Reinventing the Product

How to Transform your Business and Create Value in the Digital Age

by Eric Schaeffer and David Sovie

About the Book
"Reinventing the Product" (2019) dives deep into the essentials of thriving in the modern, tech-savvy market. It lays out the roadmap for companies looking to make the leap from yesterday's norms to a future dominated by smart, interconnected products.

About the Authors
Eric Shaeffer has dedicated three decades to Accenture, steering industrial giants towards growth via digital innovation. As a Senior Managing Director, his engineering savvy guides global clients through their digital metamorphosis, spearheaded by connected innovation. He's also penned "Industry X.0" (2017).

David Sovie, another Senior Managing Director at Accenture, champions the technological overhaul of businesses. His journey from an electrical engineering foundation to an MBA from Harvard Business School equips him to lead companies worldwide on their quest for digital transformation.

Embrace the Digital Transformation Journey

Many companies are stuck in a time warp, clinging to the product strategies and business models of the mid-20th century.

They're trying to market products that would've been all the rage 50 years ago, using methods handed down from previous generations. But the age-old formula of sourcing, manufacturing, and selling just doesn't cut it anymore. The traditional path from production to purchase has been replaced.

Enter the era of Product X.0: the next-gen of smart, interconnected products that go beyond the transaction to create ongoing relationships with customers. Eric Schaeffer and David Sovie argue that success now hinges on delivering these enriched, digital experiences.

This summary will unwrap the essentials of stepping into this digitally integrated future, covering:

- The essence of the outcome economy;
- The pivotal role of platforms in your strategy; and
- The ideal team size for innovation, measured in pizza consumption.

Navigating the Digital Shift for Business Growth

Imagine wanting to hang a beautiful painting in your living room. You could tackle it with a drill and DIY spirit. It's a plan, but it could eat up your weekend and your wallet. Or, you could lean on a service that promises a no-sweat, picture-perfect result.

This shift towards solutions over tools is where the future's at—selling not just a product, but a guaranteed outcome.

For traditional businesses anchored in decades-old practices, pivoting to sell services and outcomes over physical products is a monumental shift. Yet, embracing digital imperatives is non-negotiable for those aiming to thrive.

Central to this digital overhaul is reinventing your company's core—from the drawing board to customer support—ensuring every piece of the puzzle is digitally interwoven and responsive to customer insights.

A workforce that's digital by design is crucial. Today's pace means moving from concept to customer faster than ever, with software often rolling out updates before the ink is dry on customer feedback. Your team must be agile, ready to navigate this fast-paced, ever-changing landscape.

Moreover, aligning with the outcome economy means seeing beyond the cash register. It's about crafting experiences and cultivating enduring customer connections, not just closing sales.

And when it's time to adapt, your organization must be agile enough to pivot without missing a beat, ensuring longevity in a landscape where change is the only constant.