The internal challenges that innovation involves
Making innovation part of the corporate culture of the Depósito Central de Valores. This is the principal challenge that DCV faces today before the transformation process that the Company is living, where an important part of the focus will be put on innovation with the purpose of developing new businesses. Sandra Valenzuela, Human Resources Manager, explains that the Company has assumed a series of commitments and challenges that will allow creating and implementing different innovation strategies aimed at generating business growth, actively involving people in managing innovation. In this interview she gives details of this effort.
How has DCV been preparing for this new stage that includes a strong focus on innovation?
We are aware that integrating innovation within DCV involves a cultural transformation process. Thus, during the start of the second quarter of 2018, our company’s management decided to begin this new stage with the support of a specialist consultant. During the first stage, we worked with them based on a diagnosis from which a 10-month plan was established to install the baseline capacities needed to address innovation, so we could later autonomously address this task. In addition, the strategic definitions of goals, resources and new processes were established. Similarly, the innovation method applied by DCV was implemented, whose principal characteristic is the speed and agility in the management of projects.
At the same time, we have made adjustments in our structure, creating a sub-management of new business and innovation (within the commercial management area), whose team will be responsible for driving innovation at DCV. In addition, we established an Innovation Committee.
How have you managed to involve the different areas of DCV, and with the area heads?
We have carried out workshops with an innovation focus, calling representatives of the different areas, who, under the direction of specialists, have worked in an integrated manner in the creation of ideas and the structuring of creative proposals that can be transformed into new businesses. The other activity associated with the preparation of this new stage has been the participation of some leaders in specialized innovation courses. For example, the one carried out by our Commercial Manager, Javier Jara, in the United States. Likewise, the new business and innovation sub-management team has attended innovation meetings, such as the recent Icare round table “Analysis of Innovation in Chile”.
Meanwhile, our third- and fourth-line heads are also preparing through the leadership program “Conduce”, to efficiently guide their teams under new corporate behaviors that involve, among others, innovation. Finally, I could highlight the incorporation of a new common goal, associated with innovation in our Balanced Scorecard, through which our Board of Directors grants a top priority to the generation of new businesses in order to achieve results during this period.
Additionally, at the human resources management we have structured and implemented a communications plan designed to inform, motivate and involve employees in this transformation process. In addition, we have promoted changes, thus remodeling our workspaces with the purpose of encouraging and facilitating collaboration.
How long have you been working in this new stage?
Formally, we started in June 2018 through work done with the MIC consulting company.
What was the mentoring session? What dynamic did it involve?
Actually, there were two instances: a “mentoring” and an “Ideation Workshop”, whose objective’s were to raise ideas that can develop and become new businesses. Therefore integrating them actively in our Company’s transformation process. We called 18 people whose profile will contribute to generating debate and discussion from their experience.
The “mentoring” instance was carried out first, which was intended to prepare the “Ideation Workshop”. The participants learned the details of our business and the opportunities we have to develop new products and services. In the “Ideation Workshop” we worked on finding opportunities to create integrated proposals, with a focus in adjacent innovation and with a clear objective.
What are the principal challenges of an organization that faces these processes?
The principal challenge for the organization is to ensure that all of the Company’s levels are available for innovation and internalized it as a behavior, so that in the medium and long term this becomes part of our corporate culture.
As our General Manager, Fernando Yáñez, said in his speech in the 26th anniversary of DCV “at this stage we should be able to see the cathedral we are building and not think we are just chipping stones.” No matter how well we do our work, today we must be available before this great common challenge that involves the sustainability of our business. Today we must not only be efficient, but also innovative.