Background

A well-established Financial Services company grew concerned about its ability to bring new products to market swiftly and maintain competitiveness in the eyes of customers. The client approached us to validate the CEO’s hypothesis that the company was experiencing significant delays in product launches. They sought a remediation plan to enhance market responsiveness and agility.

Approach

To address the client’s concerns and optimize their speed-to-market, our consulting team adopted the following approach:

1. Comprehensive Review of Initiatives: Our team conducted a thorough analysis of all new product and enhancement initiatives spanning a five-year period. We categorized the projects based on their size, complexity, and revenue potential.
2. Documentation of Product Development Process: We documented the end-to-end product development process, identifying critical bottlenecks and areas of inefficiency within the teams responsible for designing, building, and marketing new products.

Results

Through our engagement, the client achieved the following outcomes:

1. Confirmation of Increased Time-to-Market: Our analysis confirmed the CEO’s hypothesis that the time required to design, develop, and market new products had expanded by up to six months over the five-year period. This prolonged timeframe was hampering market agility and limiting sales potential.
2. Identification of Inefficiencies: Our team identified technology, process, and organizational inefficiencies contributing to the delays. We collaborated with the client to design a more efficient and agile process that could support growth.
3. Reduced Time-to-Market: By implementing the recommended changes, the client successfully decreased its overall time to market by more than 25%. This improvement led to enhanced market agility, an improved customer experience, and significant revenue growth.