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With the growing scarcity of technical and analytical talent, many organizations are considering new ways to access the talent required to evaluate, develop, and test new products. In particular, organizations developing new data products are looking for experienced talent to meet growth targets in a rapidly evolving market. There are challenges in keeping up with technology and advances in how data products are architected and made available to customers.

Many companies are turning to product development partners to complement their internal resource pool, particularly to accelerate new product concepts that require validation in the MVP phase before moving to production.

Engaging with a high-performance product innovation partner can provide the opportunity to increase speed to market and grow revenues while not materially distracting internal resources from managing and maintaining revenue from existing products.

The right product development partner delivers more than technical resources; they have links to a network of industry and academic experts with experience and knowledge in specific sectors.

This holistic approach will ensure the delivery of truly innovative solutions.

Product Partnerships Approach

An example of the value of this broader network of specialists is the record of European-based Institutes providing applied research to augment the partner’s technical skills to expedite product development solutions (e.g. Fraunhofer Institute in Germany.)

High-performance partnerships provide best-of-breed technical, infrastructure, data science, and innovation expertise. Product partnerships expand the talent pool for these resources and bring a collaborative approach to each development. Close collaboration is vital in transferring technical knowledge and intellectual property to internal teams.

Why engage a product development partner?

  1. Product partners bring experience and established processes.

    Internal development teams are experts at what their company does; the product development partner is an expert in what data science and technology can deliver.

    Exposure to a broad range of market sectors provides a basis for the best product outcomes. Added to this are proven processes across different technologies and delivery systems. Developing new products is their core competency.

  2. The client can focus on their customers; product partners focus on capability.

    Product development partners have access to scarce skills; clients don’t have to worry about establishing these skills with recruiting, induction, training, and managing a new team. Product partners know what capabilities are required and assemble the right team.

    The right talent pools already exist at the product partner, reducing a client’s risk and enabling product ideation to production fast and efficiently.

  3. Product partners exploit technological advances.

    Clients need to stay focused on customers, competitors, and the marketplace. This knowledge enables the client to create value through product innovation, channels, and emerging customer needs. Technology is evolving rapidly and is a tool, but it is not at the center of the client’s value proposition.

    A product development partner’s business is the technology and fusing it with other development capabilities like data science to streamline delivery and increase product flexibility and functionality.

  4. Partners succeed when everyone wins.

    Outsourced product development partners’ desire for success aligns with their clients.

    The client’s business grows with the partners. Partnerships are not short-term projects. Product development partnerships grow with persistence and become sustainable.

    The best product development partners align their businesses with their clients.

Key Benefits

The key benefits of engaging with a product development partner:

  • External specialists become an extension to the internal team.
  • Speed to market, ideation, elaboration, and development are all optimized.
  • Input from a commercially experienced data science team.
  • Access to high-performance technology and engineering team.
  • Flexible engagement models – go/no go gateways. Ongoing commitment based on success.
  • Minimal distraction for internal specialists.
  • Internal product development and technology teams build additional capabilities during the development process.
  • Intellectual property is created for the client.

Product Development Partner Engagement Model

Typically, an engagement with a product development partner will involve three stages – Discovery, Design, and Delivery. Each stage has specific deliverables and provides a stage gate for decisions on continuing the development.

Discovery

Discovery defines and sets the scope. Discovery encompasses an agreement on performance criteria, timing, teaming principles, and knowledge transfer. During this discovery process, the client’s strategic imperatives determine the length and scale of the journey.

The client will present typical use cases for the new product or service in this phase. It is also when the client establishes confidence in the Product Partner’s experience, capability, and track record.

This phase aims to understand the current state of data architecture, systems, and processes within which the end-to-end solution operates. Understanding any required progression to a client’s preferred future state architecture is also necessary.

The Discovery phase includes a teaming engagement agreement. Teaming may involve on-site work with internal product owners, workshops to ensure that progressive knowledge and skills transfer are effective and involvement in sprint reviews and priorities.

Design

The Design phase starts with identifying and documenting the information flows required to fulfill the scope of the development.

During this phase, each product component is allocated to specialists to review and derive possible solutions and then recommend the best solution.

The development team comes together to ensure the right market knowledge, project management, and technical skills are in place.

Researchers and industry experts in the product partner’s network contribute during this phase. The main deliverable from the Design phase is a prototype of the product.

Deliver

The product is delivered to work at scale in the client’s technical operating environment. Reporting and compliance modules are incorporated and the product monitored for performance in a post-implementation review.

A detailed handover ensures the transfer of knowledge and intellectual property is complete.

During the initial go-live period, the product support by the product partner will include establishing and complying with agreed service SLAs for all levels of inquiry.

RoZetta Technology – As a Data Product Development Partner

What makes RoZetta a successful data product development partner? The benefit of engaging with RoZetta is strength in three key areas – Market Knowledge, Experience, and Disciplined Processes. The RoZetta technical team has experience in other markets, both regional and global. This experience has focused on creating value for organizations of varying sizes, some dominant and some challenger brands.

RoZetta has been developing regional and global products since 1997.

Some examples are:

Capital Markets

RoZetta designed, developed, and then managed a global tick history platform for capital markets. The solution involved managing eight to ten billion records per trading day across over 400 exchanges worldwide.

This product became Thomson Reuters tick history and continued to be managed by RoZetta for over fifteen years.

Real Property

RoZetta’s Chief Data Scientist redeveloped the Automated Valuation Model (AVM) for the region’s foremost property information provider. The AFVM is still core to their business after seven years in production.

Digital Messaging Systems

RoZetta designed and developed a product for two of the region’s largest digital messaging companies. The solution delivered two key services – message enhancement and suspected fraud messages.

The message enhancement added topic modeling and sentiment to the messages to build more effective communication campaigns. The fraud detection identifier was for smishing and fishing content.

Utilities

RoZetta’s Data Science and Data Engineering Teams developed and delivered a leakage detection system for a regional water authority. The solution used information from an existing sensor network that was underutilized. The solution included some predictive modeling to allow the authority to implement a preventative maintenance program better.

These are just a few examples of products developed and delivered across diverse markets with very different data sources.

Why partner with RoZetta?

RoZetta is well-placed to partner with your business to unlock revenue opportunities by using innovation to develop products to cement your position in a competitive landscape. RoZetta is a data science and technology service provider specializing in building and operating financial markets solutions. Gain access to leading experts in data science backed by our experienced technical team, ready to partner with you to accelerate product developments. Partnering with us allows you more time to focus on your customers and streamline product delivery.

Contact RoZetta to discuss partnership opportunities for your business.