Product strategy 2024

Mission

Deliver new product value by solving the highest impact problems that put us on the path to $100M.

Strategy

While 2023 was all about finalizing Verify’s foundations and closing the gap on core functionality, in 2024 we want to push beyond our boundaries and place big bets on new directions. All of the product development changes we have been working towards for the last 3-5 years have been for this moment 🎉 To succeed in mission 2026 we need to grow what’s working while adding significant new product value.

We are placing multiple bets with increasing value and risk:

Bet 1: We have to continue to iterate and build on our core functionality to make it the gold standard. We’ll continue to refine our existing comparison product to increase ♥️ and trust in the application on the path to product-market fit for Verify in the digital Pharma target market.

Key initiatives:

• UX Revamp - We need to rethink how a user can always be successful regardless of the results. Verify needs to become our best user experience we’ve ever brought to market.

• Iterate on Results - We need to expand the bounds on our current technology to drive user satisfaction and only show results that are meaningful. This amounts to reducing false positives, and clarifying the results users need to review. Example opportunities:

  1. Reduce text Insertion deletion pairs

  2. Overwhelming number of formatting differences causes a high cognitive load

  3. Reduce meaningless spelling differences

• We need to make 2024 the year we transition from GVW to Verify as our web platform of the future. Verify and Core Tech represent our most advanced framework for product development. We need to bet everything on it to consolidate our products, focus our team's efforts, and clarify our value proposition to the market.

Bet 2: Continuing to push on Bet 1 has a ceiling in its value as the only lever we can pull is to make comparisons more efficient. To break through this ceiling we need to add 🌟 new product value beyond comparison to automate additional manual tasks for our users. By continuing to build on the Verify Proofreading pathway, we will look to add an FDA regulatory compliance check that helps automate a manual, complex, and time-consuming task. This represents a top opportunity for our Enterprise Pharma target market as Regulatory Affairs users in the USA is our most valuable and largest user base in Verify & GVW (60%+ of users).

We don’t have many users yelling at us to solve this problem today, but we know it’s a major pain point and time-sink. We want to be the company that brings this new product to market and become the first mover.

Bet 3: Our current applications give the ability to reduce time spent proofreading at the user level, but that will never enable proofreading at scale for our customers. We want to make a big bet on the future and build an automation product on top of the Verify platform so customers can eliminate quality review tasks entirely. Not only are our Enterprise Pharma customers beginning to expect this, but it also represents a huge leap in ARR potential for GlobalVision as it will enable 1000x the inspection quantities at the company-level.

Automations also don’t need to only be our core inspections. We can dissect our technology and embed micro-automations throughout customer workflows by integrating 1000s of tasks in their systems of record. Example opportunities:

1. OCR conversions

2. Image look-up

3. Text look-up

4. Barcode grading/decoding

AI-first mindset: As an underlying thread, we want to experiment with AI to leapfrog progress on our roadmap and add new layers of customer value. We want to ride the wave of AI and ensure we are taking advantage of these exciting, new technologies. This applies to all three bets.

Last, we need to increase the Product team’s connection to the customer to create a culture of continuous discovery.

• After closing the gap, things are much less known moving forward for the product team.

• Dev team has achieved a very good state of execution so the capacity of output has increased.

• AI has come into play - there is a platform shift at hand.

• Product expectations have increased for 2025 and beyond.

OKRs