Optimized Business Planning and New Product Development Process
Positioned acquired company to play a lead role in new business strategy of merged companies.
Our client's success in on demand automated speech platform and applications made them an attractive acquisition target for a large public company. As part of its acquisition terms, revenue stretch goals were set that mandated a cohesive business unit strategy and more effective use of the product development organization. The client faced challenges in meeting these goals because of inefficiencies in the product development process. The organization had evolved into a custom development business model driven by professional services in order to seemingly deliver solutions expediently to customers. As a result, the client lost the ability to achieve scale economies through a cohesive product platform strategy. Instead of a proactive approach to product strategy and development, the company was driven by incremental product enhancements, some of which did not warrant the investment they were receiving based on current and future revenue targets.
Vision & Execution led the client through a customer and market driven planning process. As part of the project, the client developed the toolkit and enhanced skill set to drive its own future proactive planning processes following industry best practices. The product management team participated in a one day workshop on product development best practices to help reframe their roles and responsibilities. Their product development process was mapped to the acquiring company's PLM approach. The corporate strategy was translated into a cohesive set of business, platform, product and go to market strategies.
The client was able to present a cohesive business and product strategy tied to the new combined organization's corporate strategy. The new business unit received the funding needed to deliver on the business and product strategy. Most importantly, the business unit's product management group regained credibility and funding so that they could proactively drive new products and features rather than the professional services organization. Acquisitions identified to achieve the platform strategy were successfully completed.