The RegTech revolution & product growth
by Leica Ison
Spread the word - RegTech can deliver giant leaps in Product Lifecycle Management that has barely changed since 1969 – the year man landed on the moon.
My mission is to make everything easier for product people looking after post-launch products to find growth and manage product experience and compliance cost-effectively. Implemented correctly, good RegTech can bridge the gap between product growth, regulation and great customer outcomes.
How to champion product lifecycle growth with RegTech
RegTech helps businesses ethically create, manage and sell products and increase customer trust.
It improves product governance and makes product collaboration with regulatory, legal and risk teams easier, and more effective, so in turn, revenues and growth.
Translated....Product managers will far more happy and productive with more time to spend on high value tasks such as strategy rather than being bogged down building ad hoc reports and extinguishing fires. Risk and regulatory reporting will be well in hand and there will be transparency and collaboration regarding product lifecycle strategy across your teams and organisation.
Curious about how to introduce RegTech for your product team?
Here are some tips and best practices to consider:
Find Product Growth.
Use Regtech to set your growth strategy, review and report efficiently. Product people can save time, reduce administration and get on the front foot using RegTech to set product strategy, complete consistent product reviews and reporting. At Skyjed we call this your Product 360 workspace. As well as delivering better products and customer outcomes, good RegTech can help increase productivity, collaboration and transparency.
Improve Product Experience and Trust.
Use RegTech to complete your product experience reviews and action plans. Customer trust is now a best practice key performance metric for product teams – Add to your growth, product experience, cost-effectiveness metrics a new performance metric - Customer trust - monitor regulatory and legal obligations, set action plans to address risk and regulatory compliance in the entire product lifecycle.
More time for Innovation and Strategy.
Use RegTech to dramatically reduce your ad hoc reporting - giving you back valuable time to focus on all-important product innovation and strategy. Good Regtech helps you minimise compliance and reporting time via automation and artificial intelligence. Better still emerging RegTech has all the benefits of a SaaS offering so you can be up and running quickly and easily.
Regulatory / Risk Reviews – Done!
Use RegTech to monitor all your product regulatory requirements across the entire product lifecycle from design to sunsetting. Conveniently set your target market at design stage, monitor your design requirements, distribution channels with everything you need for your risk team’s operational reviews and detailed reporting.
So what is the future of product lifecycle management? RegTech is perfectly suited to modern agile product teams.
To get even more ways of how Skyjed’s advanced AI RegTech solution can take care of all this for you – talk to us about a free trial.
If you’d like to know more, check out my other articles for product people and Talene’s blog on What the Heck is RegTech.