Financial services firms are now taking inspiration from the world of software development to move from a project delivery approach to a product management-based one, where a change initiative is managed by a dedicated team that retains ownership over all aspects of the relevant product or service. Rather than primarily focusing on delivering a project on time and under budget then moving on – as per the traditional project-oriented mindset – a product mindset is centred on business and customer outcomes. There is no ‘build and walk away’ mentality, rather long-lived teams not only build but also continue to run the solution post-delivery.
A ‘virtuous circle’ approach – build, learn, test, repeat – focuses on optimisation and enhanced outcomes and experiences. The product mindset seeks to maximise the customer and business value delivered for a given budget rather than merely seeking to deliver under budget (potentially compromising quality in the process).
Deciding on whether a project delivery or product management approach will be optimal will ultimately come down to context. In this paper, we look at how firms can determine whether a project delivery to product management transformation is worth the investment.
If you want to discuss more of the merits of project versus product management or if you’d like to talk through a particular situation, please get in touch with Luke Isbel or Alla Gancz (Head of Digital, UK).