delhi) acts as the Global Development and BPO center for all Broadridge business units across North America, UK & Europe and APAC regions.
Broadridge India has been consistently rated amongst the best places to work in India and was recently rated as 11th best employer under Small/Medium sized firms by Dataquest India in the annual DQ Top 20 awards. Broadridge India has also been recognised by many associations including NASSCOM, Employer Branding Institute as a leader in Innovation, Associate Development, HR Practices, Diversity and Inclusion etc.
Having started as providing Software development and maintenance activities in 1999, Broadridge India has now grown in to providing highly valuable functions to Broadridge globally including Business Strategy, Product Management, Product Development & Maintenance , Shared Services and BPO.
Broadridge India's biggest strength is its talent pool, associates from leading universities in India and also the subject matter expertise in Capital Markets and Investor Communications. Broadridge India learning and development includes an intensive 1 year program to develop Subject Matter Expertise on Brokerage Operations for the top associates in the organization.
The challenge for Broadridge India is to be a strategic partner for all business units and consistently be in touch with the ever changing financial markets and meet Industry and Client's needs.
The Need:
Since 1999, Broadridge India (Formerly Wilco India and ADP Wilco India) has provided cost efficient technology and operations delivery services to Broadridge businesses globally. As the organization evolved a strategic imperative for Broadridge India was to be a "Value Player" and "Strategic Partner to Broadridge Businesses".
The Challenges
The primary challenge the organization faced was the fact that Broadridge India was located remotely to the the leading markets (US, UK, Europe and APAC) markets and the need to establish the Subject matter expertise required to provide innovative solutions that deliver value to Broadridge worldwide and its clients. In addition to this, it needed strong leadership to imbibe a culture change of moving from "Delivery" to "Leading Innovation" and balancing the needs of both.
Key Characters
Broadridge India's Managing Director Laxmikanth Venkatraman (VLK) was the driving force behind the vision of "Broadridge India becoming a Value Player and a Idea Hub". VLK established a clear "Why" around the need for Innovation and the leadership team worked on this to build a platform which provides opportunities for every associate to ideate. Investments were also made in creative thinking development for associates including training on Lateral Thinking and Six Thinking Hats program.
Living the Broadridge Values
Broadridge's values are Credible, Respect, Engaged, Accountable and Trust. The Ideation Platform provides an opportunity for every associate the Leadership team driving this to live these values daily. With the Ideation platform, Broadridge India has been able to provide 100's of ideas which have ranged from Product Improvements to Broadridge launching New Solutions and Products to our clients. This has also helped innovation as a focal point in Broadridge globally.
The first step in Broadridge India's innovation journey was the setting up of "Value Addition Information office" (VAIO) program which encouraged associates to submit and work on any process / product / solutions enhancements that resulted in Cost & Effort Savings. This program was institutionalized in 2008 and was adopted throughout the organization by Mid 2009. Post the success of this program, the Leadership of Broadridge India set forth to build a Ideation Program whose objective was to ensure everyone in Broadridge India can contribute ideas that makes a valuable contribution to Broadridge
Key Innovation
1. A simple and easy to use 3 Step Ideation Process - Submit, Collaborate & Review, Implement
2. A Web 2.0 based in-house developed ideation portal
3. Lateral Thinking and Six Thinking Hats tools for Idea assesment and treatment
Timeline
May to June 2009: Leadership Brainstorming on Need for Ideation Program, Objectives and Goals & 6 Member Team Formation
July 2009 - Aug 2009: 6 Member Ideation Program team defined and presented the Ideation Framework, Process , Proposed tools and Investments required for Senior Leadership. The proposal was accepted and go-ahead given to launch the ideation program
Sep 2009 - Dec 2009: Beta Rollout of the Ideation Program and Inhouse developed Ideation Portal
Dec 2009 - Organization Wide Launch and Rollout
July 2010 - 125 Ideas Submitted of Which 24 Ideas were converted in to Initatiaves. 4 of the 24 initiatives were new product launches and business solutions
Aug 2010 - June 2011: Ideation Portal 2.0: Enhancement of the Portal to Web 2.0 tools, Simplication of Idea Review Process & Enhanced Collaboration Tools
July 2011: 600+ ideas of which 118 ideas were converted to Initatives
Aug 2011 - July 2012: Simplification of Review Process, Enhanced Collaboration Tools & Global Rollout of the ideation framework rollout. Rolled out to Broadridge London and Investor Communication solutions business of Broadridge US
Aug 2012 - Now: Way of Life in Broadridge India
Key People & Roles
Laxmikanth Venkatraman ( Broadridge India Managing Director ): Executive Sponsor
Senior Leadership of Broadridge India: Program Governance
10 Member Ideation Group responsible for running the Ideation program and reporting to Broadridge India Senior Leadership
Ideation Champions: Business Unit specific leaders of the Ideation program
Business and Technology Experts: Idea Reviewers
Business Unit Managers and P&L Owners: Ideas approval and go-ahead
Impact on Associates
As stated in the title, the ideation program has become a way of life in Broadridge India and improved the associate engagement levels. It has also resulted in transformational products & solutions from broadridge. It has also resulted in annual best ideas recognition which is a recognition and celebration of the best ideas in the organization
Key Challenges
1. Mindset & Culture Change: Moving from "Doing what is expected" to contributing ideaes that have a deep impact on value generated
2. Develop Simple & Easy to Adopt process and Tools
3. Strong Return on investments
4. Treatment & Assessment of ideas in an un biased manner
Solutions
1. A simple and Easy to use 3 Step Ideation Process
a) Idea Submission: Every associate can submit an idea in the ideation portal which is a simple and easy to use form to capture the idea brief & its benefits
b) Idea Discussion & Collaboration - Associates comment on submitted ideas, provide informal reviews and join the idea team if interested
c) Multi Step Idea Review and Approval - Formal review of ideas by experts and supervisors for review and approval.
2. A Web 2.0 Ideation Portal built on Microsoft Sharepoint and In-House Tools
a) A quick and easy to use forms for idea submission
b) Discussion Threads and Forums for Idea discussion and collaboration
c) Review Templates incorporating Edward De Bono's Six Thinking Hats Treatment & Assessment Methodology
3) Governance Structure to ensure that the process is adhered to and continuously improved
4) Measures: Defined measures and metrics for Benefits
5) Overcoming Adoption Challenges through a Leaderboard points system which has resulted in a very positive and healthy competition amongst associates and led to wider adoption amongst the associates
Ideation Metrics (Dec 2009 to Dec 2012)
Total Number of Ideas : 2064
Total Number of Approved Ideas: 860
Total Number of Ideas Converted to Initatives: 169
% of Associates Who have Submitted an Idea: 48%
Key Benefits
Benefits have ranged from cost savings to new revenues for Broadridge. It has also helped client satisfaction surveys show an upward trend.
Of the 129 Initatives, 9 new products and business opportunities have been launched for Broadridge and additionally 40% of the ideas resulted in Broadridge product improvements
A Broadridge global ideation platform has been rolled out
The Ideation portal has been used for Broadridge Securities Processing International Business Unit's Annual Strategic Planning process
Key lesson for Broadridge India
1. Every associate can contribute to ideas on improving Broadridge and not necessarily restricted only to select few
2. Key to make ideas stronger is a) Collaborate on Ideas b) Un-biased ideas review and assessment is key to gain credibility from associates and clients C) Collaboration results in ideas being morphed in to stronger ones
3. If proper review and assessment is not done within the time frame, ideas get lost and associates lose interest
4. Valuable ideas are obtained when it is trying to solve Client's needs
Broadridge India
Laxmikanth Venkatraman (Managing Director - Broadridge India)
Niladri Ray ( Executive Vice President - Broadridge India)
Amit Mitra ( Vice President - Broadridge India)
Inigo Fernando ( Vice President - Broadridge India)
Kaushal Mahajan (Vice President - Broadridge India )
Leelakrishna Munnangi (Head of IT - Broadridge India )
Venkata Kommoju (Lead of Broadridge India Ideation Portal Tools & Technologies)
Rajita Singh (Head of Human Resources - Broadridge India)
Srinivas Duvvuri (Vice President, Broadridge India)
Sumeeth Chinni, Raghuram Ganti, Srinivas Vinjamur, Krishna Kankipati, Pavan Deevi, Syed Azeez Ali,
External
For Incorporating Six Thinking Hats and Lateral Thinking Concepts, Edward De Bono Institute. All Leaders in Broadridge India have undergone formal training in STH and Lateral Thinking Course
I read a few articles on how organizations innovate and found frameworks, processes and methods. Broadridge article sounds different, they have a tool to innovate and results are outstanding. I want to know about the company and learn a few practices.
Swetha...
- Log in to post comments
You need to register in order to submit a comment.