Speedboat Innovation Enabling New Revenue Streams Prt007

Title

AWS re:Invent 2022 - Speedboat innovation: Enabling new revenue streams (PRT007)

Summary

  • Speedboat Innovation refers to the rapid innovation in large organizations to deliver new digital products and experiences.
  • Challenges include departmental priorities, technology disruption, and differing interpretations of MVP (Minimal Viable Product).
  • MVP should deliver the most important business value and user experience in a short time frame for continuous validation.
  • Business priorities often overlook the complexities of IT, security, and compliance, which are critical for innovation.
  • Recommendations include leveraging cloud services like AWS, which provide frameworks to address non-functional requirements and enable innovation.
  • Key components for innovation include data protection, user access, quick deployment, rollback capabilities, and compliance with logging and audits.
  • Discipline within an organization is crucial, starting with a landing zone for consistent access control, monitoring, and auditing.
  • Automation is emphasized, particularly in CI/CD pipelines, to ensure security and privacy from the start.
  • Case Study: A tier one Dutch bank launched 25 propositions in three years, with MVPs going live in 3-5 months, and improved compliance testing speed from six months to six weeks.
  • Key Learnings: Maintain alignment with IT and compliance, apply small iterations, and automate everything from day one.
  • Additional Resources: The speaker provided QR codes for further information and invited attendees to visit their booths for detailed discussions.

Insights

  • Organizational Alignment: The talk emphasizes the importance of aligning innovation efforts with IT and compliance departments to avoid creating silos and to ensure that speed does not compromise security or quality.
  • MVP Misconceptions: There is a common misconception about what constitutes an MVP. The speaker clarifies that an MVP is not just a prototype or a feature-rich product but a balance that delivers value and allows for market validation.
  • Cloud Adoption Framework: AWS's Cloud Adoption Framework is highlighted as a tool that can help organizations navigate the complexities of innovation while maintaining compliance and security.
  • Automation and Discipline: The speaker stresses the importance of automation and establishing disciplined practices from the outset to ensure that the innovation process is scalable and sustainable.
  • Cost of Innovation: There is an acknowledgment that innovation, particularly when done correctly with the necessary foundational layers, can be costly. However, this cost is deemed necessary for scaling and long-term success.
  • Real-World Application: The case study of the Dutch bank serves as a testament to the effectiveness of the principles discussed, showing tangible results in terms of speed to market and compliance efficiency.