Think Big, Move Fast, and Own the Outcome

How can you drive disruptive innovation and gain competitive advantage in a highly-regulated industry? 

In this episode, Rich sits down with Dennis Devine, President and CEO of Alliant Credit Union, one of the largest and fastest-growing credit unions in the United States. Dennis explores how to design differentiated strategies that disrupt industry norms, build a member-centric culture, leverage data for innovation, and form strategic partnerships. He also shares how he thinks in three time horizons and ensures that every leader on the team is an effective risk manager. 

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Key Quotes:

“Almost no organization is big enough to try to be everything to everyone, and as soon as you try to do that, and you're unwilling to make those trade-offs, you lose the opportunity to be distinctive in the areas that you can be distinctive.”

“There's no value in just looking busy and just doing the busy work. There is value in having the big idea or leading the significant effort.”

“It's important that every leader in a high-performing organization, I think, be a risk manager and think that's part of their role.”

Practice Makes Profit: Using the strategic fitness system as a way for leaders to practice the skills that are fundamental to success. 

 

League of Strategic Minds [listener question]: Is SWOT analysis still a valuable strategic planning framework? 

 

Winsights: Ideas for Advantage: “Michael Porter, Professor at Harvard Business School, wrote, “There is no best auto company. There is no best car. You're competing to be unique.  Consider your people, their competencies, capabilities, and company offerings. What's unique and are you leveraging those areas of uniqueness into competitive advantage?”

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Time stamps:

(00:41) Deep Dive Interview with Dennis Devine

(42:29) Practice Makes Profit

(45:30) League of Strategic Minds 

(47:30) Winsights, Ideas for Advantage 

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Links:

Submit a question for Rich to the League of Strategic Minds 

Dennis Devine on LinkedIn

Alliant Credit Union Website

Rich Horwath on LinkedIn

Rich Horwath on YouTube

Rich Horwath on Instagram

Strategic Thinking Institute Website

Inc. Magazine’s Top 4 book for 2024: STRATEGIC  Book

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