Enterprise Product Agility is the ability to drive relevant products to the right customers ahead of the competition at speed and volume.
Enterprise product agility is comprised of four key components which financial services organizations can address in manageable phases.
Configure
Flexible product configuration is the foundation of any enterprise product agility platform. It involves building a central product repository where you store complete product definitions. By shifting from coding to configuring products and by inheriting and reusing product components, insurers and financial services organizations can launch new products and make product changes much faster and easier.
Manage
This phase focuses on streamlining product lifecycle management by automating product development processes. Automated, workflows provide insurers and financial services organizations with visibility into the product development process, enabling them to more easily collaborate while tracking all participants and tasks involved. You can identify bottlenecks, re-distribute workload and measure processes.
Operationalize
This phase involves separating product from processes and fully externalizing the product definitions from key enterprise applications - both front and back office. This allows products to be developed and quickly changed with minimal impact on systems that are consumers of the product data, saving time and IT costs. The integration of product data and rules with core systems is made easier through Web services.
Analyze
Closed loop analysis allows insurers and financial services organizations to measure product performance by delivering authoritative product definitions to enterprise analytics, reporting and data warehousing applications. A central product repository supports effective business queries and lets users drill down into product performance metrics and track the success of the entire product portfolio. Product managers can also run operational reports to track the product development process, identify bottlenecks and balance workloads as needed.
