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About the book-

There are several basic building blocks for successful organizational transformations. They are not specific steps or stages, nor are they specific organizational designs. Rather, they are perspectives and ways of thinking about shifting behavior and influence.

One key to a successful transformation is to clearly define the end goal. When creating a transformation plan, start with the end result in mind and work backwards from there. Setting timelines for each stage of the transformation project can help you stay focused and make the process more manageable.

For example, if you're switching to a new technology platform, you might want to define the timeline for conducting preliminary research on available tools, submitting RFPs (Request for Proposal), and scheduling demos with vendors. Then, after selecting the best tool, implement it and train employees on using it. But this is easier said than done. Hence, leadership self-development is a constant To-Do on a leader’s list.

If you are a leader or an aspiring leader and want to bring-on organizational transformation or to enhance your leadership skills to elevate along the career ladder, then this book is for you!

With ‘so much’ leaders like us must read daily, I always look for bite-size information that is compact, complete, relevant and useful. This eBook- How to lead a successful organizational transformation, is designed to bring you vital information in an easy, useful and microlearning format.

Available as Electronic format in all popular book stores worldwide!

Checkout the preview here-

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Categories: Books | Leadership

Keywords and Tags:
#operationalexcellence  #leadership  #businessturnaround #businesstransformation #managingchange

To begin a cultural transformation, an organization must first define what kind of mindset it wants to cultivate. A company may begin small but as it grows and becomes more complex, its culture will have to adapt in order to meet the new demands. A strong culture fosters collaboration and encourages employee alignment.
 
Digital culture is customer-centric by definition
 
Customer-centric companies are those that are focused on their customers. They do more than just satisfy their customers' needs and expectations. Companies like Amazon and Zappos are examples of customer-centric companies. They are so committed to their customers that they often fire employees who do not fit their culture as per media reports. Though, I would say if you hire right, you don’t have to fire. In a recent published survey 58% of companies said they had a customer-centric culture.
 
According to a recent survey, customer-centricity is the most important characteristic of a digital culture and shows that customer-centric businesses make more money. That's good news for both the customer and the business. Customer-centric companies have an advantage over their competitors because they put their customers first.
 
Organizations that have a digital culture are more flexible, nimble, and resilient to external shifts. It also fosters employee engagement and innovation, which helps to retain current employees and attract new talent. Companies with a customer-centric culture use data and customer feedback to make key decisions.
 
Customer-centric companies go beyond putting out fires and dealing with problems. They strive to build positive experiences for their customers and solve problems before they become bigger issues. They also aim to satisfy their customers as much as possible. Instead of focusing on selling products, they focus on solving problems, providing recommendations, and delivering excellent customer service.
 
According to published statistics, customer-centric companies are 60% more profitable than non-customer-centric companies. In addition, CEOs of customer-centric companies are 64% more successful than their competitors. This approach helps companies increase revenue, enhance efficiency, increase performance, and sustain profitability. It also builds long-term loyalty and relationships with customers.
 
Strong cultures keep employees aligned and motivated
 
When transforming an organization, it is important to create a strong culture to keep employees motivated and aligned with the company vision. Employees want to contribute to the business's success, and they also want to feel appreciated and recognized for their efforts. In addition, employees want autonomy and flexibility in their roles. These qualities fuel creativity and innovation.
 
To create a strong culture, the organization should identify a purpose and make it very clear to employees. This way, they can envision their contribution to society and stay motivated. In this post-pandemic world, purpose-driven organizations are more likely to have engaged and motivated employees.
 
Developing a strong culture starts with the leadership team. The leaders need to discuss what the culture should be and incorporate employee feedback. Weak corporate cultures are one of the leading causes of failure in an organization. However, a strong culture can help prevent a company from suffering prolonged downturns.
 
Organizational culture is defined by how employees act. An organization can create a positive organizational culture by rewarding positive behaviors and encouraging employee development. A positive culture can boost performance and build a strong talent pool. In short, a strong culture can help you weather a business transformation period.
 
Recognizing individual team members' contributions has a powerful effect on the organization's culture. It helps employees feel a sense of belonging and how their contributions contribute to the company's success. In fact, nearly seventy-six percent of employees don't feel appreciated by their superiors, and when they do, employee engagement, retention, and productivity all rise.
 
They promote collaboration
 
Organizations can benefit from cultivating a culture that promotes collaboration. Collaborative teams are more likely to produce high-quality work. However, there are some challenges to collaborative work. For starters, many employees lack the skills to contribute to a collaborative culture. This may lead to a situation where good collaborators don't feel comfortable voicing dissent.
 
To improve collaboration, leaders must model the tools and practices they want their teams to use. They must be role models for their teams and not micromanage or oversee every move. Leaders must also be willing to admit when they don't know everything and seek out other opinions. This will foster trust among team members, which will result in a more collaborative work environment.
 
Creating a collaborative culture requires a thorough analysis of current processes and organizational culture. Ultimately, creating a culture of collaboration requires the development of a vision for the organization. The vision should clearly outline what the desired outcomes are and how to achieve them. It should also outline specific steps that the organization will take to foster collaboration.
 
Cultures that promote collaboration are transparent and open. Teams must share information and news freely. When collaboration does not take place, it can lead to rumors and distrust among team members. In addition, a culture that encourages collaboration can result in improved employee satisfaction and increased productivity. It can also improve employee morale and foster strong relationships.
 
The use of technology has changed how people collaborate with one another. Employees can communicate without interrupting their workflow. New technologies can promote collaboration between teams and make the workplace a more pleasant place to work. However, this can only happen when all teams share the same resources. Otherwise, they may feel like they are working in silos and may not be able to communicate effectively. Leaders play an essential role in creating a culture of collaboration.
 
They require a line of sight from the transformation process
 
When a company undertakes a culture or business transformation, it's critical to have a clear line of sight to the future. It must first assess its current state and determine how best to meet its goals. It should then consider its current business model and determine the speed at which it can achieve its desired outcomes.
 
Many transformation efforts fail because great ideas don't reach people who can make a real difference to the business. This is why employee engagement is critical early in the process. In addition to involving all levels of the organization, a line of sight to the end goal is important. Without a clear line of sight to the transformation process, the top teams may decide to shift their attention to other challenges.
 
To make the most of culture and business transformation, senior leaders, business unit leaders, and key influencers must have a clear line of sight to the end goals. Similarly, the culture and business transformation process must align with the company's strategy and value creation goals. The internal product team and the sales team will need to focus on continuous improvement and the external sales team will need to focus on changing behaviors in the market.
 
The transition from launch to execution is a sensitive period, and leaders must remain actively involved in the transformation process. During this time, the company is susceptible to predictable slumps. By staying focused on the goals and objectives of the transformation, executives and general managers can minimize the drag on the transformation process.
 
The transformation process should begin by defining a core strategy. This strategy should determine the type of customer focus the organization should have and the right organizational structure for success. It may also need to address urgent financial or organizational problems. As such, it is critical that the strategy and transformation process occur in parallel.
 
They require senior executives to be the face and voice of change
 
To be successful, business transformation requires senior executives to be the voice and face of change. In order to achieve the desired transformation, leaders must be able to balance the long-term vision with the day-to-day realities. The transformational process starts with the CEO shifting gears from planning to leading. In this transition, the CEO must be willing to make no-regrets moves, like forming initiative teams and setting up a change-management and overall governance program. The CEO should also initiate a communications plan to help communicate the changes.
 
The current state of the world is a time of change that requires organizations to change. Resources are becoming scarcer and commodities are rising rapidly. Meanwhile, data storage and computing power are decreasing, allowing organizations to innovate in new ways. As a result, organizations need to adopt new leadership practices and embrace new technologies to stay competitive.
 
The CEO should communicate the benefits of change to all levels of the organization. He must present a compelling case for change to his board of directors, senior management team, and the entire organization. The case for change must acknowledge the company's past and present heritage, and include relevant external factors, internal metrics, and operational metrics. In addition, the CEO should be able to explain why the change is needed to improve performance and employee engagement.

​Read more about how to bring-in organizational culture change here

​Related Reading:

1. Kaizen for pharmaceutical, medical device and biotech industries
2. How to cut costs strategically using Kaizen
3. Streamline processes and workflows with Gemba Walk.
4. Top Ten Strategic Decision-Making Tools for Operational Excellence

Follow Shruti on Twitter, Facebook, YouTube, LinkedIn

Categories:  Change Management | Business Transformation

Keywords and Tags:
#operationalexcellence #organizationalchange  #strategicplanning  #culturechange  #changemanagement

Successful business transformation can be achieved via multiple ways, one of such promising way is to create and implement effective patent strategy. The patent strategy shall aim to increase topline and bottom line of the business.
 
In this post, I shall touch upon few different types of patents, when and how can they be filed and what benefits do they offer to a business.
 
What are the different types of patents?
 
There are several types of patents. These include Utility patents, Design patents, Plant patents, Business method patents, Divisional patents etc. Utility patents generally cover a new machine, process, or composition of matter. These patents are typically the most common types of patents and represent 90% of all patents. A good example of a utility patent is a new type of wheel that can be used on a car. In addition, these patents often cover methods of using that wheel.
 
Utility patents
 
Utility is one of the main requirements for securing a patent. An invention must provide a benefit in some way, and it must be capable of being used to achieve that benefit. Otherwise, the invention is useless.
 
The invention can be either an improvement on a machine or composition, or an entirely new and useful thing. In order to be eligible for a utility patent, the invention must be useful, novel, and nonobvious. To obtain a utility patent, the invention must be new and useful to an existing or future user of the product or process.
 
Utility patents are complex, and require technical expertise, so it's a good idea to hire an intellectual property attorney to assist applicants in filing the application.
 
Utility patents are important for businesses and inventors who want to protect their inventions. These types of patents grant inventors rights to their creations and teach the public how to reproduce them. To obtain a utility patent, an inventor must meet strict requirements and submit an application that follows formal guidelines i.e. patent law. The application should wherever possible, include drawings, equations, pathways etc. that demonstrate the invention's functionality, a detailed description of how it works, and enough details to reproduce the results.
 
Utility patents are the most common type of patents and are often the first ones people think of when they hear the word "patent." A utility patent is an excellent option if you think your invention is useful and innovative. There are five major types of utility patents, and each has a unique definition. Utility patents cover a wide range of inventions and applications, including machines, manufacturing processes, formulae and compositions of matter etc.
 
Utility patents are among the most valuable assets in the world and are very costly. Pursuing one can seem daunting at first, but the process can be accomplished step by step. Utility patents protect a new product, process, or machine and can grant a patent holder exclusive commercial right for up to 20 years.
 
Design patents
 
Design patents are a form of intellectual property that protects an individual's unique design from copycatters. They are more easily obtained than utility patents, but the application process is lengthy. In order to be eligible to receive a design patent, applicants must submit detailed drawings of their inventions to the patent office. The drawings should show the invention from multiple angles. In some cases, black and white photographs can be used in place of drawings if they are the only means by which the inventor can fully illustrate his or her invention. The term of a design patent is 15 years from the date of grant, and in the US design patents do not have maintenance fees.
 
As with utility-based patents, however, design patents should be limited to functional aspects of the design and should not impede the invention of competitors. The purpose of design patents is to protect design elements that enable the inventor to control a product's functionality. However, partial claiming should not be allowed, as it contradicts the design patent system's intended social function.
 
In the fashion industry, design patents often concern ornaments and applied decorations. While this is the most common instance of design patents, the term is broad enough to encompass a variety of surface designs. For example, a patent can protect the shape of a computer mouse, or a cup that uses a dragon handle.
 
A design patent protects the ornamental appearance of an article. The ornamental appearance may be a pattern on the front or a unique shape. This protection is not required for the actual function of the article. This makes it easier to patent and enforce, and it is particularly useful if the inventor/patent owner contracts a manufacturer to produce the item.
 
A design patent is a valuable piece of intellectual property. It can be used to protect a product's design, including the shape or color arrangement. It cannot protect the functionality of an item because unlike utility patents, design patents do not require the invention to be functional.
 
Plant patents
 
Plant patents are legal protections given to new varieties of plants. The 1930 Plant Patent Act made it possible for plant breeders to patent new varieties. This act excluded tuber-propagated and few other types of plants, but otherwise allowed the patenting of new plant varieties.
 
To be patentable, a plant must be newly discovered in a cultivated area or have a distinctive property. It must not have previously been patented, sold, or described in the public. Furthermore, the plant must have been discovered or cultivated within a predetermined geographic region. A plant patent will protect the inventor's plant invention from competitors and provide protection during a predetermined period of time.

In order to qualify for a plant patent, it must have an exceptional contribution to the plant industry. This should be evident in its commercial or performance value or benefit for the consumer. Patented varieties should also have a market that is suitable for their introduction. This could mean higher royalty rates and the need for new product development and marketing processes.
 
Before filing a plant patent application, you must consult with an experienced patent attorney in your area. The patent attorney you choose should be registered with the patent office. A patent application may contain introductory portions describing the inventors and claimed plant. However, it is best to consult with the patent office before filing your application.
 
A plant patent can protect an innovative plant variety by preventing others from using, selling, or reproducing it. In addition, a plant patent can enable the inventor to lock in higher profits during the patent period.
 
A plant patent must be filed within a year after the plant first became available or was first publicly known. Public knowledge of a plant is generally presumed to be first obtained by publication or internet.
 
Business method patents
 
A business method patent is a type of patent that discloses a new way to do business. These inventions can include for example, new types of banking, insurance, anti-fraud ATM machine and e-commerce. They can even involve tax compliance. In addition to new methods, business method patents can cover new ways to collect and manage taxes.
 
Before you can apply for a business method patent, you must write a complete description of the method you want to patent. The description must include the method or system that you are trying to protect, as well as any central control or components. The software used to perform the method should also be described in detail. Flowcharts are particularly helpful in demonstrating how the invention works. It is also helpful to include a copy of software code to demonstrate its core functionality.
 
A business method patent can be challenged for invalidity. Under the US patent law, a challenger has nine months to challenge the patent. In order to win, a challenger must prove that at least one of the claims in the patent does not qualify for protection and that the patent raises a novel legal question. However, the challenger cannot use this basis for review later in an infringement or declaratory judgment action.
 
Business method patents are a common way to protect intellectual property. While a 2010 Supreme Court case threatened the viability of business method patents, some companies rely on them heavily to protect their intellectual property. If you have a business method patent, you may be eligible for a license. There are many factors that will determine if you can license the method.
 
While business method patents may be challenging, they are also lucrative and can be a great source of income if one knows how to file the application correctly. 
​
In order to obtain a business method patent, you must follow the same steps as filing a utility patent. First, you must include a detailed description of the process and its benefits. Second, you must explain why your invention is better than your competitors.
 
Divisional Patent Application
 
A divisional patent application is a patent application that contains the subject matter of a previously filed application. This previous application is called the parent application. Know more about divisional patent application here.
 
Applicants may file a divisional patent application for many different reasons. Some applicants seek to protect subject matter beyond the scope of the original patent claims, while others wish to protect a larger portion of their invention. Sometimes, they may amend claims to achieve a faster grant of the patent. Another common reason for filing a divisional patent application is to add protection for subject matter beyond the scope of the parent's patent claims.
 
An applicant may also file a divisional patent application to limit the activities of a known competitor. If the applicant has a parent patent application that contains claims directed to their own product, it can file a divisional patent application seeking protection for the features of the competitor's product. This can put the applicant in a better position to negotiate with the competitor.
 
The divisional application is distinct from the parent application and must be filed before the parent application issues a notice of grant.
 
Divisional patent applications cover all aspects of an invention. If the parent patent application is a PCT application, then countries designated in the parent patent application must also be designated in the divisional patent application. However, the divisional patent application should not be filed if the parent patent application does not contain these (country) designations.
 
Another reason to file a divisional patent application is to protect multiple inventions. In some cases, the patent examiner may rule that one application is eligible for more than one invention. In such a case, the patent office may issue a restriction requirement in order to avoid multiple applications for the same product. The parent application must only contain one invention, and if there are several inventions, the divisional patent application should focus on all the inventions of the original patent.
 
Knowing the different types of patents, when and how must they be filed is critical not only for protecting the invention, but also for business expansion and growth. Therefore, designing the right patent strategy is key to effective business transformation / business turnaround.

Disclaimer: The content given on this blog is for educational purpose and not legal advise. Never self-handle patent suits. Always consult a registered patent attorney for any advice on patent matters.

Related Reading:

1. Top Ten Strategic Decision-Making Tools for Operational Excellence
2. ​How to cut costs strategically using Kaizen
3. Top 30 Continuous Improvement Tools
4. Top 10 Change Management models

Follow Shruti on Twitter, Facebook, YouTube, LinkedIn

Categories:  Patents

Keywords and Tags:
#BusinessTurnaround #OpEx #operationalexcellence  #patents  #divisionalpatents #utilitypatents #plantpatents #businessmethodpatents  #designpatents  #businesstransformation

A divisional patent application is a type of patent application that claims the subject matter of a previously filed application. This prior application is known as the parent application.
 
But the divisional application is a separate patent application which is divided from an original application where the original patent application describes more than one invention. The divisional application benefits from the same filing date as the original application.
 
A divisional patent application can contain as much or as little of the parent application as the patent owner desires. This type of patent application is generally much faster to process than a normal patent application.
 
A divisional patent application can be used to cover a wide range of subjects and inventions. It is not a separate application that claims new subject matter, but it can include claims that are specific to the invention described in the parent application. This type of patent application is more useful when there are multiple ideas involved, such as when a single invention is not sufficient to cover multiple ideas.
 
A divisional patent application may be filed at the same time as its parent application. A divisional application cannot be filed if the parent application is granted, or if it is abandoned beyond the period of reinstatement. A divisional application may be filed after the parent application is refused, if it is filed within the time prescribed in the Patent Rules.
 
The date of priority for a divisional application is the same as that of the parent application. The patent term of a divisional patent is 20 years from the date of the parent application. However, a divisional patent application may be filed more than once.
 
The patent applicant may receive the same or similar objections as the parent patent application. The applicant may choose to argue against them or make amendments.
 
A divisional patent application can also be used to create a patent portfolio of different viewpoints on the same invention, making it more difficult for competitors to copy or design around the invention. In addition, a divisional patent portfolio may be a great tool for attracting new investors and obtaining public funding.
 
It is found that the  patent examining authority usually is inclined to view divisional patent applications more liberally but that does not mean it is giving applicants a license to apply for divisional patents without discretion. This will influence how patents are drafted and prosecuted. It will also impact the quality of patent applications.
 
A divisional patent application is often filed as a continuation patent application if a parent patent application already contains more than one invention. This allows one inventor to get a patent right for one invention, while allowing the other inventors to obtain patents for a separate invention. But the examiner may feel that a certain portion of the claims should be assigned to another invention. If this occurs, the inventor must file a divisional patent application for the other elements.

Another type of divisional patent application is a continuation-in-part (CIP) application. It is provided under US patent law.
 
A continuation-in-part application is a type of divisional patent application, but it adds aspects of the invention to the parent application. A CIP application has subject matter not disclosed in the parent application but repeats a substantial portion of the parent’s specification and shares at least one inventor with the parent application. The CIP application  inherits the priority date of its parent application for all material in the original disclosure but allows the inclusion of new matter with a new priority date attached to it.
 
I shall be discussing other types of patents in separate posts; do check them out.
 
Knowing the different types of patents, when and how must they be filed is critical not only for protecting the invention, but also for business expansion and growth. Therefore, designing the right patent strategy is key to effective business transformation / business turnaround.

Disclaimer: The content given on this blog is for educational purpose and not legal advise. Never self-handle patent suits. Always consult a registered patent attorney for any advice on patent matters.

Related Reading:

1. Top Ten Strategic Decision-Making Tools for Operational Excellence
2. ​How to cut costs strategically using Kaizen
3. Top 30 Continuous Improvement Tools
4. Top 10 Change Management models

Follow Shruti on Twitter, Facebook, YouTube, LinkedIn

Categories:  Patents

Keywords and Tags:
#BusinessTurnaround #OpEx #operationalexcellence  #patents  #divisionalpatents #CIPapplications

Transforming organization in this era of post Covid-19 induced crisis features on To-Do list of every business leader. 

In the previous part of this article, I had commented briefly on how product portfolio can facilitate successful business transformations. Further product portfolio is built on four pillars-

1. Company’s definition of a new product.
2. Portfolio project management technique employed.
3. Product development pathway.
4. Marketing and Sales process's abilities to gain market share.

Part 1 of this article covered pillar 1- Company’s definition of a new product, Part 2 covered pillar 2- Portfolio project management technique employed, while Part 3 covered pillar 3- Product development pathways.

In this part, I shall elaborate on pillar 4- Marketing and Sales process's ability to gain market share.
 
The fourth important parameter of building a profitable portfolio is introspecting and assessing your marketing and sales process(es) efficiency and effectiveness.
 
Start by asking questions such as-

• Where is sales growth coming from?
• Are sales happening from new products or from new markets or are they happening from growth in existing markets or increase in market share?
• How do you want your product portfolio to look like in coming 3 to 5 years?
• What is your historical level of R&D spending as a percentage of sales?

 
Answers to these questions will throw light on your organization’s operational capacity and capability to develop and sell new products.
 
Also, it is vital to establish which products must be developed for self-commercialization and which should be licensed out on fee-for-service basis. Doing this will amplify portfolio’s productivity and profitability.
 
Further, modifying all underlying business processes involved in the sales & marketing of products, by using suitable process improvement techniques will maximize company’s revenue. For example- A struggling pharma company increased 30% of its market share in mere 3 months by implementing Kaizen to its sales and distribution process. Know more about Kaizen for pharmaceuticals here.
 
There are more than eighteen scientific and effective business process improvement methodologies to choose from.
 
For instance, using Lean Kaizen or Agile Kaizen in improvements of processes underlying sales, marketing and distributions functions is a sure and effective way to get fastest and highest ROI.
 
Lean identifies waste and hence improves profit figures. Agile increases quality & speed of product development, while Kaizen improves process efficiency & effectiveness and increases rate of returns.
 
To ensure portfolios are managed to give best rewards, it is vital to prune it regularly. Further advanced analytics may be used to identify optimal combinations of pruning candidates. 

A strategic mix of ‘new’ products is vital for profitable portfolio. Equally important is effective portfolio’s project management process. Kanban integrated with traditional project management techniques bring out the best rewards.
 
Applying Lean, Kaizen, Lean Six Sigma and other process improvement techniques to technical and business processes (regardless of industry sector) brings about successful business transformation. And applying Kaizen to sales, marketing and distribution processes augments increase in revenue.
 
Moreover, all three product development pathways that is Incremental change, Me-too and Disruptive development pathways are beneficial for digital products as well as the physical products such as toys, cosmetics, non-medical machinery, chemicals, over-the-counter pharmaceuticals, herbal supplements, consumer health products, telecom, healthcare etc.
 
Equally important is to identify right product candidates from the product mix to develop the line extensions for.
 
Driving process improvement to create incremental changes along the value stream increases market share of existing products. For example, Hoshin integrated with Kaizen may be used for product development processes to improve product features. As Hoshin encourages voice of customer, it brings about customer-centric product development.
 
In fact, one market research study revealed that the built-in kitchen traditional RVs (Recreational Vehicle) provided were going unused. Instead, RV owners relied on outdoor grills. The company therefore developed a slide-out kitchen that was a hit with customers and increased RV sales.
 
With cashflow drying up due to the challenges posed by the pandemic, companies more than ever before need to re-balance their product portfolios and increase efficiency of underlying processes to create value to customer, transform businesses, accelerate growth and generate higher revenues for the organization.

​And, now is the time to get started …

Transforming organization to accelerate growth in this era of post Covid-19 induced crisis features on To-Do list of every business leader. 

In the previous parts of this article, I had commented briefly on how product portfolio can facilitate successful business transformations. Further product portfolio is built on four pillars-
​

1. Company’s definition of a new product.
2. Portfolio project management technique employed.
3. Product development pathway.
4. Marketing and Sales process's abilities to gain market share.

Part 1 of this article covered pillar 1- Company’s definition of a new product, while Part 2 covered pillar 2- Portfolio project management techniques employed.

In this part, I shall elaborate on pillar 3- Development pathway.
​
Broadly, new product development can happen via three development pathways namely-

1. Incremental change.
2. Copy the competitor.
3. Disruptive development.

In Incremental change pathway, product development happens thru adding one or more features on existing products.
 
In this case the companies see opportunity to sell items or services that are fundamentally like what they’re already selling, but with small changes. For example- an additional size of a mobile phone, a lower strength of a medicinal product, a new flavor of a chewing gum or new fragrance of a toothpaste or shampoo etc.

Copy the competitor pathway is also known as ‘Me- too’ or ‘generics’ pathway.

In this case a best-selling product’s features of an innovator company are copied by other players. If the innovator’s product is under patent, the copy-cat product must be developed by circumventing the enforced patents around the product. A point to note is that generics can be launched only after marketing exclusivity of the original product has matured.

​Generic products offer several advantages to the consumer, for example- a generic product is priced significantly lower than the original product price. Generic products are present in all industry sectors.

​The third type of product development happen via disruptive process. In this case companies add entirely new technology to existing products or set up completely new product lines.
 
For example- Apple’s ipod or replacement of meat in frozen meals with plant-based substitutes or a liquid injection offered as a lyophilized powder for reconstitution (to liquid) before administration or drug-products developed via 505 (b)(2) route etc.
 
Underlying this trend is the assumption that companies can exponentially increase customer value by introducing products that match customer’s un-met needs.
 
Incremental change, Me-too and Disruptive development pathways are beneficial both for software as well as physical products, such as- Toys, Cosmetics, Non-medical machinery, Chemicals, Over-the-counter pharmaceuticals, Herbal supplements, Consumer health products, Telecom, Healthcare etc.
 
A point to note is that the rate of adding new features is based on product types. For example- new feature additions are faster for software products than it is for physical products. For example- Social media apps or computer software are tweaked almost every week, which usually occur as auto updates. Such swift changes are unthinkable for physical products be it a machine, chemical, cosmetic or a drug product.
 
However, this can be overcome by focusing on minimum-viable-product design practices and constant iterative improvement, rather than spending years developing a 'perfect' product that could be outdated before it can be launched.
 
So, how can development pathway help transform your business?
 
The Incremental change, Me-too as well as Disruptive development pathways are comprised of several underlying processes.
 
These processes are primarily of two types- Technical processes and business processes. And increase in efficiency and effectiveness of both these types of processes will bring about increase in profit, in turn facilitate business transformation and accelerate growth.

There are more than eighteen scientific and time-tested process improvement methodologies. You can know more about them here.
 
The choice of process improvement methodologies is dependent on multiple factors such as- process type, product type, organizational size etc. 

​Using a combination of 2 or 3 process improvement techniques in strategic ways gives the best and fast ROI.
 
In the next part of this article, I shall discuss the fourth portfolio parameter impacting successful business transformations- Marketing and Sales process's ability to gain market share.
​
By the way, if you run a company that is facing a challenge to thrive in these difficult times, I would suggest that you please revisit your product portfolio in order to bring a quick turnaround.

Transforming organization in this era of post Covid-19 induced crisis features on To-Do list of every business leader. 

​In the previous part of this article, I had commented briefly on how product portfolio can facilitate successful business transformations. Further, product portfolio is built on four pillars-
​

1. Company’s definition of a new product.
2. Portfolio project management technique employed.
3. Product development pathway.
4. Marketing and Sales process's abilities to gain market share.

Part 1 of this article covered pillar 1- Company’s definition of a new product. 

​In this part, I shall elaborate on pillar 2- Portfolio project management technique.

Portfolio project management technique plays the role of a gear in the overall portfolio management. Its function starts right from identifying new products for the portfolio, thru product development & launch and ends after completing post launch product review. Several project management techniques such as- Waterfall, Critical path method (CPM), Event chain methodology (ECM) etc. are being used by companies regularly and they have been effective too.

But in times when a business is going through a cash crunch or market challenges or a pandemic induced crisis, then along with an effective, a super efficient project management technique is needed.

Some of such effective and super efficient project management techniques are- Agile, RACI and Kanban.

​Agile, as the name suggests, improves efficiency of processes underlying project management. This helps with maintaining project’s time-cost-scope balance and products get launched faster. However, Agile technique has few limitations, that is, Agile cant be used in all industry sectors. For example, Agile can’t be implemented in Biopharma, Airline and few other industry sectors. You can read more about Agile here.

RACI is an acronym for Responsible, Accountable, Consulted and Informed. Responsible refers to the individual that is executing the activity. Accountable refers to the person who makes authority decisions and approves work. Consult refers to the individuals that are consulted when activities or decisions are being made or analyzed. Inform refers to the group of people who must be updated on the actions or decisions in a process. 
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RACI is a beneficial tool for making sure that roles and role responsibilities within a project are clearly defined in its underlying operational process.  Unlike Agile, RACI project management technique can be used by all industry sectors. You can read more about RACI here

​Another important efficient project management technique is Kanban. Kanban is a Japanese process improvement technique.

When Kanban is integrated into the project management process, it augments the process’s efficiency as well as effectiveness. Therefore, Kanban based projects run faster and cheaper when compared to traditional techniques such as Waterfall, CPM, Scrum etc. or for that matter even Agile.

Kanban is a vast topic. If I were to write more about Kanban here, perhaps I shall digress from the spirit of this article. Hence, if you would like to know more about Kanban and how to use it for transforming your business, put a comment below this post and I shall write a separate blogpost on Kanban Project Management.

But I shall write few lines more on Kanban here only to emphasize its importance and benefits in portfolio project management.

Kanban has three striking advantages namely-

1. Kanban can be used in ALL industry sectors.
2. Kanban can be used in small as well as big organizations, as against Agile, which shows implementation challenges in large set-ups.
3. Kanban based project management shows up to 20% savings versus Agile. And this can be augmented further by integrating Kanban with RACI.

Hence, if you wish to develop and launch more products, fast, with less dollar inputs, then Kanban-based portfolio project management is the way to go …

In the upcoming parts of this article, I shall discuss the remaining two portfolio parameters (i.e. product development pathway and sales process ability to gain market share) impacting successful business transformations.

By the way, if you run a company that is facing a challenge to thrive in these difficult times, I would suggest that you please revisit your product portfolio in order to bring a quick turnaround.