There are many ways to define the concept known as ‘product’. One of the simplest (and therefore one of our favourites), is that a product is an offering that delivers user value, or facilitates the delivery of value. This definition clearly establishes product as far more than just technology and positions a product as something that can act to deliver an outcome.

However, like most definitions of product, it’s a little bit fuzzy.

In this connected age, and the ones still to come, there is no single successful business model, no single successful process and no single successful product. Incumbents across all industries are seeing their competitiveness challenged on all fronts by an ever-widening pool of startups, corporations, joint ventures, ecosystems and individuals.

The chosen solution for many of these organisations is to transform their business through acquiring new digital products and services via capital intensive programmes. Whether this involves acquiring a disruptive startup, launching an e-commerce offering or investing in a new technology platform, organisations can often be sold the illusion that a single large transformation will make them competitive again.