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How can you increase governance and accelerate time to market?

Posted by on 11 June 2016
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Asset management and securities services organizations are challenged to deliver customer-centric products while increasing efficiencies and improving governance to meet regulatory requirements. By automating processes in end-to-end product management, institutions are better able to compete in an increasingly global, complex market whilst improving customer centric innovations to meet changing customer demands.  ‘Innovation’ isn’t just about generating new ideas, but also, efficiently converting ideas into marketable outcomes and services. It’s also about how you manage product initiatives and product portfolios that need to be consistent with overall business strategy and ultimately help to improve the customer experience.

Institutions need to strike a balance between Product push: where product success mainly rests on prevailing market sentiment and deft marketing and Product pull: where success rests on knowing the client needs and the quality of skills and processes aimed at meeting them. Client needs must be at the heart of product innovation. The industry needs to better leverage technology, reducing reliance on manual operations, to begin the systematic and organizational change to meet customer and regulatory demands. By streamlining processes with enterprise collaboration, institutions can operate more efficiently, reducing costs and freeing up time to focus on product innovation. This is how other industries operate.  Tesla, Johnson and Johnson and many others use the same approach to gain competitive advantage and reduce costs.

Product development teams need to establish a strong internal processes before commercializing new ideas.  A systematic process from ideation through to development allows the business to keep track, creating a transparent audit trail for any changes that may occur as the product moves through each development stage.

Digitized processes also improve enterprise-wide collaboration - another key success factor in the customer driven product life cycle approach. The entire collaborative engine needs to be recorded so you can re-follow the steps if needed, allowing you to take corrective action and strengthening governance and transparency throughout the entire process.

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