The past says that effective post-launch product decision making is based on a framework called Product Life cycle Management (PLM). PLM gained momentum in 1965, with Levitt's Harvard Business Review paper "Exploit the product life cycle". Conceived in 1960's and still in use today. But the world has moved on since man stepped onto the moon, and there is a better way. Business leaders can now base product success, risk and or compliance decisions on a product health check index that is generated in real-time.
Here's a guide to solving post-launch product governance:
As with most product teams, the starting point is finding growth and innovation. Add to your accountability product oversight of compliance and trust: monitoring non-financial risk and regulatory obligations for each product.
Many product teams track Objectives and Key Results (OKRs) , revenue and customer experience. Revenue against budget, forecast and prior year. Customer experience monitoring of user engagement so that the core product value is being realised. Add to the mix a product health check index that includes tracking operational and non-financial metrics.
The level of discipline in handover and sharing of in-depth product knowledge varies. Consider using a Cloud solution, such as Skyjed to save and share product knowledge. This is an excellent way for faster, hassle-free handover, on-boarding and upskilling.
Many point solutions across a product oversight process reduce productivity, hinder transparency, erode knowledge transfer and reduce product trust. Some newer solutions, such as Skyjed, have the scope to deliver a 360-degree view of product health with zero friction set-up and on-boarding. You can leverage all the benefits of Artificial Intelligence & a Cloud solution to transform product lifecycle decisions & culture in days not months.
Product audits that use a Skyjed framework of operational, financial and non-financial drivers of product health improve transparency of what is really going on in your product portfolio. The audits provide a major enhancement to post-launch product governance with clear insights into product strengths and gaps. Using one Cloud solution to manage 360 degree visibility of the health of your product helps you make confident decisions.
So what does the future look like? In twelve months after on-boarding with a solution like Skyjed, an organisation will have a vastly improved understanding of the health of its product portfolio. Product managers will far more productive spending much more significant time on high-value tasks such as strategy rather than being bogged down building ad-hoc reports and extinguishing fires. Risk and regulatory compliance will be well in hand, and there will be transparency and collaboration regarding product across the organisation.
Getting product lifecycle management right is critical to success. If you want to find out how Skyjed can help improve compliance and strengthen your product with our AI driven platform, feel free to get in touch.
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