About the Company:
As a family-owned company founded over 60 years ago, this business specializes in manufacturing and supplying innovative building materials, services and construction software, aimed at enhancing construction efficiency. With a global presence, it employs over 1,000 professionals and operates subsidiaries in multiple countries across Europe and North America.
Challenge:
A Product Manager in a Construction company faced the challenge of navigating the decline phase of an existing product. The goal was to find innovative ways to extend the product’s lifecycle, transcend the decline, and identify new avenues for relevance in the ever-evolving construction market.
Solution:
Ventecon’s AI Co-worker: A Strategic Partner in Resilience
Acknowledging the challenges of the decline phase, the Product Manager collaborated with Ventecon’s AI co-worker as a strategic ally. The AI co-worker became an integral part of the solution, providing insights and driving the exploration of opportunities to extend the lifecycle of the existing product.
Jobs Module for Strategic Extension
Leveraging the Jobs module, the AI co-worker engaged in direct communication with the Product Manager. Over 80 specific questions, hypotheses, and instructions related to extending the existing product were directly addressed, initiating a collaborative and strategic extension process.
Comprehensive Analysis of Decline Factors
The AI co-worker conducted a comprehensive analysis of factors contributing to the decline. It assessed market trends, customer feedback, and competitive landscape to identify key pain points and areas for improvement in the existing product.
“Seeing our product rejuvenate and find new relevance in the market was extraordinary. The AI co-worker’s comprehensive analysis of decline factors was eye-opening, helping us understand aspects we had previously overlooked. Its diversification strategies opened new revenue streams we hadn’t considered. The impact was immediate and significant, saving us considerable time and resources.”
Head of Innovation
Innovative Feature Integration
Working closely with the Product Manager, the AI co-worker proposed innovative features and enhancements that could breathe new life into the existing product. It considered emerging technologies, user expectations, and industry advancements to tailor solutions that resonated with the construction market.
“The case of Ventecon’s AI co-worker in extending a product’s lifecycle is a perfect example of how AI can drive innovation in traditional industries like construction. The time and cost savings achieved are significant, showcasing the potential of AI as a strategic tool in product management and market analysis.”
Technical Product Manager
Diversification Strategies
Recognizing the need for diversification, the AI co-worker collaborated with the Product Manager to explore new applications and use cases for the existing product. This involved identifying potential partnerships, entering new market segments, and adapting the product to meet evolving customer needs.
Outcome:
Extended Product Lifecycle
Thanks to the collaborative efforts with Ventecon’s AI co-worker, the Product Manager successfully extended the lifecycle of the existing product. The incorporation of innovative features, comprehensive analysis, and diversification strategies contributed to a renewed interest in the product among existing and new customer segments. The collaborative efforts with Ventecon’s AI co-worker resulted in a 30% extension of the product lifecycle. This is measured from the initiation of strategic extension efforts to the sustained success and renewed interest in the product among both existing and new customer
segments.
“Partnering with Ventecon’s AI co-worker was a game-changer for us. We faced a daunting task: revitalizing a declining product in a competitive market. The AI’s ability to analyze market trends and customer feedback helped us pinpoint exactly where we needed to innovate. Its suggestions for new features were not only innovative but perfectly aligned with our users’ needs. The AI co-worker was more than just a tool; it was a strategic partner that enabled us to extend our product’s lifecycle by 30%. This was a remarkable achievement, something we couldn’t have done so quickly without its insights.”
Senior Product Manager
Market Relevance Amid Decline
The AI co-worker’s insights and strategic approach helped the existing product maintain relevance in the construction market even during the decline phase. By addressing pain points and adapting to industry changes, the product continued to offer value to customers. The AI co-worker’s insights and strategic approach contributed to maintaining a 25% market relevance during the decline phase. By addressing pain points and adapting to industry changes, the product continued to offer value to customers, preventing a more significant decline.
New Revenue Streams
Diversification strategies led to the identification of 2 new revenue streams. The Product Manager, guided by the AI co-worker’s insights, successfully entered new market segments and formed partnerships that contributed to the product’s sustained success beyond its traditional use cases.
Conclusion:
Ventecon Technologies’ AI co-worker demonstrated its effectiveness in empowering Product Managers in the Construction sector during the decline phase. By fostering collaboration, providing data-driven insights, and guiding strategic extension efforts, the AI co-worker played a pivotal role in transcending the decline and ensuring the continued success of the existing product in a challenging market landscape. Without the AI co-worker, achieving a similar level of product lifecycle extension, maintaining market relevance, and identifying new revenue streams might have taken approximately 8 months.
With the AI co-worker, these outcomes were achieved within 10 weeks, representing a potential time saving of 68,75% and a minimum cost saving of 33.120 Euro. The AI Co-Worker executed 7 jobs for the Product Managers, including 80 tasks, in a total of 2.9 AI hours, automating tasks and reducing total workload. In doing so, besides the high acceleration and economics of a strong competitive edge, the AI Co-Worker saved costs and already paid off with a minimum saving of 38.400 Euro.