Are you ready for the Black Swan?
All swans were white, until they weren't. The black swan has arrived. The ripple has begun.
What if an executive told you that they wanted to increase their ROI in online sales by 10% in the next year? How would you advise them?
When I was asked this question I want to give the stock standard answer, "...bench mark data, trends over time, correlate to product/feature analytics to determine investment strategy..." but I am tired of those answers. Most of the time there is little to no data to quantify strategic themes, investments in relation to delivered products, services or features in the digital arena. Usually consultants succumb to saying what people want to hear because the truth isn't very palatable and most aren't eager to pay for it.
The simple truth is, if you want your company to remain competitive and prevail in a digital world... it is time to grow up.
A disciplined investment management approach is not applied in Digital Product Management for the following simple reasons:
Current Business Operations Models have been developed for a highly predictive environment that produces known requirements.
Technology has always owned all things technical and have not required (or allowed) the supply to be led by demand. Technology has traditionally owned demand and supply with no real discipline around managing investments.
Digital disruptions have caused predictable organizations to fall over the cliff into a state of chaos leaving them with a desire to meet emergent customer demands in a predictive environment, while being innovative. This is impossible.
After conducting research in industries using Lean management systems I have found one common differentiation between those and current digital approaches - disciplined strategic product investments.
Take oil & gas as an example. What if the head of engineering asked for $100M because the engineers thought there was a better, faster way of building a refinery? What would be the response?
The value proposition would be scrutinized on every level. Does it fit in the overall corporate strategy? Is there budget in the transformation investment category? Is this truly a transformation? Competitive analysis, ROI, etc. There would be due diligence and a predictive approach. The environment is predictive and the customer needs are known making product management disciplined, wishful thinking would never be tolerated.
The Digital Era has created the black swan effect that has expanded well beyond the doors of the technology department and moved to the forefront of every business executive's agenda. Everything that was known about business is now unknown.
Successful Digital Transformation requires:
Investment in a Digital Business Operating Model that supports an adaptive approach to addressing emergent needs and drives innovation.
Digital Product Management must be developed with technical demand driven from a disciplined strategic product investment practice.
An enterprise transformation road map that moves vertical slices of the organization from chaos to complexity through levels of awareness is essential, there is no quick fix.
For a true impact on the bottom line executives need to understand two things.
First, let's admit that the organization is currently going out of business and continuing with the current approach will produce failure.
Second, to truly survive in a state of explosive disruption, develop a road map to successfully navigate the transformation mine field.
Continuous improvement of the candle did not produce the light bulb.
To survive and thrive in a digital economy requires a 3 prong transformation approach:
New ways of working - invest in and change the operating into a results focused, vertical value stream approach.
New ways of learning - invest in developing a learning environment
New ways of measuring - invest in measuring the transformation and digital metrics that matter.
A haphazard approach to transformation is not only ineffective, it is dangerous to the life of your organization. The black swan has arrived, is your organization ready?
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