Enhance Your Product Management with Data
Jean-Marc Duval, Product Analyst at financial sector software specialist SEQVOIA, says that product management is ripe for change. Traditionally manual processes in the fund industry would benefit from faster, more streamlined and cost-efficient product management.
What is data-driven product management?
Data-driven product management uses live data to substantiate the business case and assess profitability before any change to a product offering. We believe that applying good practices from other industries with a deep understanding of product management can bring our industry significant improvements. Asset managers deliver a wide range of products through multiple channels to a broad audience. The volume and complexity of products can become overwhelming. Product management is like managing a forest: you can sow seeds and let the wind carry them randomly and get a dense jungle. Or you ensure each tree has enough room and light to grow. There is a wealth of information about funds that thrive or wither away, data-driven product management reuse this information to make better decisions.
What are the benefits of this approach?
Data-driven product management will deliver a competitive advantage for asset managers by providing cost savings, reducing time to market and easing the regulatory burden. By aggregating and sharing product information, you achieve higher visibility and consistency of data. You know the exact state of your product at any point in time. This facilitates reporting, whether for customers or supervisory authorities. Rolling out this data-driven approach to the processes that launch and change financial products, generates traction from all contributors, provides visibility on the pipeline and current progress, and therefore shortens time-to-market. Finally, this approach gives you access to live predictive analysis of products. This reduces costs and frees capital allowing you to focus your offering around the most successful products.
How should asset managers adopt data-driven product management?
It involves three key elements:
Know your products. The data must be clean, consistent and available;
Streamline the processes. Launches and changes must be predictable and repeatable, all contributors need to know what to do and when to do it;
Continuously analyse your product offering. Integrate live data and predictive analysis in all launches and changes to make better decisions.
Other industries have already benefited from this approach by leveraging technology. Any asset manager that embraces this vision, will move ahead of the pack and enjoy a clear competitive edge.