SOFTWARE IS A cornerstone of the economy, historically led by companies like Apple, Google, and Microsoft. However, the past decade has seen software become increasingly pervasive, while traditionally hardware-intensive products are increasingly dependent on software, meaning that major global companies like ABB, Ericsson, Scania, and Volvo are likewise becoming soft(er).(10) Where software was bundled with hardware it is now increasingly the main product differentiator.(10) This shift has radical implications, as software delivers notable advantages, including a faster pace of release and improved cost effectiveness in terms of development, ease of update, customization, and distribution. These characteristics of software open a range of possibilities, though software's inherent properties also pose several significant challenges in relation to a company's ability to create value.(10) To investigate them, we conducted in-depth interviews from 2012 to 2016 with 13 senior product managers in 12 global companies.