The product expert Andrea Bandera highlights that any product modernisation is also always a business modernisation. A fact that is often overlooked.

But when a Business Model becomes obsolete, companies must modernise their products and the organisation that enables the creation of those products.

Andrea shares his experience in working with ERP companies that are trying to make the shift from custom solutions for large individual customers to creating products that are used by multiple small and midsized customers.

TAKEAWAYS

• Modernization is essential for products to remain competitive.
• Understanding the organizational ecosystem is crucial for successful modernization.
• Shifting from a technology-driven approach to a customer-centric mindset is necessary.
• Risk aversion can hinder modernization efforts; organizations must embrace experimentation.
• New competencies in product management and design are vital for modernization.
• Effective communication and collaboration across functions are key to success.
• Measuring product usage helps identify areas for improvement.
• Leadership must be willing to challenge the status quo for effective change.
• Modernization is an ongoing journey, not a one-time project.
• Customer value creation should drive product development.

• The Journey of Product Modernization
• From Technology to Organizational Change

SOUND BITES

• "Every product will face a moment to modernize."
• "Modernization is not just about technology."
• "Think of the product as the outcome of the ecosystem system."
• “Ask yourself: What is valuable for customers that affects our business”

CHAPTERS

00:00 Intro to show

00:29 Intro to guest

03:54 Understand the Ecosystem that Generates the Product

11:26 A Shift in Target Audience is a Business Change

19:21 Managing Risk and Embracing Experimentation

23:42 The First Step To Modernise New Business Strategy

28:10 Shifting from full plan to thin slice

33:20 Lessons learned: Value of talking to customers

35:31 Lesson learned: Breaking down complexity is hard

38:22 Success Principle: Understand the system around the product

39:03 Success Principle: Bring in Design and Product Competencies at Leadership Level

42:39 Tips for Newly brought in Leaders

46:42 Thinking in Adaptive Systems: People, Technology, Tools and Interactions

49:47 Success Principle: Measure Signs of Positive Progress

50:58 Success Principle: Think of the Product as a System

51:54 Success Principle: Start From the Money

52:48 Andreas View on How to Create Better Products

55:20 Andrea's Content Recommendations

59:46 Connect with Andrea

01:00:45 A question to our listeners

CONNECT WITH US

Andrea Bandera (Guest on this show)

Sabrina Mach (Host of this show)