The current environment of post pandemic fallout, volatile markets, rising interest rates and heated global political conditions have put incredible pressures on firms. Numerous digital product launches have been cancelled, scaled back or abandoned. Capital budgets across many Fortune 500 firms have suddenly become frozen or slashed due to the market stutter steps. Start-ups are scrambling to stay afloat in many cases. Is your product roadmap prepared to weather the storm?
Now is the time to take a hard look at your product roadmap. Most firms operate with a messy hybrid of agile and lean methodologies with some expectation of achieving speed to market with measurement baked in. The reality is that few realize these benefits and instead are left with monolithic programs that often over-run budgets and under-deliver on customer and internal expectations. Many firms have over-engineered incremental redesigns of their existing business models, products, and platforms. Instead, a more revolutionary approach should be taken to focus on true innovative creation vs evolution.
McKinsey’s newest global survey on digital strategy shares how leading performers have capitalized on more revolutionary strategies, “…bolder, at-scale investments in technology are significantly more likely to support a successful transformation than those that are smaller in scope.” The diagram below further supports this.
Recommendations For Leading Through A Downturn lists being ‘Bold’ as the number two recommendation. “During a recession, you have three choices for how to make decisions: 1) hold on to the past, 2) respond when required, or 3) get in front of the wave. The first two options keep you locked into the past, while the third option allows you to start looking ahead.”
What Are The Top Risks and Roadblocks to Your Strategy and Product Roadmap?
So how exactly can firms create a bolder, more revolutionary strategy and ensure product roadmaps are created to be able to deliver with speed and success? We can see where things may go wrong by taking a look at a case study. A notable top US bank tried launching a digital bank a few years ago only to shutter it within a year of launch. A lack of differentiating features from the core traditional bank and reliance upon existing legacy back-end infrastructure were the primary problems. A more aggressive and incremental strategy here may have been more successful.
These are the top roadblocks we see our clients facing with their product roadmaps that limit the potential of their product strategies: