Product Strategy is the first key to unlocking Digital Transformation in your business powered by the acceptance of technology. In a business, to achieve more profit and scale, all manual tasks must be digitized. It is done by developing technological products that simplify and automate your employee’s experience. Such digitization is enterprise-wide and encompasses all departments. Some call product strategy the most important aspect, but it remains one-third of what is required for digital transformation.
80% of all Digital Transformation projects fail because of the fundamental lack of understanding of technology, especially in service-based companies. Legacy or traditional operating models are major barriers to a technological transformation. The failure of business leaders to realize that digital transformation is synonymous with product strategy and the company to keep up with innovation adoption.
The best way to develop products for digital transformation is the agile methodology. The first and foremost action item is understanding the pain point of your customers as well as your employees and setting the stage for a people-first digital transformation. So, a staunch focus on people and the market will dictate your product offering. Therefore, the most effective way to address it quickly is through agile development practices.
What Are The Benefits Of Having A Product Strategy?
Real-time customer feedback while developing the product leads to
1. Less Pushback
2. Shorter Time to Market
3. Quicker Product Adoption
If you are looking to unlock digital transformation for your business, you require product & technology professionals to create a digital business strategy and align them with your service offerings.
Sometimes people believe that digital transformation is simply a mobile application or an online portal and call it a day. But, this can’t be farther from the truth. The scope of technology is beyond imagination these days. You can leverage technology to understand your customers and market using data and create a seamless experience, even for your employees.
The process of developing a product or a piece of technology is iterative. Allocation of resources becomes more efficient with shorter feedback loops. It also provides indicators and markers of whether the given initiative is on the right track or not. As a company, you cannot invest big in something that you haven’t seen work for yourself. So, it is advised to take small steps and proven methods. Although, product strategy requires a certain appetite for risk.
A viable digital transformation requires seamless integration between business and technology with an acute focus on people, customers, and employees.