With all the necessary infrastructure in place, a well-developed partner network and a growing user base, your organization is in a strong position to continue leveraging your capabilities for growth—and resiliently adapting as consumer demands shift and markets evolve. Product ownership is now thinking more broadly and oversees experiences, services, products and generating new five-star experiences that lead to sales growth at a low cost of acquisition. By integrating your connected product channels into your value proposition, others will sell your products, leading to more recommenders and economic stickiness across a market.
Moving forward, your enterprise will need to come up with imaginative ways to leverage what you’ve built, define new experiences for users and deliver them in increasingly cost-efficient ways. For example, digital value chain optimization is the process of simplifying your products and optimizing your platforms. Your data may identify features that people are no longer using, and costs could be reduced by removing these features. By optimizing messaging or migrating to a better IoT platform, you can lower the cost of support and increase margins. By integrating experiences closer to end-users and services, you can create barriers to entry for future competitors and maintain customer engagement.
One of the most important insights to remember at this stage in your organization’s development is that you can’t take your current advantages for granted. The last decade has seen monumental changes in technology, consumer behavior and much more. Some enterprises adapted and thrived through those changes, while others failed. The next decade will be no different.
Key Ways OST Can Help:
- Platform optimization or migration: reduced cost and improved efficiency
- Digital experience design and consulting
- Data-driven product management services
- Business and service model innovation consulting