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As you know, the case is not that uncertainty was low before Corona. We already had a situation of ever-changing technology and needs, which required fast, adaptable, and creative development. Did anyone think about slowing down?My prediction is, that innovative Product Development will be the key to survival. Many companies are already doing a lot of experimentation, measuring if business results, figuring The competition is merciless and most companies do not survive as long as expected. Several studies show that the age of companies is decreasing. For leading US companies the average lifespan is now down to just 15 years, according to Professor Richard Foster from Yale University. I very much doubt that this trend will change.
How to become strong and sustained as a company? Hopefully also, taking care of people and the planet.
There are many appreciated workplaces that are creating new innovative products. They experiment, measure business results, figure out why they exist, and much more you can read in best sellers. Did <Did you know there are about 100 new books on Innovation published each month? What is your recipe to manage the competition? Is it clear in your organization, who develops the products customers love and who develops the organizational capability to deliver the beloved products? If it’s not clear, the risk is your company will be slower, and in the worst-case develop the wrong products. >
A popular term is Business Agility, which means that an organization as a whole has the ability to adapt according to market and customer needs. To develop Business Agility It requires huge work and should not be the responsibility of the same people who decide about to rebuild an organization for Business Agility and I can see many leaders who are struggling to succeed. In most cases, a big challenge is to clarify who develops the organizational capability, versus who develops the products. Typically, Product Managers need to have the authority to react swiftly on market feedback and does do not have the time to do the work as a line manager at the same time.
So what does it mean to build If you are a builder of a fantastic organization that will be able to take the edge of the big uncertainties served by Corona and give your company some more respite?
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, I think the following bullet points are the most crucial. They were all very viable before but have become more important as uncertainty grows.
Transformational leadership. Servant leadership, Lead by example or whatever we call the type of leadership Leadership that let people thrive. You are going to need an organization that A fearless organization can be flexible and decisions able to decide which solutions to deliver. You need to be open, humble, and rewarding when people dare and have to trust people and reward them when they learn by mistakes. as you point out the visionary direction of your enterprise. The skills of experimentation are key. There is plenty of knowledge on how to perform Business Experiments. Make sure to clarify business ownership.
Sunk cost. Just because a lot of work and resources have been put into something, it does not mean it is Valuable.
Value streams. If you have not identified your real value streams and paid them the proper attention before, it is now time. Your current organization is probably not fit to take on the new challenges.
Backlog, backlog, and backlog. A great Product Backlog is transparent, contains what we would like to have, and is prioritized based on business value. Most organizations do not have the needed knowledge to create great backlogs. They mix projects, activities, and phrases just as before. Top management needs to understand and show the rest of the organization what a great ball log is. Otherwise, it will not happen. I'm sure I have seen it far too offers.
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Modularized business architecture. Organizations are becoming slow the structure gets to complex. Medicine for business complexity and teams purpose mission Engage Architetcs and let them work with business owners to Support of creating the value streams. Despite all the wonderful online-tools I am pretty confident that colocation will be a game changer skilja agnar…
Flow. “Operating a Product Development process near full utilization is an economic disaster.” Most organizations are still preparing large projects with predefined solutions years ahead of delivery.
not only need the skills of experimentation they also need to confidence to do it.
Sunk cost. It will now be more important than ever not to continue just because of the money already spent. To continue something you need to assess the future and if It will be more obvious than ever before, those past investments may not deliver the value you were calculating for. Just because a lot of work and resources have been put into something, it does not mean it is Valuable.
There is plenty of knowledge on how to perform Business Experiments. Make sure to clarify business ownership.
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What to does it mean in practice
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Just forget to do well-defined plans and product designs. When dealing with this massive uncertainty, building up new knowledge, and adjust is going to be your way forward.
What is your recipe to manage the competition?
The time is over when the best way to organize was in functional silos with local responsibility and performance metrics. Whether you are promoting silos or not, your business is operating in valve streams. That is all strategic steps needed from start until some kind of client or user value appears.
Backlog, backlog, and backlog. A great Product Backlog is transparent, contains what we would like to have, and is prioritized based on business value. Most organizations do not have the needed knowledge to create great backlogs. They mix projects, activities, and phrases just as before. Top management needs to understand and show the rest of the organization what a great ball log is. Otherwise, it will not happen. I'm sure I have seen it far too offers.
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Trash
The chance of success through cost-savings and supply-chain/production optimization is getting lower. Instead, company leaders need to focus more on building the capability to innovate, create new products, and interact with the market to validate what is flying or not.
My prediction is, that innovative Product Development will be the key to survival.
Did anyone think about slowing down?
The solution
The art of innovative Product Management, with the development of Lean-Agile mindset and frameworks, has for many years become more and more important. I am so sure this development will accelerate so much more. Since the thing with Lean and Agile is all about taming the uncertainty.
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