The digital transformation of our economy and our society continues, as new products and services are being brought to market that are impacting everyday lives. Forrester Research through its recently released report, The Forrester Wave™: Digital Product Development Services, Q2 2020, recognizes the companies that are providing leadership in the development of digital products. Their evaluation focuses on three categories, current offering, strategy, and market presence in product areas such as smart devices, hybrid product, data services, media products, digital marketplaces and others.
Forrester used 29 criteria to rate the companies that included: customer validation, new digital product services vision, market approach, performance, commercial model, and market share, among other factors. In the digital product development process, the report emphasized the importance of identifying the right partner for designing, building, and launching products and its capability to accelerate time-to-market. It presented key factors for choosing a partner such as risk sharing, well-matched services and skills, and having the experience to “bring a product to life”, while also helping a client to develop internally the means for ongoing innovation.
One company recognized by Forrester as a leader is BCG Digital Ventures (BCGDV), the corporate innovation and digital business building arm of Boston Consulting Group, for its delivery of research-supported, data-driven designs that result in a minimum viable product (MVP). BCGDV’s performance is seen as exceptional because of its ability to help scale and launch a new product that includes helping their clients design the operating model to support the new products. BCGDV received the highest possible score, more than any other evaluated vendor.
“We are proud to be recognized by Forrester as a leader in digital product development services,” said Stefan Gross-Selbeck, Managing Partner of BCG Digital Ventures Gross-Selbeck. “Over the past six years, we’ve partnered with many Fortune 500 organizations to launch 120 stand-alone businesses and internal business units across multiple industries and global markets.”
Being selected as a leader by Forrester creates a profile that potential clients for digital product development can look to, noting in the case of BCGDV that it is a strong partner with great depth of expertise “well-suited for clients looking to build a new greenfield business unit around a new digital product concept.” BCGDV’s portfolio of digital products includes Boost, Formation, heycar, LabTwin, and MachineMax.
Gross-Selbeck also framed out their firm’s leadership role in terms of current events, noting that, “COVID-19 has accelerated the need for digital transformation across many organizations that are now challenged with meeting rapidly shifting consumer demands and driving revenue growth.”
BCG, BCGDV, and B Capital Group co-developed a publication addressing venturing strategies for navigating the COVID-19 crisis, entitled, Managing Corporate Venturing Through the Pandemic.
