General Electric Kopi Conversation
GE has become an important leader in changing the mindset of corporations with regards to innovation. Their venture into an adapted form of lean startup methodology was a turning point not only for the company but also to the manufacturing industry. GE had worked together with Eric Ries, entrepreneur and author of the bestselling “The Lean Startup” to develop FastWorks, a program built on Ries’s own lean startup principles.
Largely based on a process Ries called build-measure-feedback-learn loop, FastWorks means getting to the market now with something that may not be a 100% solution but that allows customers to provide real feedback.The feedback would then allow validation of critical hypotheses and ultimately, leaders would be able to decide to stay on their previous course towards a final product – or they can pivot to a new direction.
Since the implementation of FastWorks, GE has seen its program costs cut in half, products released to the market at twice the speed and sales are over two times the sales rate.
On November 18th, our CEO and founder Zafrul Noordin was invited to share his views on lean startups, alongside Uber business development director, Senthil Balan and GE Senior HR Business Partnership Manager, Aloysius Wu. The session, called Kopi Conversations, is held quarterly at GE and this time around, it was moderated by the COO of GE Malaysia, Azli Mohamed.
At the session, the panelists shared what they thought should be emphasised on in order to create a successful business.
One of the main points stressed on included the importance of being agile in order to quickly adapt to the ever-changing landscape and circumstances that companies operate on. Companies, big or small, have to be prepared to keep up with the evolving trends in the marketplace and innovation is key.
The next point mentioned during the session is the ability to fulfill customer’s needs and satisfaction.
Zafrul reiterated that the customer feedback loop is very important to successfully develop something as the customers would know best what they would like to see in a product. Another important point to note is the empowerment of key talents in companies and essentially encouraging them to own their product or project.
Both Senthil and Zafrul agreed that this would ultimately lead to key talents having pride in their work and enabling them to bring the business to the next level.
A full report about the session has also been published by GE and can be accessed from their GE Reports page.
Chief Editor, Ainul Shakirah Shafie I Dec 28 2016