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Products & Innovation

Products & Innovation. Best Practices from discovery to launch. Presented by BS March 31 st , 2007. TRADER INC. TRADER INC. VISION To be the #1 Broker for Institutional trading – globally. TRADER – OUR CUSTOMER FACING PRODUCT

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Products & Innovation

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  1. Products & Innovation Best Practices from discovery to launch Presented by BS March 31st, 2007 TRADER INC.

  2. TRADER INC. VISION To be the #1 Broker for Institutional trading – globally. TRADER – OUR CUSTOMER FACING PRODUCT We bring liquidity to our customers, allowing traders to execute their orders without moving the market. • WE’RE SUCCESSFUL • #1 brokerage firm for global trading based on cost savings • 7th largest broker for NASDAQ • 9th largest broker for NYSE • 5th largest broker for LSE • #1 agency broker for clearing and settlement in Europe

  3. INTERNAL PRODUCTS PURPOSE OF INTERNAL PRODUCTS Internal products contribute to the same vision as customer facing products – to get Trader Inc. to be the #1 Broker for Institutional trading globally. • CONTRIBUTIONS OF INTERNAL PRODUCTS • Allows us to make trade adjustments (RIO) • Reduce/eliminate attrition by quantifying value to our customers (Analysis) • Saves costs in Trade Support and Clearing (RIO) • Allows us to troubleshoot customer frustrations (Sales Dashboard) • Keeps our most important asset – data – secure (InfoSec) • Insures our doors are open for business (Compliance Reporting) Our internal products helped us get to where we are today.

  4. RECENT INTERNAL PRODUCTS • ON-GOING INNOVATION • Replacing our analysis interface product (enterprise wide) • Building a data warehouse product (enterprise wide) • Instituting a meta data repository product (enterprise wide) • CHALLENGES • We purchased a “me too” reporting product that was an improvement over the previous version, but it didn’t address our more pressing opportunities • Lack of sense of progress, moving too fast, moving too slow, research not shared or over looked • Lack of strategy and process to facilitate product releases such that development became overwhelmed and stopped completely • Little support for and understanding of upfront research

  5. WHY RECENT CHALLENGES? Process for Customer Products Process for Recent Internal Products ? • Structured process • Includes idea gathering, screening, market tests, VOC, business cases, development, testing, and post-launch review • Focused • Staged releases • High success rate • Less structured or no process • Generally lacks thorough pre-development analysis • Medium to high failure rate • Long durations • Projects start and stop • Lack strategy and focus

  6. PRODUCT DEVELOPMENT METHODOLOGY • THE ORIGINATION OF “STAGE-GATETM” • First published in 1986 • Updated again in 1993 and in 2001, including deeper lessons on: • Portfolio management and project selection • Benchmarking best practices • Partnering in product development • The author and designer of Stage-Gate, Robert Cooper, is Professor of Marketing at McMaster University of Canada and made a fellow of PDMA in 1999. Robert Cooper’s web site is www.prod-dev.com.

  7. PRODUCT DEVELOPMENT METHODOLOGY • PROPERTIES OF “STAGE-GATETM” • It works with any product, small or large • Encourages speed and quality of execution • Reduces waste by consciously designating check points before moving forward • Highlights the value of the early stages of the process • Proven methodology, widely accepted in the market place and by PDMA

  8. STAGE-GATETM PROCESS Include representatives in all stages! Developed Product, Highest Cost Maximum Ideas, Lowest Cost Discovery Scope Business Case Develop Market Test Launch Review Best products while managing risks and costs

  9. SIMULATION DATA & REPORTING PRODUCTS

  10. ABOUT PRODUCTS & SERVICES SUPPLIERS END USERS Interfaces • Customers • Developers • Operations • Sales • External • Internal Readers • External Readers • Designers Data & Meta Data Infrastructure Applications Applications Services • Data Mgmt • Developers • QA

  11. DISCOVERY – Collect many great ideas • Milestones… • Set up and review idea bank • Research new technical possibilities • Work with lead users to uncover unarticulated needs • Strategic planning, detect market disruptions Discovery Scope Business Case Develop Market Test Launch Review

  12. GATE 1 – Decide to commit to research • Screen contains… • Market attractiveness • Feasibility • Strategic alignment • more… Discovery Scope Business Case Develop Market Test Launch Review

  13. STAGE 1 - Technical and marketplace merits • Milestones… • Market research • Internet Search • Library Search • Product advantage • Focus groups • Concept test Discovery Scope Business Case Develop Market Test Launch Review

  14. GATE 2 – Decide to commit with new information • Screen contains… • Legal • Technical • Sales Involved • Marketing Involved • Payback period Discovery Scope Business Case Develop Market Test Launch Review

  15. STAGE 2 – Build the business case • Milestones… • Competitive analysis • In-depth research with customers • Delineated product concept • Product strategy • Product benefits • Desired features, requirements • more… Discovery Scope Business Case Develop Market Test Launch Review

  16. GATE 3 – Decide to go to development • Screen contains… • Review each milestone of Stage 2 – quality of execution, completeness, and results • Check must-meet and should-meet criteria again • Financial analysis emphasized Discovery Scope Business Case Develop Market Test Launch Review

  17. STAGE 3 – Development, Marketing, Ops • Milestones… • Rapid prototype • Lab tests • In house tests • Update financials • Facilities requirements • Continue customer feedback • Legal – patents • more… Discovery Scope Business Case Develop Market Test Launch Review

  18. GATE 4 – Pre-market testing • Screen contains… • Review probable execution • Revise financials • Check quality of Stage 3 • Check market testing, marketing, and operations plans for probable launch Discovery Scope Business Case Develop Market Test Launch Review

  19. STAGE 4 – Market testing and validation • Milestones… • Customer acceptance testing • Test the production process through trial, limited, or pilot run • Trial sell to customers • Revise financials • Begin extensive external validation Discovery Scope Business Case Develop Market Test Launch Review

  20. GATE 5 – Decide to launch • Milestones… • Review quality of market testing • Review quality of validation • Financial review Discovery Scope Business Case Develop Market Test Launch Review

  21. STAGE 5 – Launch • Milestones… • Release product • Execute marketing plan • Execute operations plan Discovery Scope Business Case Develop Market Test Launch Review

  22. POST LAUNCH REVIEW – Confirm impact, improve • Milestones… • Review costs • Review profits or benefits • Review strengths • Review weaknesses • Review what learned Discovery Scope Business Case Develop Market Test Launch Review

  23. PREDICTED IMPACT OF STAGE-GATETM • DATA & REPORTING PRODUCTS • Develop the best ideas • High management and user acceptance • Teams won’t feel so overwhelmed, product strategy will devise releases • Less time spent on re-work • Won’t duplicate products that exist or add marginal benefits • No “me too” products • Let’s us quantitatively and qualitatively contribute to our corporate vision • Teaches us how to manage – and increase – our innovativeness

  24. Questions?

  25. Thank you. Best Practices from discovery to launch TRADER INC.

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