Why Your Product Strategy is Obsolete: The Digital Imperatives You Can’t Ignore

In a world where digital technologies reshape markets overnight, clinging to outdated product strategies is a recipe for obsolescence. The six digital imperatives outlined in 'Reinventing the Product' serve as a clarion call for companies to rethink how they create and deliver value.

First, transforming the core business means embedding digital into every process — from design and manufacturing to sales and service. This goes beyond automation to reimagining workflows and decision-making with data and AI.

Second, focusing on customer experience is paramount. Customers expect seamless, personalized, and emotionally resonant experiences akin to consumer apps, even in industrial settings.

Third, building or joining ecosystems allows companies to co-create value with partners, developers, and customers. This collaborative approach fosters innovation and extends product capabilities.

Fourth, innovating business models means embracing as-a-service offerings, subscription models, and outcome-based pricing, shifting the focus from transactions to relationships.

Fifth, developing a digital workforce equipped with new skills in AI, software, and design thinking is essential to drive transformation.

Finally, managing multiple pivots simultaneously requires agility and strategic foresight to balance legacy operations with new ventures.

Companies that master these imperatives unlock new growth opportunities and build resilience against disruption.

Examples abound: a tire company evolving from selling rubber to guaranteeing mobility and safety services, or the automotive industry’s pivot to shared autonomous vehicles reducing ownership dramatically.

Embracing these imperatives is no longer optional; it is the foundation for future success.

— Sources: Amazon, Kogan Page, Skillsoft 1 2 3