Optimizing time to market (TTM) can give you a head start on competitors and a jump in revenue. Your TTM is tied to the technology tools you use to research, plan, prototype, source, cost, and market. If your product development process fails or slows in any of these categories your competition may reach customers before you do.
Workflow management and optimization
An unmanaged workflow leads to TTM delays. Potential roadblocks and bottlenecks in a workflow need to be identified and corrected before the workflow is implemented. Depending on the type of industry, different software can be used to model your workflow and find steps that can be eliminated, bottlenecks, repeatedly over- or under-booked resources, and more.
Shorten your approval process
Every product launch requires all eyes on the prize, but too many cooks in the kitchen spoil the stew. A third party can easily and unbiasedly evaluate your process and determine who your “need to knows” and directly responsible people are to create a smooth running process.
Automate, automate, automate!
Why is automation so important to your TTM workflow? Because it decreases the risk of human errors, missed deadlines, incorrect information and much more. Done correctly it will improve communications, eliminate wasted time and clarify what task is needed next to continue a process.
Integration is a key
Data and communication are key aspects to marketing and product development. Unfortunately, the teams involved in this data collection and use are often distributed over several departments and can be physically distant. Throw in freelancers, vendors, agencies and other outside stakeholders and the communication situation becomes even more complicated.
To ensure the quickest TTM, all you data and materials should be accessible to those who need them when they need them regardless of their location.
Integration of all the tools and systems in use throughout the entire campaign process is vital. A central repository for all information, data, and material is required so that every “need to know” has easy access. This prevents delays from those looking for a required process or important information that should be readily available.
Adaptability and agility
How do you make God laugh? Make a plan. Regardless of how meticulously you plan things out, there will always be a fly in the ointment. It is important to be able to adapt to changing conditions in the market, resource availability, staffing, regulations, marketing and distribution channels needed to get to market.
Adaptability applies not just to the tools used but the mindset of the individuals who use them. People need to recognize changes in the market and production, to respond with appropriate actions.
- How do we make the best use of our data?
- How do we create opportunities?
- How do we maximize our potential and convert insight to action?
Convert Insight to Action
Any business decision you make today is greatly aided by the data you now have available. However, it is important that this data is evaluates and verified before being passed to the relevant business units. Your data driven decisions will enable better business performance metrics and establish a baseline to judge processes at all levels.
Hire the right people for data-driven decision making
Talented people are the key to understanding your data. Demand is up for data scientists, unfortunately small- and medium-sized businesses do not have the budget to staff them and must look outside their organization. There is no way around the need to analyze your data and use the information you garner from it, your strategic- and long-term success depends on it. Luckily, there are good alternatives to hiring a full-time data scientist. An interim CTO can be brought in to analyze your data and implement strategy to put success in your grasp.
Invest in the right analytic tools
Your access to data in today’s business world is only limited by the tools you use. The Internet of Things (IoT), Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), sensors and even drones enable you to aggregate data into an actionable form. Data accumulates at ever increasing rates as does the need for more. How do you determine which tools will provide the data you need? Throw AI and machine learning into the mix and you see the need for a highly trained individual to guide your business through your data landscape.
Create a technology infrastructure for data acquisition and visualization
Keep in mind that your process doesn’t end with creating information from data. Once you have the analytics, and the expertise, you require a way to view data in a collaborative environment that makes is easy to understand and actionable. There are dashboards galore which will present your data in a way that everyone in the room can understand, digest, and act upon. However, it is important to choose the right one to enable easy engagement and interaction with the right data for all meeting participants.
Begin to make data-driven decisions today
If you haven’t started your digital transformation yet or have but don’t know how to further proceed, don’t worry you’re not alone. According to IDC, 38% of even the largest companies have not completed their journey. And really, it’s an ongoing process. With your continuing data gathering, your opportunity to begin your digital transformation has never been more advantageous or profitable. Your time for a real-time analytical and data-driven approach to your business has arrived.
Start today to:
- Maximize your investment in software, tools and technology
- Improve time to market
- Make more accurate decisions
- Enhance the value of your data
Contact ThinkingCube today to talk to us about how to do all these things.