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7 Critical Factors To Grow Your Business By Managing Innovation and Risk

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Thanks everyone who attended this discussion. It was a pleasure and honor to serve as guest speaker and lead a discussion on critical factors to achieve sustainable business growth through innovation and risk management. Special thanks to Podcast Village and the PMI Silver Spring chapter for their support.

If you enjoy this content, feel free to like it and share it with others.

Why are innovation and risk management critical to grow your business?

Discover trends, challenges and key factors to grow your product-centric business by identifying viable options to deliver a superior customer experience, lower costs, implement better operational controls, and offer more competitive prices.

About Hector Del Castillo
Hector Del Castillo has over 15 years of experience collaborating with executives, senior managers, and entrepreneurs to transform ideas into a great business. He’s passionate about building and marketing products customers love.

As a consultant, trainer and coach, he accelerates growth by building capacity and capability, guiding and training product teams, improving processes and deploying best in class tools to make smarter decisions and get better results from product investments.

As CMO at Sysenex, he's busy building a cloud-based, mobile responsive cognitive risk analytics application to help product-centric organizations manage risk and innovation to identify viable options to improve the customer experience, lower costs, implement better operational controls, and offer more competitive prices.

Contact Hector if you are looking for an engaging speaker and topic for your next group meeting. Connect with Hector and let him know how he can help you grow your product-centric business.

Contact: hector@boldpm.com Connect: linkd.in/hdelcastillo Follow:@hmdelcastillo

Looking for options to grow your business?
Sign up for upcoming BoldPM Insights webcasts here: bit.ly/boldpmwebcasts.

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7 Critical Factors To Grow Your Business By Managing Innovation and Risk

  1. 1. BoldPM Hector Del Castillo Managing Partner BoldPM PMISSC Dinner Meeting Wednesday, Feb 8, 2017 © 2017, BoldPM, Creative Commons Attribution License, Approved for non-commercial use with attribution. Commercial use is prohibited. Critical Factors To Grow Your Business7
  2. 2. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com Thanks everyone who attended this meeting. It was a pleasure and honor to have the opportunity to lead this discussion. If you like this content, be sure to like it and share it with others. Interested in bringing this topic to your community? Contact me and let me know how I can help you.
  3. 3. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com Special Thanks
  4. 4. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com Use: #businessgrowth #innovation #riskmanagement Follow: @PMISSC @hmdelcastillo Tweet
  5. 5. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com
  6. 6. Risk registers aren’t enough. To survive, organizations must build robust risk management cultures. http://ow.ly/AWUB308sBe2
  7. 7. Two reasons companies fail -- and how to avoid them Knut Haanaes, TEDTalks https://youtu.be/XVXmYD0UPRQ
  8. 8. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com WHY YOU NEED AN INNOVATION & RISK MANAGEMENT STRATEGY
  9. 9. Source: Sysenex, www.sysenex.com Risk Management Process Know your risk
  10. 10. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com
  11. 11. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com Risk Resiliency + Risk Agility = Sustainable GrowthSource: Risk in Review Report, April 2016, PWC Tweet this: Here’s some wisdom from @hmdelcastillo @pmissc meeting: #businessgrowth = #innovation + #riskmanagement
  12. 12. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com THE PATH TO BUSINESS GROWTH
  13. 13. The path to growth requires a strategy
  14. 14. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com 1. Implement the right processes Success Seeking Truth Seeking Source: © 1998-2016, AIPMM ProdBOK , All Rights Reserved.
  15. 15. Adopt a Playbook
  16. 16. Devise it for execution pecificS easurableM ttainableA elevantR ime-BoundT valuateE eadjustR
  17. 17. The path to growth requires teamwork
  18. 18. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com 2. Build and nurture a great team
  19. 19. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com Build a talent portfolio
  20. 20. Cultivate the right culture
  21. 21. The path to growth requires astute problem solving
  22. 22. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com 3. Solve the right market problem
  23. 23. “We cannot solve our problems with the same thinking we used when we created them.” -Albert Einstein
  24. 24. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com 4. Test your business model
  25. 25. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com Define your unique value proposition Customers Your BusinessCollaborators Unique Value Proposition Source: Alexander Chernev, Strategic Marketing Management, 2012, 6th Edition
  26. 26. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com
  27. 27. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com 5. Focus on customer management Source: “Why The Lean Startup Changes Everything,” Steve Blank, HBR, May 2013
  28. 28. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com Understand buyer behavior Minimum Viable Product?Target Customer Core Actual Whole Why buy? What to buy? What price? How often?
  29. 29. Orchestrate value creation
  30. 30. Source: “Why The Lean Startup Changes Everything,” Steve Blank, HBR, May 2013
  31. 31. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com Adopt a learning process Build MeasureLearn Source: Eric Ries, “The Lean Startup”
  32. 32. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com Fail fast, fail quickly, fail forward Fail Forward State your assumptions Learn from mistakes Test your assumptions Pivot when needed
  33. 33. The path to growth must be fact-based
  34. 34. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com 7. Benchmark your performance Performance Benchmarking Best Practice Benchmarking Balanced Benchmarking
  35. 35. Know your competitive landscape
  36. 36. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com Use metrics to persevere or pivot
  37. 37. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com TIPS FOR FOSTERING INNOVATION
  38. 38. Key Takeaways • Implement the right processes1 • Build and nurture a great team2 • Solve the right market problem3 • Test your business model4 • Focus on customer management5 • Develop quickly and responsibly6 • Benchmark your performance7
  39. 39. © 2017 Hector Del Castillo, Creative Commons Attribution License www.hmdelcastillo.com For Further Reading • “You Need An Innovation Strategy,” Harvard Business Review, June 2015 • “Reinventing Your Business Model,“ by Mark W. Johnson, et. al., Harvard Business Review, Dec 2008 • “Why The Lean Startup Changes Everything,” by Steve Blank, Harvard Business Review, May 2013 • “Why Great Products Fail,” Hector Del Castillo, Linkedln Pulse, March 2016 • “Why Great New Products Fail,” MITSloan Review, March 2016
  40. 40. Risk Management Market Research Seeking warm introductions to CIOs, CTOs, CISOs, CROs, CCOs within • Medical device vendors • Pharmaceutical vendors • Regional banks and credit unions • Smart vehicle/office/home product vendors • IoT device vendors • Any company going through M&A transactions Contact Hector at delcastillo@sysenex.com.
  41. 41. Cognitive Hack, The New Battleground in Cybersecurity - The Human Mind by James Bone Cognitive Hack follows two rising narrative arcs in cyber warfare: the rise of the “hacker” as an industry and the “cyber paradox,” namely why billions spent on cyber security fail to make us safe. The backstory of the two narratives reveal a number of contradictions about cyber security, as well as how surprisingly simple it is for hackers to bypass defenses. The cyber battleground has shifted from an attack on hard assets to a much softer target: the human mind. If human behavior is the new and last “weakest link” in the cyber security armor, is it possible to build cognitive defenses at the intersection of human- machine interactions? The answer is yes, but the change that is needed requires a new way of thinking about security, data governance and strategy. The two arcs meet at the crossroads of data intelligence, deception and a reframing of security around cognitive strategies.
  42. 42. Upcoming Courses Course & Location Dates Time Certified Product Manager® Prep Course Launch Workplaces, Tysons, VA May 16-17, 2017 8:30 am – 5 pm Certified Product Marketing Manager® Prep Course Launch Workplaces, Tysons, VA May 18-19, 2017 8:30 am – 5 pm Contact Cynthia Petti at cynthia@280group.com for more information.
  43. 43. Upcoming Webcasts Webcasts that inspire executives, entrepreneurs and leaders to grow their businesses. bit.ly/boldpmwebcasts
  44. 44. Hector Del Castillo Managing Director, BoldPM Wednesday, February 8, 2017 View: http://bit.ly/bldpmt170208 Download: http://bit.ly/bldpmts170208 Want to be a speaker at an upcoming PMI Silver Spring chapter meeting? Contact Ozzie Phillip at programs@pmissc.org.
  45. 45. Hector Del Castillo, CPM, CPMM Managing Director, BoldPM hector@boldpm.com linkd.in/hdelcastillo @hmdelcastillo For More …

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