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Reinventing the Product
How to Transform your Business and Create Value in the Digital Age
Digital technology is simultaneously friend and foe: highly disruptive, yet it cannot be ignored. Companies that fail to make use of it put themselves in the line of fire for disintermediation or even eradication. But digital technology is also the biggest opportunity to reposition incumbent product-making businesses by thinking about how they conceive, make, distribute and support the next generation of goods in the marketplace.
Reinventing the Product looks at the ways traditional products are transforming into smart connected products and ecosystem platforms at a rate much faster than most organizations think. Eric Schaeffer and David Sovie show how this reinvention is made possible: by AI and digital technologies, such as IoT sensors, blockchain, advanced analytics, cloud and edge computing. They show how to deliver truly intelligent, and potentially even autonomous, products with the more personalized and compelling experiences that today's users, consumers and enterprises expect.
Reinventing the Product makes a stringent case for companies to rethink their product strategy, their innovation and engineering processes, and the entire culture to build the future generations of successful 'living products'. Featuring case studies from global organizations such as Faurecia, Signify, Symmons and Haier and interviews with thought leaders and business executives from top companies including Amazon, ABB, Tesla, Samsung and Google, this book provides practical advice for product-making companies as they embark on, or accelerate, their digitization journey.
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What Reviewers Are Saying
"A comprehensive analysis on the digitally driven big shifts product-making companies are facing. And a detailed roadmap to innovate and capture the endless opportunities in a fascinating new product world."--Raghunath Mashelkar, National Research Professor and Chairman, Reliance Innovation Council "Well researched, with vivid illustrations and concrete suggestions, this valuable guide can help firms and leaders to build a new set of priorities and capabilities to succeed in a shifting, digital landscape."--Professor Michael G. Jacobides, Sir Donald Gordon Chair of Entrepreneurship & Innovation, London Business School "Deeply researched and full of innovative insights about AI, platforms and smart products. The 'Product Reinvention Quotient' provides great guidance on how to think about "Product X.0" and how to develop a set of capabilities that are necessary to succeed in the future."--Guido Jouret, Chief Digital Officer, ABB "This book offers a deep analysis of the major shifts product companies are facing, and provides a well-elaborated blueprint for their future success. Every leader in the industry should learn from this book."--James E. Heppelmann, President and CEO, PTC "This is a fascinating book on how we should rethink and manage product making in disruptive times. New perspectives, fresh concepts, unexpected ideas abound. A must-read for any leader and manager in product companies."--Pascal Daloz, Executive Vice President, Chief Financial Officer and Corporate Strategy Officer, Dassault Syst mes "Reinventing the Product is a practical guide for harnessing IoT and AI to transform the very basis of a company's offerings. This is a must-read for industrial manufacturers looking to ensure their businesses remain relevant in the digital age."--Tim O'Keeffe, CEO, Symmons Industries "In their inspiring new book Eric Schaeffer and Dave Sovie not only show the fundamental shifts product companies are exposed to in digital times; they also provide creative analytical tools and concrete how-to advice for these companies to innovate, stay profitable and grow."--Cyril Perducat, Executive Vice President, Internet of Things & Digital Offers, Schneider Electric "Eric Schaeffer and Dave Sovie provide a rare encompassing view on there invention of the product, re-imagining the current "digital transformation"trend. Original, remarkably thoughtful and with high practical relevance on every page."--Richard Mark Soley, PhD, Chairman and CEO, Object Management Group; Executive Director, Industrial Internet Consortium "Digital technologies such as AI, advanced analytics, edge computing, cloud and blockchain are transforming our lives fast. Thoroughly researched, Reinventing the Product doesn't just describe the emergence of a fascinating new product landscape that is shifting from traditional to smart connected products, including autonomous products. It is also an inspiring call-to-action for companies so seize enormous new opportunities fast - good for them, good for users and customers, good for growth and progress of societies."--Professor Dr Christoph L tge, Peter L scher Chair of Business Ethics and Global Governance, Technical University of Munich "David Sovie and Eric Schaeffer lay out a powerful new framework for how to evolve both the product and business strategy needed to succeed in the digital age, and they provide fresh and very concrete recommendations on how to implement it pragmatically. Reinventing the Product should be required reading for all product company executives and their managers."--Bill Bien, Chief Marketing Officer and Head of Strategy, Signify "The nature of product innovation is fundamentally changing. Reinventing the Product shows how to combine hardware, software and business model innovation in an agile way, to meet fast-changing needs in a world of smart-connected devices. It provides compelling and inspiring case studies and examples to help your company find a way that fits best."--Yoon Lee, Ph. D., Senior Vice President and Division Head Content and Services, Product Innovation Team, Samsung Electronics America "In a time of digitally induced seismic shifts across all fronts, Reinventing the Product captures the impact of this change and thoughtfully develops new value-creation approaches in product development and manufacturing. A groundbreaking book."--Phil Jansen, Vice President Product Development, Fiat Chrysler Automobiles "The swiftly emerging world of intelligent smart connected products will reshape industries, business processes, and consumer experiences. Reinventing the Product is an important and essential guide for business leaders, entrepreneurs and investors, looking to chart the course and unlock the value of this important trend."--Paul R. Daugherty, Chief Technology & Innovation Officer, Co-author of the bestseller Human + Machine: Reimagining Work in the Age of AI, Accenture "Powerful factors, such as the rapid rise of cloud computing, high-speed networks and Artificial Intelligence, are converging, requiring all product companies to fundamentally transform their products and their company. David Sovie and Eric Schaeffer bring fresh thinking and inspiring practical advice for successfully managing this digital transformation and creating value."--Marco Argenti, Vice President Technology, Amazon Web Services "Reinventing the Product not only looks thoroughly at how the disruptive waves of digital technologies will affect product companies (including the subscription economy), it draws on a deep analysis of the five profound shifts they face to provide strategic and practical "how-to" advice for businesses as they develop digital products. An inspirational call-to-action."--Eric Chaniot, Chief Digital Officer, Michelin "Eric Schaeffer and David Sovie bring some great new insights into the product arena of the future that have broad implications. With grounded skill and enthusiasm Reinventing the Product makes a stringent case for companies to rethink their product strategy, their product road map and their digital capabilities."--Patrick Koller, CEO, Faurecia "Eric Schaeffer did it again. After his spearheading Industry X.0, which has inspired our team of entrepreneurs to adapt our digital strategy creatively, he now co-authors with David Sovie a brilliant, richly detailed roadmap to the digital future for all product making companies. No doubt: this is again a must-read."--Zhang Ruimin, Chairman of the Board of Directors and CEO, Haier Group