NRF Presentation - GE's Innovation Toolkit
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NRF Presentation - GE's Innovation Toolkit

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How GE's Innovation Toolkit can be used to drive Innovation and Operational Improvement in Retail Companies

How GE's Innovation Toolkit can be used to drive Innovation and Operational Improvement in Retail Companies

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NRF Presentation - GE's Innovation Toolkit NRF Presentation - GE's Innovation Toolkit Presentation Transcript

  • GE’s Tool Kit: How to Foster Innovation and Operational Improvement within a Retail Organization Jonathan Wainberg Mike LaChapelle Vice President Vice President GE Retail Finance GE Commercial Finance
  • What is Access GE? At the Customer, For the Customer (ACFC) “The goal of our ACFC initiative is to bring the entire ‘GE toolkit’ to our Customers to help ensure their success..whatever GE capabilities are most important to them and will have the biggest impact on their bottom line.” Jeffrey Immelt Chairman and CEO, GE
  • Our Toolkit Access…GE’s Tools & Methodologies A set of game changing tools and process improvement methodologies proven successful within GE…and with customers • Collaborative Problem Solving (Work-Out) • Lean • Change Management (CAP) Overview / Simulation • Acquisition Integration Kaizen Events including 5S • Strategic Growth Workshop Value Stream Mapping • GE Learning Center (Crotonville) SMED / Quick Changeovers CFO Day • Six Sigma Acquisition Integration Roundtable Executive Overview / Simulation Leadership for Customers Green Belt Training • Team Development Project Coaching • Innovation Facilitation Tools • Process Mapping • Strategic Planning Essentials • Project Management Training
  • Our Toolkit Access…GE’s People & Experience Access GE experts to leverage our industry breadth & functional knowledge Function / Process GE Core Businesses Emerging Markets HR Performance Management Infrastructure – Aircraft, Rail, Energy China Integrity & Diversity Industrial – Appliances, Lighting India Finance - Treasury & Hedging Healthcare Eastern Europe Sourcing & Outsourcing NBC Universal Russia Call Center Management GE Money Brazil Environmental, Health, Safety Commercial Finance New Product Introduction *Operations in 100 countries GE Initiatives GE Operating Rhythm Growth as a Process Shipping & Logistics Staff Industry Expertise Net Promoter Score Sales Force Effectiveness Aerospace, Auto, Chemicals, Ecomagination IT & Digitization Communications and Entertainment, Globalization Shared Services – Payroll, T&L Construction, Food/Beverage, Enterprise Selling Marketing & Branding Forest Products, Manufacturing, Healthcare, Media, Retail, Steel, Transportation
  • GE Retail Partners Luxury, Discounters, Apparel, Jewelry, Home Furnishings, Consumer Electronics, Auto/Tire, Sporting Goods, Health & Personal Care
  • Retail ACFC Examples Customer Activity Retail Drug Store Chain Increase Customer Traffic Electronics Retailer Improve Order-to-Fulfillment Process Sporting Goods Implement Warehouse Management System Computer Retailer Project Management Training Furniture Retailer Business Continuity Planning Department Store Chain HR/Benefits Communication Process Department Store Chain Internal Store Communications Sporting Goods Selling Skills Department Store Chain Increase Inventory Turns
  • ACFC Snapshot: Improved Store Communications Customer Department Store Chain Customer Issues and Objectives • Redesign Store Communications to better serve Store Managers and Staff • Improve Timeliness and Accuracy of Communication • Reduce Repetition, Focus on Critical Items ACFC Engagement • GE facilitated a 1 ½ day Work-Out on Store Communications Customer Benefit • Streamlined process for Store Communications designed around needs of Store Managers and Staff "Work-Out was a great tool to produce meaningful solutions to a complex problem in a simple way. Really enjoyed the session. Exceeded expectations." -- Store Manager "Great way to raise/hash through the issues/opportunities quickly. Guardrails help maintain structure to conversation" -- Store Operations Manager "Lots of value taken from this. Looking forward to sharing this with my peers." -- Buyer "Actionable, understandable, well thought out. Very good tool! Over exceeded my expectation" -- Brand Director
  • ACFC Snapshot: Change Acceleration Process Customer Electronics Retailer Customer Issues and Objectives • Learn about GE’s Change Acceleration Process (CAP) • Apply CAP Tools to In-Store Services Reorganization/Rebranding Initiative • Ensure Associates’ Support for Initiative ACFC Engagement • GE facilitated a 2 day CAP Session Customer Benefit • Detailed Action Plan for Successful Launch of Rebranding Initiative "Very valuable - learned a great deal that I will apply.“ – Director of Services, Retail "Very well done....extremely professional and you did a very good job calibrating the pace and level of detail to the audience and situation.“ - Director of Business Transformation "Greatly exceeded expectations. Facilitators had great insight into our goals and mission.“ – Director of Retail Transformation
  • ACFC Snapshot: Inventory Management Customer Specialty Retailer Customer Issues and Objectives • Learn about GE Best Practices in Inventory Management • Develop Action Plan for Inventory Reduction • Develop Experience in Team Based Problem Solving ACFC Engagement • GE facilitated a 2 day Work-OutTM on Inventory Management Customer Benefit • Clear plan to tackle $40 million Inventory Reduction target "Very well organized, presented very well. Thanks" - Senior Manager, Merchandise Planning and Allocation "Insightfully facilitated, good real-world analogies, interesting info that was never boring, useful techniques. Glad to see we did this." - Senior VP Manufacturing & Quality Control "Liked the structure, tools, and the ling to a real opportunity for my team and company" - VP Merchandise Planning and Allocation "Process is excellent for producing workable objectives" - Executive Vice President/CIO
  • ACFC Snapshot: Increased Customer Traffic Customer USA Drug Customer Issues and Objectives • Improve Customer Service • Increase Customer Traffic ACFC Engagement • GE facilitated and supported USA Drug through the development of a customer service program that included additional training, sharing best practices, measurement systems, and reward and recognition programs • The customer service program was rolled out in 18 stores for 14 months Customer Benefit • Same store customer count up 3.4% • Prescription Sales Growth rate increased 1.6X “We were very impressed with GE’s ACFC program. We expected our lenders to be focused on our performance, but GE went above & beyond. They actually helped us improve our operating performance. The initiative delivered a tremendous level of value and helped drive our business growth.” John Trainor USA Drug, SVP Finance
  • Company Highlights • Tourneau is the world’s leading retailer of luxury watches • We operate: – 34 stores in 13 states – Watchgear: 8 stores in 4 states – Outlets: 3 in 3 states – 6 stores in the Caribbean and China • Each Senior management member has at least 20 years retail experience with an average of 8 years with the Company
  • Tourneau Projects with GE GE Tools i.e. • Lean - White Plains Backroom Project • Innovation Workshop – Summer 2007
  • GE Tool: Lean Lean- White Plains Backroom Project Objective: Streamline Back Office Processes and Organize Record Keeping in Tourneau’s White Plains Store
  • Tourneau “Lean” 5S Event: Store Back Office
  • What is 5S? 1. Sort – Eliminate unneeded items 2. Simplify – A place for everything 3. Shine or Sweep – Keep the workplace clean 4. Standardize – Identify work standards 5. Sustain or Self Discipline – Keep it going!
  • Before
  • During
  • After
  • Details
  • Tourneau “Lean” 5S Event: Store Back Office Results • Unnecessary Paperwork and Promotional Items Eliminated • Space Freed Up • Retained Items Labeled for Easy Retrieval and Timely Disposal • Paperwork Handling Processes Improved
  • GE Tools: Innovation Workshop June 2007 Held at GE Global Training Center in Crotonville, NY • Interacted with other GE Retail Customers • Shared insights from different business models (Grocery, Sporting Goods, Furniture) • During break out session, utilized Customer Journey Mapping tool • Generated new initiative creating unique Top Customer Reward program utilizing Vendor Incentives
  • GE Innovation Tools & Exercises • INNOVATION ASSUMPTIONS • WHAT BOX ARE YOU IN? Discuss the common assumptions about innovation to Re-define your context to find new customers and start a dialogue. markets. • DEFINING AND CLASSIFYING • CUSTOMER ECOSYSTEMS INNOVATION Map the system of players in the industry to innovate Explore various types of innovations to clarify your own more holistically. innovation goals. • CUSTOMER PROFILING • INNOVATION FRAMEWORK Explore customers’ lives and motivations to uncover Discover the mindset and behaviors essential to effective unmet needs. innovation. • MAPPING CUSTOMER JOURNEYS • ADOPTING A CURIOUS MINDSET Look at the customers’ entire experiences to find ways to Ask the simple questions that challenge our most basic create value at every touchpoint. assumptions about the world around us. • PROTOTYPING YOUR IDEAS • RINGSIDE Unstick your thinking and get clearer about how to test Look at how major trends are affecting our business and and evaluate your idea. providing new opportunities. • DEVELOPING INNOVATION TRAITS • HYPOTHESIS MAPPING Diagnose your strengths and weaknesses on innovation Sharpen your hypothesis and determine the factors that traits. will lead to success. • INNOVATION ENVIRONMENTS • UNLOCKING INNOVATION POTENTIAL Explore the types of environments that will best reinforce (THE RIPPLE EFFECT) your innovation goals. Trace the potential impact of an idea to get ahead of the • INNOVATION ARCHETYPES changes it spawns. Learn the nine essential roles in innovation, and who in your organization can play each role.
  • MAPPING CUSTOMER JOURNEYS LOOK AT THE THREE BASIC JOURNEY STAGES TO IDENTIFY OPPORTUNITIES TO CHANGE THE STATUS QUO AND ENHANCE THE CUSTOMER EXPERIENCE.
  • Exploring the customer’s journey to identify innovation opportunities. • While no two experiences are the same, there are three basic stages to every journey. Each provides an opportunity to change the status quo and tap into customers’ unmet needs. AWARENESS COMMITMENT USAGE We become aware and We use, enjoy, re- We choose and we buy we learn about a purchase, and share specific goods, product, service, or our experiences with knowledge, or services. brand. others.
  • Examples of customer journey AWARENESS COMMITMENT USAGE By focusing on Dell wanted to offer Dell backs up their universities, Dell became customers cheap, purchases with 24 hour widely used and known customizable PC s, so online and phone by students who spread they reinvented how support, and onsite word about the brand to consumers select and visits for the problems their friends and family. purchase by selling they can’t solve over the directly through an phone. online portal.
  • CUSTOMER JOURNEY MAPPING – Identify the customer (business customer or end consumer segment). – Describe the customer’s current experience and its anomalies or points of frustration. – Brainstorm what customers desire, what is possible, and what role your company can play. – Identify which ideas could benefit both types of customers.
  • At the Customer, For the Customer Growing with Our Retail Partners