I recently gave a presentation on iterative funding at Agile Covent Garden. The global product lifecycle that we have and continue to develop at Pearson completely changes the way in which products are created and supported. Product development is limited without making fundamental changes in which products are traditionally funded through fixed term budgets.
To take a quote from the late and great Peter Drucker :
“ Uncertainty-in the economy, society, politics-has become so great as to render futile, if not counter productive, the kind of planning most companies still practice: forecasting based on probabilities”
With such great guidance and heavy influence from Beyond Budgeting, Agile, Lean and Lean Startup, we are advancing the budgeting and planning culture to supporting learning products. Such changes result in greater innovation capabilities of any organisation and have profound effects on learning to the customers benefit.
Pearson who at it’s core strategy truly has the learner at the centre, is advancing the organisations learning capability though the Global Product Lifecycle. Embracing iterative funding, active portfolio management and evidence based governance enhances the capability to embed a learning loop into the products and improve the likelihood of meeting customer and learner needs and developing higher quality products. Changes to iterative funding cycles further minimises waste as the product development culture takes small steps and uses evidence to continue, pivot or stop. The organisation can learn where to invest and why, balancing the organisation and customer needs together.
Below are the slides used for this presentation.