Successfully overcoming obstacles in the process of developing a product while managing the product development workflow is an art. The Advanced Business Analytics team was recently approached by a telecommunications company to assist in developing an innovative product that is attractive and lucrative to the consumer while being profitable for the business.
The goal of the product was clearly defined, however, the product needed to fit into the company’s broader product portfolio and required in-depth analysis in order to determine its feasibility. This is where Opti-Num Solutions’ expertise in data science and product development – conceptualising the product, building pricing models, conducting a business impact analysis and delivering technical solutions – came into play.
The team walked the journey with the customer to co-create an innovative product capable of transforming the customer experience to a new landscape. Opti-Num Solutions executed a comprehensive feasibility study to determine: Where should the product be priced at? How many customers should get access to the product? How many will potentially adopt the product? What is an appropriate validity for the product?
Answering such pertinent questions lead the team down the path of merging theories from differing industries to build a viable product in the new age of big data in Telecommunications. With the use of financial pricing theories, such as derivative pricing, a diverse and inventive product was created to be launched in the market. The consumer subscribes into various offerings that both enhances their user experience and level of engagement while growing revenue for the business.
Opti-Num Solutions was able to create a tailor-made product, that seamlessly fits into a wide portfolio of products and successfully engages the customer base. With Opti-Num Solutions’ team of dedicated analysts and developers we can help your business create the next big product that achieves your business’ objectives.
What Can I Do Next?
- Request a trial.
- Visit our Advanced Business Analytics Competency Page.
- Find out more from the team.