![]() This article directly addresses the fifth box of this series’ framework: people, process, and technology. As such, we must discuss the advantages of digital industrial transformation at the product level. 9 Among the most critical capabilities companies need are product innovation, management, and development-the ability to rapidly churn out products, solutions, and services that meet the needs of both existing and new customers, and to do it in a way that won’t blow the budget given the other challenges to which executives must dedicate talent and capital. And though a growing number of companies are investing in various external means of product innovation-corporate venture capital, incubators, accelerators, capability-driven M&A, partnerships 8-the ability to internally develop and launch successful products and services remains paramount.Įarlier in this series, we introduced the digital industrial transformation framework (figure 1). These forces are putting greater pressure on companies to innovate both faster and more effectively, a particular challenge for organizations going through digital transformations. 7 When asked what topics C-suite level executives discuss most frequently as an organization, 57 percent of survey respondents put developing and creating new products at the top. 6 Considering the often-troubled innovation process, it should be no surprise that 43 percent of new product launches fail to meet one or more of their targeted business goals. 5 And many blame failure to innovate effectively on organizational inertia-focusing on protecting the current state while avoiding or delaying responses to marketplace disruptions. 4 According to a Deloitte Global survey measuring business and government readiness for Industry 4.0, when asked what topics C-suite level executives discuss most frequently as an organization, 57 percent of survey respondents put developing and creating new products at the top. ![]() Though product innovation is an Industry 4.0 hallmark, many companies struggle to execute. Subscribe to receive more related content This course was developed with the generous support of the Batten Institute at UVA’s Darden School of Business.Explore the Digital transformation collectionĭownload the Deloitte Insights and Dow Jones app Please note that there are new additions to this course and subtitles for these videos will soon be available. This course is ideal for current product or general managers interested in today's modern product management methods. Manage and amplify existing products (week 4) Manage new products and explore new product ideas (week 3) This course will help you along your learning journey and prepare you with the skills and perspective you need to:Ĭreate the actionable focus to successfully manage your product (week 1)įocus your work using modern product management methods (week 2) It’s not a simple job or an easy job, but it is a meaningful job where you’ll be learning all the time. The job of the modern product manager is to charter a direction and create a successful working environment for all the actors involved in product success. Massive troves of data are available for making decisions and, at the same time, deep insights into customer motivation and experience are more important than ever. Today, particularly if your product is mostly digital, you might update it several times a day. But companies that manage product that way are dying.īeing a product person today is a new game, and product managers are at the center of it. Maybe you’d talk to a customer somewhere in there and they’d tell you what features they wanted. Not so long ago, the job of product manager was about assessing market data, creating requirements, and managing the hand-off to sales/marketing.
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