In the latest Mastering Business Analysis podcast, David Mantica discusses how we can overcome one of the biggest challenges facing organisations today – understanding value and building the right solution.
It all comes down to value such as business value or customer value. The problem is that value can be difficult to define. When we discuss value, we’re really talking about utility. Utility is what you believe is important for what you’re doing in your life. The challenge comes when we can’t put ourselves in the position of the customer to understand their utility. We often have preconceived notions about the value of what we’re building and we push that on to the customer.
Product management is the key.
To address this challenge, we need to shift our thinking to a product management focus. When designing a solution, we need to think in terms of value (utility), cost, and competition or what’s happening in the marketplace.
Understanding your organisation’s goals and capabilities is another critical component. You may dream up a fantastic solution, but it’s only a dream if your organisation can’t build or support it and it doesn’t align to your organisation’s vision.
Ultimately, it comes down to one of two desired outcomes: those that lead to making money or those that lead to saving money. As change agents, we can help our organisations define the right outcomes that align with the organisation’s capabilities and maximise utility.
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