Traditional companies that go through digital transformation build digital products to provide value to their customers. Since such companies are not used to building digital products, this transformation is far from trivial. Following are the main challenges they must overcome to be successful in the digital world.
Finding Product Market fit
Transforming companies decided to go digital because their market is changing. Furthermore, moving to digital opens opportunities for new customer values they can provide as well as innovative business models they can use.
This means that transforming companies need to find their Product Market fit in the digital world. Having found product market fit long time ago in their traditional business, these companies are focused on optimizing their established products, which is by nature a more structured, performance-driven work. Now, they need to go back to exploration, which requires different skills and culture that encourages innovation and tolerates failure.
Continuously adding customer value
Digital products are not finished once they are launched. New features are added, workflows and user experience are improved to answer the changing market needs. Features that users found exceptionally delighting in the past become standard and a good user experience may be considered annoying when other products introduce new user experiences.
Transforming companies are used to develop technology as a time bound project that ends upon delivery. In the digital world, they must learn to deliver growing customer value via continuously improving digital products.
Adopting new product methodologies
The methods that worked well in the past do not enable staying competitive in the digital world. Building successful digital products requires changing the way the company works and adopting new infrastructure, processes and methodologies.
To transform successfully to the digital world, traditional companies must develop modern Product Management skills to find a new product-market fit, get faster to the market to validate it and continuously generate more customer value.
StarVision utilizes its product management expertise to help transforming companies overcome the customer-focused digital transformation challenges. Unlike strategic consulting firms that are focused on internal organizational changes, StarVision focuses on implementing the methodologies and processes that empower successful digital products.