- [Narrator] Blink number five.
Digitizing your core business should be a key step
on your roadmap to success.
Now might be a good time to put everything together
into a clear roadmap for transitioning
into a successful product as a service company.
There are seven key action points on this roadmap.
First is to define your vision
and the value you're offering.
What kind of experience is your product providing?
Be clear about this, and know precisely
the kind of connected product you're selling.
Second is to digitize your core business.
This means enacting all the shifts,
pivots, and structural changes we've already gone over.
This can sound like a costly step for legacy businesses
that are used to doing things in a traditional top-down way.
Fortunately, the authors have found
that implementing a digital transformation program
usually ends up reducing costs,
meaning that the transition effectively pays for itself.
Third is to outline your product experience
and how it relates to your business operations.
For example, how much data are you getting
from the way customers interact with your product?
Do you have enough storage for that data,
and a plan to utilize and learn from it?
And perhaps most importantly of all,
is your data secure enough?
Fourth and fifth are creating a workplace and a workforce
designed to accelerate your new business
and enable a smooth execution of your vision.
Remember, a digitally focused workplace culture
embraces rapid testing, learning,
and pushing forward new ideas.
Instead of thinking of your business
as a factory for manufacturing,
the author suggests thinking of it
as a product and experience innovation center.
For this to happen,
remove the blockers that keep teams isolated
and make sure everyone is working
with the same data and goals.
Action point number six is to track your results
and be willing to constantly adjust course.
Smart connected products
provide an endless stream of feedback.
Teams and programs need to be set up
to analyze this data and act on it.
This means a certain production cycle,
which starts with the refining of a product idea,
and then moves on to building, testing,
and learning from the product's initial iteration.
Next comes planning, executing,
and assessing the product.
At each stage, the product continues to evolve
through the tracking of results.
Finally, there is no time like the present
to start your pivot, now.