![Build on Unmet Customer Needs
Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 9
Digital Platform bringing together 2 types of customers:
• People with unoccupied houses who want to make a bit
on the side
• Travelers who wants more choices of experience,
availability, pricing options
Build on Unmet Customer Needs
Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 10
Digital Platform bringing together:
• Car owners who are wants a little on
the side
• Commuters who wants better
transport availability and pricing
options
Why is Amazon so Successful?
Productization - Digital
Transformationv1.0
© 2018 National University of Singapore. All Rights Reserved 11
I very frequently get the question: "What's going to change in the
next 10 years?" … I almost never get the question: "What's not
going to change in the next 10 years?" And I submit to you that
that second question is actually the more important of the two --
because you can build a business strategy around the things that
are stable in time. ... [I]n our retail business, we know that
customers want low prices, and I know that's going to be true 10
years from now. They want fast delivery; they want vast
selection.
It's impossible to imagine a future 10 years from now where a
customer comes up and says, "Jeff, I love Amazon; I just wish the
prices were a little higher." "I love Amazon; I just wish you'd
deliver a little more slowly." Impossible.
Jeff Bezos, Founder
and CEO of Amazon
Power of Meeting Customer Need
“Make something people want…There’s nothing more
valuable than an unmet need that is just becoming fixable.
If you find something broken that you can fix for a lot of
people, you’ve found a gold mine.”
- Paul Graham, Y Combinator
© 2018 National University of Singapore. All Rights Reserved 12Productization - Digital Transformationv1.0](https://image.slidesharecdn.com/productization-exploitingitfordigitaltransformation-180724013754/85/NUS-ISS-Learning-Day-2018-Productization-exploiting-it-for-digital-transformation-3-320.jpg)
NUS-ISS Learning Day 2018- Productization exploiting it for digital transformation
- 1. Productization - Exploiting it for Digital Transformation #ISSLearningDay2018 Daniel Boey, NUS-ISS 13 July 2018 Daniel Boey Chief Product & Project Management Practice MBA, NUS BSc(Hons) (Comp Sc & Info Sys) NUS, MBA, PMP, CITPM (Senior), CSM, P3O Daniel currently heads the Product & Project Management practice in ISS, NUS. He teaches and consults in product, project management and IT outsourcing practices and works closely with many clients in developing customised training programs for their staff development. Daniel has over 19 years of IT experience in product development, testing, quality and project management. Prior to joining ISS, he was the Director of operations of a multinational company which holds the resource, quality and project management office. He has also held various management positions as department Head of e-Business, project management, operations and process quality. Besides running professional courses in project management, Daniel also consulted many companies and organizations in delivering customised training such as Citibank, Ministry for Home Affairs, Singapore Changi Hospital, Central Provident Fund Board, United Overseas Bank, Oversea-Chinese Banking Corporation, Atos Origin, TetraPak, Sony, Yokogawa Engineering, Singapore Computer Systems, HP, Integrated Health Information Systems , URA, VISA and IDA. These training sessions were delivered in China, Brunei, Malaysia, Maldives and Singapore. Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 2 What Will Be Covered • What is Digital Transformation? • Nature of Digital Projects • 5 Keys to Successful Digital Projects • Will Project Managers be out of jobs? • Summary © 2018 National University of Singapore. All Rights Reserved 3 Productization - Digital Transformationv1.0 What is Digital Transformation? Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It's also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure. © 2018 National University of Singapore. All Rights Reserved 4Productization - Digital Transformationv1.0 https://enterprisersproject.com/what-is-digital-transformation#q1
- 2. Digital Projects undertaken to: © 2018 National University of Singapore. All Rights Reserved build real-time and aware products that leverage preferences, insights, context and location awareness; personalisation of content, experience, pricing, recommendation, service deeper insights for customer engagement that drive higher loyalty and advocacy; Sustainable differentiation! Digital Projects – How is it Different? © 2018 National University of Singapore. All Rights Reserved 6Productization - Digital Transformationv1.0 5 Keys to Successful Digital Projects! Unknowns Key 1: Shift to Customer Service Mindset • An outlook that focuses on creating customer value, loyalty and trust; beyond simply providing a product or service. • Aims to create a positive and indelible imprint in the customer's, or even in the prospect's, mind. • Has to care about the customer or prospect experience and work continuously at enhancing it. Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 7 Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 8 “You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new.” Steve Jobs
- 3. Build on Unmet Customer Needs Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 9 Digital Platform bringing together 2 types of customers: • People with unoccupied houses who want to make a bit on the side • Travelers who wants more choices of experience, availability, pricing options Build on Unmet Customer Needs Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 10 Digital Platform bringing together: • Car owners who are wants a little on the side • Commuters who wants better transport availability and pricing options Why is Amazon so Successful? Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 11 I very frequently get the question: "What's going to change in the next 10 years?" … I almost never get the question: "What's not going to change in the next 10 years?" And I submit to you that that second question is actually the more important of the two -- because you can build a business strategy around the things that are stable in time. ... [I]n our retail business, we know that customers want low prices, and I know that's going to be true 10 years from now. They want fast delivery; they want vast selection. It's impossible to imagine a future 10 years from now where a customer comes up and says, "Jeff, I love Amazon; I just wish the prices were a little higher." "I love Amazon; I just wish you'd deliver a little more slowly." Impossible. Jeff Bezos, Founder and CEO of Amazon Power of Meeting Customer Need “Make something people want…There’s nothing more valuable than an unmet need that is just becoming fixable. If you find something broken that you can fix for a lot of people, you’ve found a gold mine.” - Paul Graham, Y Combinator © 2018 National University of Singapore. All Rights Reserved 12Productization - Digital Transformationv1.0
- 4. “This is well and good for the products we build for our customers, but I am doing internal projects?!” Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 13 The Amazon Virtuous Cycle Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 14 Source: http://www.samseely.com/blog/2016/5/2/the-amazon-flywheel-part-1 Key 2: Add on a Product (vs. Project) Mindset - Product Thinking Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 15 Project Mindset Project Mindset Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 16 • What’s the focus? • Delivering on time and budget!
- 5. But the Market is Changing! Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 17 © 2018 National University of Singapore. All Rights Reserved 18Productization - Digital Transformationv1.0 Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 19 Product Mindset – Market Driven Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 20
- 6. An Example – Health Promotion Board • Is there a clear unmet customer need? • What is the customer need? • Is there a gap in the market? © 2018 National University of Singapore. All Rights Reserved 21Productization - Digital Transformationv1.0 Disclaimer: Info provided is based on public info and personal experience Key 3: Create an Inspiring Product Vision Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 22 Source: https://www.stage-gate.com/resources_stage-gate_latestresearch.php, 2010, Target market & clear customer personas so we can size up the opportunity & risks! Create an Inspiring Product Vision Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 23 Engage our bosses, partners, investors, shareholders (stakeholders) and inspire our team Provide direction as we experiment, fail, pivot Ignites Passion. Attracts and grow the best People. Inspire to create/innovate great Products. Vision to Solve a Real Customer Problem provides a Clear Purpose Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 24 Clear Purpose.
- 7. Continue Our Example • What would be a good product vision? • Ability to recommend healthy food • Track the steps we take • To influence us to live and eat healthily • A buddy for healthy living © 2018 National University of Singapore. All Rights Reserved 25Productization - Digital Transformationv1.0 Key 4: Focus on Delivering Customer Value Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 26 • What’s the focus? • Deliver value early! Back to our Example - HPB • What would be some features and value to the customers? • What new technology/ approaches we can exploit? © 2018 National University of Singapore. All Rights Reserved 27Productization - Digital Transformationv1.0 Digital Projects – Some Concerns • This is disrupting my current business and/or model? >> If you don’t somebody will! • What if this fails after so much investment? >> At least you have tried! Fail early! • I have no idea how well we are moving towards fulfilling our product vision? © 2018 National University of Singapore. All Rights Reserved 28Productization - Digital Transformationv1.0
- 8. Goals •Translate your product vision into a few key goals so you can choose metrics that help you measure progress towards those goals. E.g. Toggle – enjoy the videos; search - find their videos Signals •Map each goal to signals. •E.g. No. of videos watched; amount of time spending watching videos; search but did not click on any of the results •Each goal may have many signals, choose the best predictors Metrics •Refine each signal into metrics that you’ll track over time or use in A/B test; choose the most appropriate •E.g. Avg. mins. spent watching videos per user per day; No. of clicks on the search result list Key 5: Determine the Right Metrics © 2018 National University of Singapore. All Rights Reserved 29Productization - Digital Transformationv1.0 Source: https://library.gv.com/how-to-choose-the-right-ux-metrics-for-your-product-5f46359ab5be The Goals-Signals-Metrics process Key 5: Determine the Right Metrics © 2018 National University of Singapore. All Rights Reserved 30Productization - Digital Transformationv1.0 Source: https://library.gv.com/how- to-choose-the-right-ux- metrics-for-your-product- 5f46359ab5be HPB - What are the Right Metrics? © 2018 National University of Singapore. All Rights Reserved 31Productization - Digital Transformationv1.0 Goals • Participants lead more active lifestyle • Eat more healthily Signals • Increase in the exercises & number of steps walked • Less overeating; more healthy food Metrics • No. of steps walked per user per day • Calories intake per user per day Be an expert in the data and analytics! How Sustainable are the behavioral change? Beyond metrics – old fashion qualitative survey! Is our Digital Project done? © 2018 National University of Singapore. All Rights Reserved 32Productization - Digital Transformationv1.0 Nope, Remember Product Mindset! Evolve into a platform, to build an ecosystem Work with many more devices!
- 9. Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It's also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure. Remember © 2018 National University of Singapore. All Rights Reserved 33Productization - Digital Transformationv1.0 https://enterprisersproject.com/what-is-digital-transformation#q1 An Often Asked Question Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 34 Will Project Managers be out of job? Replaced by AI? Summary • Adopt a customer service mindset • Take on a product mindset (product thinking) • Create an inspiring Product Vision • Decide on the right metrics • Experiment, try, fail, learn … and succeed….repeat © 2018 National University of Singapore. All Rights Reserved 35Productization - Digital Transformationv1.0 Questions? Your Challenges? Discussion, Sharing…. https://www.facebook.com/groups /328890197618521/ Productization - Digital Transformationv1.0 © 2018 National University of Singapore. All Rights Reserved 36 Need More information https://www.iss.nus.edu.sg/executive- education/discipline/detail/product-project-management THANK YOU ! danielboey@nus.edu.sg