The world has changed for product companies whose success relies on fast development cycles, high product quality, and increased customer satisfaction.
They are in the fight of their lives as revenue growth becomes increasingly reliant on addressing ever-changing buyer expectations and market conditions.
Increasingly, buyers are focusing on product outcomes rather than product specs. They research and buy across multiple sources, and expect a consistent purchase experience across every channel.
They want that consistent experience to continue over the product’s lifetime, thanks to connected devices, subscription models, and integrated experiences. Loyalty is more and more fleeting with consumers showing a propensity to switch brands when companies don’t get it right the first time.
Many product companies are struggling to meet these demands because their business strategy and supporting technology were built for a different time with different needs.
So why don’t more companies embrace business transformation? Because it’s difficult. Almost everybody we chatted with had examples of failed business transformation initiatives that resulted in wasted resources, missed product launches, and even lost jobs.
There is a reason so many companies are reluctant to change the status quo.
Focusing on the fear of a bad outcome prevents companies from reaping huge benefits.
The Biggest Hurdle is Getting Started
The pursuit of change is riddled with roadblocks, and as a result, numerous companies find themselves grappling to maintain their competitive edge.
This struggle permeates multiple industries, unfolding on a daily basis. Despite constant discussions among CEOs and executive teams about the importance of embracing current market conditions, far too many fall short when it comes to translating words into action.
The truth is a significant majority simply lack the know-how to enact meaningful change and harbor genuine concerns about the potential for failure.
Transformation projects are difficult. Inertia is a killer. Skepticism from senior leaders can force a project to fail before it's out the door. And if you've never taken on a big transformation, it can be extremely intimidating.
Where do you even begin?
Enter: The 5x5 Program
To answer this exact question, we’ve devised a framework based on dozens of real stories of successful business transformation, based on hundreds of hours of conversations with industry leaders. We call it the 5x5 Program.
First, start with these five steps:
- Identify the Why
- Assemble Your Power Team
- Elevate IT to Strategic Leaders
- Right-Size the Project
- Execute the 5-Point Digital Transformation Framework…
...which consists of these 5 guiding questions:
- What is the desired outcome for the customer, patient, or buyer?
- What products and services will deliver that desired outcome?
- What teams are needed to deliver those products and services?
- What processes are needed to support those teams?
- What technology is needed to make those processes a reality?
Get the full framework with instructions, success stories, results, and analysis in the new guide: “The 5x5 Program: A Proven Framework for Business Transformation.”