Financial Services Industry
New Product Development Process:
Financial Services Firm
In order to expand its distribution channels, a financial services firm decided
to use third-party distributors for its products, but was concerned about the
impact of the decision on its new product development process. Previously, the
company heavily relied on the direct feedback from its customers to create new
products. Now, they needed to develop a knowledge-sharing network to continue
to receive the information necessary to create new products.
KiF
Solution:
Knowledge inForm’s
Consulting Services conducted a benchmarking
study of the new product development process
for companies using third party distributors.
Since the focus was on ensuring the incorporation
of consumer feedback, the benchmarking candidates
were chosen based on their commitment to customer
satisfaction and use of a knowledge management
system, rather than being a financial services
firm. Using the results from the benchmarking
study, KiF crafted
the strategy and quality assessment measures
for both the new product development process
and the customer feedback knowledge management
system.
Competitive Intelligence Training:
Financial Services Firm
A leading financial services firm sought to expand the competitive intelligence
capabilities of their market research department so that they may better support
the firm’s marketing and sales functions. Since the firm has no formal
or centralized intelligence program, these capabilities were not readily available
through in-house training. Time – and successful generation of intelligence – was
of the essence, since the firm’s competitors have been aggressively developing
new products and services for launch in multiple markets, threatening the firm’s
market position in a number of fronts.
KiF
Solution:
Knowledge inForm’s
Training Services worked with the firm’s
corporate training department and market research
team to establish a timetable, methodology, and
the content for a customized intelligence training
program suited to the firm’s requirements
and to the participants’ functions, experience,
and backgrounds. KiF designed
an intensive, multi-day program to kick off this
initiative and 1) to help our client acquire the
necessary skills and tools to begin generating
effective intelligence and 2) on which they can
build their intelligence capabilities. Through
the KiF intelligence
training program, the market research team was
immediately able to develop a deeper understanding
of their competitive environment and issues, apply
their new intelligence skills, and more effectively
support the firm’s marketing and sales functions.
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