New Product Development for High-Tech & Software

High-tech and software companies must continually assess potential growth opportunities and be prepared to exploit them. That’s where we come in.

The rate and pace of innovation is dramatically increasing as customer and market expectations evolve and competition intensifies. When the pressure is on to deliver on growth objectives, market leaders look to West Monroe.

We produce winning product and offering strategies for current and new segments. How? Through an undeniably different approach that is pragmatic, data-driven, grounded in an understanding of customers and markets, and laser-focused on driving margin-rich revenue and measurable value.

Our multidisciplinary teams blend strong industry experience and deep technology acumen with distinctive expertise in creating products and experiences that customers love. It’s a combination that has created measurable and sustainable value for our clients. Our partnerships with more than 150 software, hardware, and tech-led services businesses and 65 leading private equity investors have enabled better, faster product evolution. That leads to growth, profitability, and a competitive edge.

Results You Can Expect

Increase customer acquisition, win rates, annual recurring revenue, and share of wallet
Accelerate time-to-value from new product innovation
Improve customer experience and satisfaction
Accelerate growth rate
Drive a higher valuation

What We Offer

Define the aspiration

What does it mean to win when engaging in new product development? How do you measure that? We will work with your leadership and functional teams to build consensus around a strategic direction, objectives, and timing for a new product or offering. This ensures alignment around the many decisions that follow. And that accelerates progress.

Decide where to play

We start the new product development process by producing comprehensive insight about your market and current capabilities so we can make sound recommendations—and so you can make informed decisions. Leveraging data and deep industry and technology expertise, including perspective gained from performing more than 200 commercial software assessments per year, we conduct a systematic evaluation of:

Market opportunity
Competitive landscape
Customer dynamics
Financial analysis and modeling

Determine how you will win

How will you position your product for success? Using the insight from our assessment, we work with your teams to develop a strategy for your targeted markets that reflects your competitive strengths. Our strategy design approach outlines:

Portfolio, pricing, and packaging considerations
Prioritizing winning capabilities and feature needs for target segments and personas
Operating model implications, including go-to-market strategy, service delivery, agile product development, and organization design
Systems necessary to support new offerings, processes, and people

Develop and deliver the product—and the value

A strategy is only as good as the value it ultimately delivers. We help you move quickly to bring your new offering to market—with support for areas such as:

Defining product/offering requirements based on market, competitive, and customer inputs
Prototyping and conducting market testing, using iterative sprints to gather input from your target customers
Increasing software product development speeds through efficient and collaborative team objectives
Designing and building a minimum viable product (MVP), with a backlog of features for future phases
Integrating the new offering(s) into your existing portfolio
Migrating key customer segments, employing our change management and communication expertise, where beneficial