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Product Road map versus Product functionality

Products are designed based on needs /requirements of the consumers in/across multiple industries in /across different geographies/regions. Some products could be used across different industries whereas majority of the products are built based on specific industry demand. There could be local or regional or geographical or global product. Uniqueness of the product, competitive advantage, usability, functional, technical design makes a unique selling/buying proposition. Over a period of time the needs/requirements of the consumer changes, existing technology becomes redundant, competition product is perceived or appreciated better, market requirements are not met because of design constraints. All these factors result in redesign of technology, enrichment of functionality, simplified User Interface etc. It is desirable that the new product fusion or innovation will survive the test of times and create a demand for a longer period. It is a common product practice to innovate, redesign, reimagine the new offering so that the output is in line with the current market standing. The re-designed product should have features which is needed for today and could be used for the next few years or a decade or so considering the dynamic changes happening in the industry/geography/technology etc. However, the new product may/may not meet the same success as the older one because of multiple factors – timing of launch, market acceptance, client partnered with a competition product with longer contract terms and conditions preventing entry again, higher cost etc.

Most of the software design will have a strategy or product road map except cases where the product reaches the sunset /matured stage and the company has taken a decision not to develop it further. The product road map should be built based on vision of the industry, the expected movement of the industry and future technology design which will provide a comfort to the consumer that the vendor they are partnering is having a futuristic outlook and vision. The vendor has to fulfil the challenge to meet the existing market requirements, so that the consumer will be able to realize the value /benefits today. Considering the pace at which the technology revolution happening around the globe, the extent of changes which can be predicted /futuristic is minimal. This can be turbulent making the roadmap hazy, if there is no adequate planning and strategy for execution.

To conclude, product road map should be a carefully executed strategy to entice consumers with a vision of the product company and to create demand by planning requirements for the future. However, what is more important is to have a product that is required 'currently' and then focus on future road map or paint a rosy picture for the future. The current pain points/requirements of the client should be addressed to have an immediate impact and then project a product road map which is a visionary for the future. The current concepts /ideas will become irrelevant unless the ideas are innovative /novel with a distinctive vision which will sell well in the future. 

Comments: (1)

João Bohner
João Bohner - Independent Consultant - Carapicuiba 14 March, 2018, 12:45Be the first to give this comment the thumbs up 0 likes

I propose a question / subject to be discussed by the community:

- The soap is a product of the hygiene industry.
- The car is a product of the automobile industry.
- Brick is the product of the construction industry.
- And so on...

- What is the Bank's product? Money? But the money is not from the Banks, it's from the customers, is not it ???

My understanding is that Banks do NOT have products, they only provide SERVICES!
And that's makes banking so different of other business.

Comments / understandings are welcome.

Reghunathan Sukumara Pillai

Consultant

Infosys

Member since

26 Oct

Location

Bangalore

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26

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2

This post is from a series of posts in the group:

Futuristic Banking

Stuff that's out there in the way out and beyond in banking.


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