A client that is currently building a game changing digital wallet solution had a challenge of deciding whether or not to build a digital wallet from scratch, purchase the source code or buy out an existing digital wallet business.
In the build up to this point, the client had built a card based payment solution that was ready for pilot deployment. Legislative changes haltered the progression of their pilot and forced them to pivot to a digital solution that incorporated the legislative requirements. This meant that the secondary phase of their project, which included a digital wallet was required aproximately 2 years ealier than expected.
Strategy and Solution
Tenderize were offered a consulting opportunity to head the programme at an executive level. Understanding the clients pressure to deliver a holistic solution and the time bound pressures for the delayed implementation, the core focus changed to sourcing an existing solution that would provide 90% of the required back-end functionality.
Getting to market quickly is crucial for any business looking to maximize income opportunities. By being the first to offer a new product or service, a company can establish itself as a leader in the industry and capture a significant portion of the market share. Additionally, being the first to market can also help a business to set the price point for a product or service, which can be a significant advantage in terms of profitability.
One of the key ways to get to market quickly is through efficient procurement. This means identifying and securing the necessary materials, components, and services required to bring a product or service to market as quickly as possible. By procuring these items from reliable and efficient suppliers, a company can ensure that production and delivery timelines are met, and that the final product is of the highest quality.
Result and Client Benefits
A vendor in Europe was sourced, that could provide the full back-end solution. Contracting took six months due to teh complexity of the programme requirements. A three month implementation meant that the project could be implemented in a 10 month cycle, whereas if they were to build it from scratch, would have delayed the implementation by an additional 2.5 years. Furthermore, had they looked to buy-out an existing digital wallet business, this project cost would have been in excess of 10x.
A final word
Getting to market quickly is not just about having the right suppliers in place. It also requires a clear understanding of customer needs and a commitment to innovation. Companies that are able to identify and respond to changing customer needs are better positioned to develop new products and services that will be in high demand. Furthermore, a commitment to innovation can help a business to stay ahead of the competition and capture new market opportunities.
In conclusion, getting to market quickly can significantly improve income opportunities for any business. By having efficient procurement in place, a clear understanding of customer needs and a commitment to innovation, a company can establish itself as a leader in the industry, capture a significant portion of the market share and set the price point for a product or service which can be a significant advantage in terms of profitability.