On this episode of Quality Time with MoreSteam, author and entrepreneur Michael Schank joins the show. Michael spent 13 years at Accenture and 10 years at EY before leading Process Excellence for the US Consumer Bank at Citibank. In that role, he had responsibility over elements of process mapping, business process improvement, and a specific Lean team. Later, Michael wrote the book Digital Transformation Success. He is also the founder and CEO of Insight Twin, a company that leverages AI to build a digital twin of an entire organization.
After revealing a startling statistic about the success of transformation projects, Michael breaks down his Process Inventory framework with host Dan Swartwout. Process Inventory is the list of things that people actually do. From there, Michael discusses the concept of "digital twin," which is a new topic for Quality Time with MoreSteam. A digital twin of an organization is a virtual replica of everything an organization actually does. Put those two ideas together, and transformation leaders know exactly who owns what. Everyone from the Lean team to IT to risk management works off the exact same picture of the business. Why is that important? Did you hear about the medical device company that paid consultants $92 million for an ERP overhaul that resulted in the company losing $2 billion in market value? If you haven't, Michael's got the details.
This episode explores how Process Inventory and digital twin connect to the tools you already use, like fishbone diagrams, the five whys, and DMAIC. As a Process Excellence veteran, Michael understands continuous improvement. He also understands leadership, storytelling, and what it takes for continuous improvement to… well… continuously improve!
As always, because this is Quality Time with MoreSteam, there are fun detours into 80's teen comedies, Three's Company episodes, and the optimum laughs-per-minute in a standup comedy set.
We're talking about digital twin! So double your pleasure, double your fun, and download this episode to learn how a shared language around process can save your next transformation project from becoming the cautionary tale on a future podcast.
In this episode, you will hear about:
1:22 - Michael's background in consulting, banking, and process excellence
2:40 - 70% of transformation projects fail to meet their goals
4:17 - What a Process Inventory actually is
7:45 - Vertical alignment versus horizontal alignment
9:37 - What a digital twin is and where the concept came from
12:20 - The $92 million ERP disaster that cost a company $2 billion in market value
15:30 - How digital twin relates to process modeling
17:56 - Building trust with employees during a Process Inventory interview
19:02 - Digital twins in different industries, like banks and hospitals
23:02 - Michael's time as Head of Process Excellence at Citibank
29:04 - Writing Digital Transformation Success
35:08 - How Michael discovered Process Inventory
38:24 - Keeping Lean, risk, and technology teams on the same page
39:18 - What causes continuous improvement programs to stall
41:52 - Insight Twin and AI
46:39 - Laughs per minute
Additional Resources:
Michael Schank on LinkedIn
Insight Twin
Michael's book "Digital Transformation Success"
The Insight Twin Playbook
MoreSteam's Introduction to Process Modeling Webinar
QTWM: Simulating Success with Dr. Lars Maaseidvaag
QTWM: Solving Healthcare Bottlenecks with Process Modeling
MoreSteam's YouTube Channel
Quality Time With MoreSteam on Facebook
Quality Time With MoreSteam on Instagram
Quality Time With MoreSteam on LinkedIn
MoreSteam's Website
Subscribe to MoreSteam's Newsletter
MoreSteam on LinkedIn
Dan Swartwout on LinkedIn
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