Whether the focus is a strategy, operations, tax, finance, HR, or IT, management consulting firms have become a staple of corporate life. From defining strategic directions to simply serving as an additional pair of hands for outsourced work, management consultants have become inextricably linked to the success of most large organizations. However, festering underneath the […]
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Transforming a product-driven firm to a customer-driven enterprise is inevitable today in order to stay ahead in today’s extremely competitive market. The days of mass marketing, mass media communications, and little-to-none direct interface with customers are long gone. The emphasis now should be on maximizing customer relationships and becoming customer-driven organizations rather than merely selling […]
For many companies, developing new products is a hit-or-miss proposition. Successful innovation–the kind that leads to customer engagement and profits–is rare and hard to achieve. Some have tried investing intensively in research and development. In a recent study conducted by booz&co. on public companies representing almost 60% of global R&D expenditures, it was found out […]
Advances in technology and communication, combined with the explosive growth in data information, have given rise to a more empowered global consumer. Recent economic and political events highlight the need for companies to understand how consumers view the world and the most important attributes for their purchasing decisions. Responding effectively to rapidly changing consumer needs […]
Over the last decade, companies have made greater strides in retooling their innovation engines. Leaner and faster, products are developed from concept and delivered to customers in record time. But even a Ferrari does not know where to drive. There are plenty of opportunities to enhance execution. Yet, inspiration and insights are increasingly getting to […]
A large majority of organizations rarely focus on gathering and utilizing customer-centric knowledge. So much so that they even introduce a product without having vital insights on the customer and their unmet needs, and they are often clueless about them. Consequently, many product development initiatives fall flat as managers struggle to filter and evaluate ideas. […]
In today’s business environment, learning and knowledge have become key success factors internationally and intangible resources are of vital importance. The struggle between competing firms has moved from tangible resources to intangible resources where knowledge and the ability to use knowledge have crucial roles. Organizations are becoming more global, multilingual, and multicultural with people being […]
Most Product Managers have relatively narrow roles and decision rights on product portfolios are fragmented on various functions. This creates incoherence between a company’s product and its overall Corporate Strategy. What is needed is more accountable decision rights that align responsibility for results to one person who also has cross-functional decision-making authority. This realignment is […]
Family Businesses need to change and develop new strategies if they are to remain healthy and financially viable. The dynamic external environment, driven by increasing competitive markets, make it difficult for companies to maintain the status quo. Key issues stay constant year-on-year relative to particular qualities of the family firm and the strengths and challenges […]
The advantages of Smart Customization are more visible in the manufacturing industry—owing to fairly speedy cash recoveries when factory costs are aligned to customer value. It is becoming an integral pillar to Product Strategy in many organizations. However, services sector can also benefit from smart customization, but this demands relatively closer interactions with customers and […]
Customers, these days, demand ever-higher levels of personalized products and services to suit their needs. Their demand is grounded on technological disruption and access to up-to-date information. They believe that in an economy characterized by disruption and operational innovation—that makes customization possible—they have an excellent chance of getting customized offerings from the suppliers. Thus, Product […]
Sustainable, superior returns accrue to companies that focus on what they do best. It is that simple. Yet it is incredibly hard to internalize. It is a rare company that focuses on what we do better than anyone in making every operating decision across every business unit and product line. Rarer still is the company […]
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