Rohit Sehgal Founder and CEO VinciliumDistributed Ledger Tech.
According to a quote widely attributed to Steve Jobs, “Design is not just what it looks and feels like. Design is how it works.”
In 2007, at the Macworld Conference and Expo, Steve Jobs introduced three ideas that changed the digital landscape forever and set off a tsunami of innovation: a widescreen touch-screen iPod, a revolutionary cell phone, and a groundbreaking Internet communication device. These were three revolutionary products but not three different devices. All of this was contained in a single device—the iPhone.
This is a perfect example of filling your target customer base with features and value proposition. This philosophy must become the core DNA of every product design.
When we take this concept to the B2B and institutional software market, it becomes even more exciting. The product should have a multidimensional impact on the business and add value to more than one process. Ongoing digital and data transformation efforts require the entire product ecosystem to work in perfect harmony to produce the desired outcome and quantifiable ROI.
In today’s world, every product must have these three business dimensions at the core of its design.
1. Basic functions: Operational efficiency and workflow automation remain the most desired product feature, as many organizations still struggle with manual touchpoints and high-risk macro-based data processing. A highly configurable user interface that allows functions to set up the entire workflow without any technology intervention is still the main feature of software products.
2. Data Strategy: Every IT system processes valuable information. The inbound and outbound flow of data from any product is a critical event in the data lifecycle and has incredible value if used, stored, and distributed effectively. Imagine each system coming with a powerful database and how much it will complement your data strategy. Why should organizations invest in multiple products, one for core business processing and another for data governance, lineage or distribution? These features should form the basis of any design.
3. Regulation and Compliance: Regulatory reporting and data compliance costs are some of the biggest expenses for any organization. This is because the end state of each ecosystem is fragmented with a heterogeneous digital footprint of various products. The cost of multi-platform genealogy is extremely high. If regulatory and compliance requirements were built into every product, the problem could practically disappear.
Organizations typically have separate tools to address automation, data strategy, and regulatory requirements in today’s world. This is one of the biggest reasons for the complexity and cost of any ecosystem, and this issue cannot be solved simply by moving platforms to the cloud or building new enterprise infrastructure on top of existing systems. It must be solved by bringing about fundamental changes in the software designs of products and solutions.
Can you imagine carrying your music player, phone and laptop all the time with you to access the internet? No, because smartphones bring these three features into one product. So why should organizations pay for three different products when it is actually possible to integrate all these aspects into one smart product?