Less is more: How can we create winning products of high business value within our constraints?
Business agility is not easy to define as it encompasses several aspects within an organization such as organization design, adaptive leadership, governance and strategy as well as Agile practices outside IT. The need of the hour is to sense and respond to customer and market needs with disruptive products and services in an immediate friction less manner.
However, in a rapidly evolving and highly competitive environment, how does one adapt to market pressures with consistently better products, processes and organizational environment? How can an enterprise achieve this adaptive state to achieve greater market share and revenue growth?
Studies show that human imaginations, desires, needs and wants grow at a faster pace than the rate at which systems and technologies can support. For example, none of us thought a taxi could be at our doorstep with a click of a button 10 years ago. Today, app-based taxis, even those who conceived and conceptualized the idea of Ola or Uber, did not envision the current version of the product. This leads to complex and adaptive systems.
It is becoming increasingly difficult to understand the customer’s needs and wants through only conversation. Rather customers realize what they want mainly by seeing it. Products emerge and evolve iteratively and incrementally, as value is realized by releasing working software to production, wherein customer validates it and provides their feedback.
My talk will present insights into some of the emergent practices, that can help succeed organizations in maximizing return on investments, by minimizing non-value added features and activities. I will cover couple of case-studies to complement the approach.
Outline/structure of the Session
1) The Context: What Motivates Agile Adoption So far? – Why Change?
- Faster Time to Market
- Better Quality
- More value delivery
2) Have we achieved this?
3) Where Are We Today: Reflection on New Product Failure Rates by Industry with statistics
Source: Myths About New Product Failure Rates by George Castellion and Stephen K. Markham
4) Whats the Way Forward to have Business Agility?
A Broader Solution motivated from the Lean Start-Up Model by Jeff Patton and Eric Ries literature - "The Lean Start-Up"
5) Case-Studies - Here a few in the list, I will pick up one or two of them for the conference, to avoid repetition of the case-study being presented in any other forums.
a. A US-based Pharma Supply Chain Company - wherein SolutionsIQ's own approach to Organizational Change Management based on LOPDE Model will be shared, which involves:
3) Product / Business Strategy
b. Expanding to a New Market by Global Payments Major - Lessons Learnt
c. Building a New Product for the Captive unit of a Global Automotive Major
Note: The Slide link I have shared contains Case Study # 1, whereas, 2 and 3 are still not shared publicly to anyone till date.
And Finally Closing with Q&A
1) The Power of Simplicity - Maximizing value by minimizing the amount of non value adding work we do in product development
2) Success to complex product development is evidence based - which relies on the Power of Feedback - There is no real feedback unless the customer can see it and use the product.
3) Gain Competitive Advantage by being aware of the Cost of Delay - Longer lead times are deterrent to this. Hence, do not spend time merely in developing features, but validate to avoid surprises, sometimes by gaining initial customers, the product evolves over time. Examples of Flipkart, Uber etc .....
Anyone who has a stake in product development
Basics of Agile