When you do something once it is a project. If done more than once, it should become a process. If you then repeat that process because it produces value to your business or your clients, then that process has the potential to become a revenue producing product.
The challenge for many businesses is that they repeat projects over and over, reinventing the wheel each time and never optimizing their time and intellectual capital or fully monetizing their efforts.
The first step from project to process is a recognition that some of the components are repeatable from one project to another and some are different. The repeatable components become the basis for the process. Those items that are unique are identified, criteria established for when they may be used, and they’re placed in an asset library to house those items. Each process utilizes the lowest common denominator for each step with options added as needed from the asset library.
Whether this process becomes a product or not remains to be seen. It may simply help a business effectively produce value and simply be maintained as a process for internal use. However, many processes, with some thought and go to market strategies applied, will be suitable for conversion to a product for use as an additional stream of revenue.
Over the years, many companies have found valuable internal processes to be highly desirable and profitable in the marketplace as products. An example is the byproduct of kerosene production. For years this highly flammable and “unstable” substance called gasoline was considered useless, until… What does your business do that can be streamlined into a process? Which processes or byproducts of processes are potential additional streams of revenue?