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Australia and New Zealand Banking Group (ANZ) Case
QUESTION
- What trends and opportunities was the banking industry in general, and ANZ in its home Australian market in particular, facing when ANZ began to implement the agile transformation in 2017?
What were Elliott’s motivations to implement the agile transformation at ANZ? Why did the board of directors appoint him as CEO on January 1, 2016?
3. What were the challenges to ANZ’s culture before Elliott became the CEO? Could the agile transformation address those challenges?
4. By May 2019, when ANZ paused the rapid expansion of its agile transformation program, how effectively had ANZ implemented the program?
5. Should ANZ scale up the agile transformation to the entire organization and outside of Australia? What should Elliott do to remove obstacles and deliver the transformation successfully?
- What trends and opportunities was the banking industry in general, and ANZ in its home Australian market in particular, facing when ANZ began to implement the agile transformation in 2017?
| Subject | Business | Pages | 3 | Style | APA |
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Answer
Australia and New Zealand Banking Group (ANZ) Case
In general, the banking system industry and ANZ in its Australian home market were facing diverse trends and opportunities when ANZ began to implement the agile transformation in 2017. They had a platform to work collaboratively with Atlassian in accelerating its progress in transforming their 180-year old company into a favorable workplace environment to suit the digital economy. They could already access a wider audience of clients through their online pages, thus enhancing overall revenue generation and output. Also, employees were exposed to easier ways of meeting client concerns, which boosted their output in terms o quality performance.
There were underlying motivations that pushed Elliot to execute the agile transformations at ANZ. Elliot intended to speed up their service delivery rates. He recognized that the current operational procedures had several inefficiencies and wanted to establish significant changes. He formed a technology delivery and business team as a transactional relationship to initiate the changes. He engaged the team in the extensive assessment of their current procedures, such as mapping their current state and identifying strategic areas that required adjustment. The board of directors appointed him as the CEO on January 1, 2016, following the great change that he had brought in the employees' mindsets were working together. He triggered a culture of collaboration and progressive feedback and the institution continually.
ANZ's culture's key challenges before Elliot's appointment as the CEO included a lack of teamwork among employees, which caused a lot of fragmentation in the system and disabling the chances of effective networking. It was impossible to introduce a series of workshops and coaching to collectively gather their learnings and approaches to work within their organizational context. A fragmented team cannot deliver results, implying that the organization was undergoing significant losses. Also, the lack of continuous feedback from an employee is a key hindrance to any organizational progress. Before the invention of agile transformation, the firm faced hardships in tracking performance and productivity levels among its employees.
ANZ had not effectively implemented the program by May 2019, when ANZ paused its agile transformation program's rapid expansion. However, most of the agile transformation systems' significant elements had been managed, making it easier for ANZ to start noticing the change as soon as possible. Although it was like 80% done, more adjustments were needed to increase efficiency and ensure utmost organizational compliance with the agile transformation initiative. Nonetheless, the invention brought significant economic benefits to the organization.
ANZ should scale up the agile transformation to the entire organization and outside of Australia. He should offer consistent training and close analysis of the program to eliminate any underlying obstacles in the successful delivery of the transformation. The goal is to dismantle any existing hierarchies to speed up ways of working to favor stand-up meetings and sprints instead of the traditional systems of delivery and management structures. The wider change and impact call for a transformation in the senior leadership desk and clear and consistent working systems. Embracing the change is vital for the functionality of any organization and increasing customer value while in operation. Seeing the value of this system on the organization automatically increases morale and motivation among the staff members.