Product, People, Plan: Investing for the Future
November 9, 2021 • April Davis (PointClear Solutions)
4 Min Read
Most of us have already been inundated with holiday gift giving and Black Friday messaging for weeks, providing plenty of opportunities and ideas of how and where to spend our personal funds. With the hustle and bustle of holidays soon upon us, has your team taken the time to consider what to do with any remaining discretionary company budget for 2021?
Whether you are in the position of “use it or lose it” or just want to get a jump start on strategically starting off the new year, there’s plenty of impactful opportunities available to take action now.
Want to see a few examples?
Many companies are known to cut a department’s budget the following year if funds go unused. Similarly, those departments that are able to ear mark where all funds were spent, often have the opportunity for an increased budget the following year. It is worth it to take a timely but thoughtful look at what you have remaining and where you can get the most traction.
From product enhancements to website and design updates to developing a strategic plan for the coming year, there are countless ways to still invest. Beyond the benefit to your team’s initiatives, where you focus can positively affect departments across the organization and ultimately your company’s bottom-line and future profitability.
Maybe your team or company has grown significantly over the last year, making it harder to keep up with industry standards or development and design trends. Or perhaps you are a smaller operation, with limited resources, but big ideas. With these situations and those in-between, here are some ideas to consider when thinking through where you could use your remaining funds.
Research from Forrester reported that for every $1 invested in UX, a return of $100 results. With 90% of users claiming to have stopped using an app because of poor performance, it pays to strategically and thoughtfully invest in your product offering before, during and after launch.1
When considering investing in your initial product or enhancements, some UI and UX areas to consider include: design, development, user research, optimized workflows, user personas, customer journeys and user mapping. All of which can help support the goals of an adoptable and user-friendly product.
Even companies who have launched a successful product need ongoing support to keep the tech updated and innovative. Whether you are focused on IoT, telehealth, remote patient monitoring (RPM), other digital health offerings or consumer facing apps or tech, keeping a company focus on the evolution and continual optimization of your offerings is also imperative. When considering where you could invest in this area contemplate, maintenance, tech support, performance measurement, dev ops, product release management and issue resolution.
If your company does not have all the necessary expert resources such as engineers, architects, product analysts and strategists on staff, working with a trusted technology partner can help fill in any of the gaps for a successful, ongoing end product.
Another great way to invest funds is in your people. Your team, your support individuals, your customers. Get creative. Who can you send a themed gift basket to geared towards their preferences? Or can you send a thank you note to some of your customers or cater in a lunch for their team? Can you take your team out for a nice meal if you are back in the office or send them gift cards to take their family out on their own time? Can you provide needed technical expertise or support to help your team members be better equipped to excel at their job? Can you pay ahead for CE conferences next year to enhance your team’s knowledge or even team-building activities to bring everyone back together? Is there a program or updated technology that would help your company or team be more efficient and collaborative, especially as many are likely still remote?
Always, but especially this time of year, it is invaluable to reflect on what we have to be thankful for and how we can express that gratitude to others. And the goodwill that comes from the time and funds you invest in showing appreciation for your team and customers goes far beyond the new year ahead.
“If you don’t know where you are going, you are certain to end up somewhere else,” stated Yogi Berra.
Having an ongoing successful product requires clear vision, strategy, and execution. Without a clear laid out plan, it is hard to track performance and focus on a common goals to move the company or product towards. Regardless of whether you are targeting tactical product or device enhancements to round out the year, investing in a strategic plan now can help accelerate your product initiatives ahead.
According to Harvard Business Review, 85% of executives spend less than 1 hour per month discussing strategy2. Leadership, understandably so, is often too busy to gather all key constituents and sit down to develop a company or product plan. However, the importance of having a strategic plan and sharing it with your team has endless benefits from moving a company to being proactive vs. reactive, increasing efficiencies, improving employee loyalty, staying ahead of the competition, and ultimately enhancing product longevity and company success.
Working with a 3rd party but trusted technology partner on your strategy can help align your team on short- and long-term goals. A company who will dig in and take the time to understand your company, team and product goals and make strategic suggestions, based on their expertise and your company vision. By working collaboratively with key stakeholders, a consultative partner can help you identify significant architectural decisions, validate product concepts, understand standards and regulatory interests, develop competitive analysis, and more.
Beyond just using up your budget so it doesn’t go away, where you invest in these last weeks of the year can impact how successfully you end this year and kick off the next.
If you don’t have a devoted in-house team or just need additional expertise or support, working with a technology partner that specializes in UX and UI, design, development and management services can help ensure you continue to deliver an engaging end user experience.
Do you need additional consultative leadership or support to finish off 2021 or move toward your 2022 goals?
With a flexible approach backed by proven technology experts, PointClear can help with the strategy, design, build, development and ongoing application management for long-term tech adoption. Hear how we’ve partnered with leading healthcare organizations through our client success story videos, or contact us for a complimentary consultation.
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