Time-Consuming Activities CPOs Should Automate
by Leica Ison
No matter what industry you are in, the Chief Product Officer (CPO) role has never been more essential to innovation and profitable business growth. Demands on the position grows almost at the same rate as businesses facing new challenges.
Product governance across the complete innovation lifecycle is not only reshaping product management – it also drives the business cadence, progress tracking and provision of data driven recommendations. It is the product team's innovative approach and planning that can help the business move forward. In this post, we want to highlight how Chief Product Officers can automate routine tasks to improve productivity and promote fast, strategic decision making for positive business impact.
Automation has changed many workplace roles and how things are done. The role of product management is already undergoing a major transition due to automation.
“Product management leaders must look to improve and transform product management processes, tools and people to stay competitive in the rapidly evolving market.” - Emil Berthelsen Gartner.
Automate and streamline with product management and governance software
Decision making shifts
Product teams rarely have the time to triage their product portfolios and exit under-performing features or products in a portfolio. That means product portfolios become more complex, and the portfolio mix becomes non-competitive and cost heavy. Depending on what software tools and systems you are using, it is likely that you are jumping between silo based systems and re-entering information manually to update management on your sun-setting products.
Skyjed has all the portfolio and product tools to complete a product design and distribution plan and then frequently monitor and review the product in a digital workspace. Product teams can create a virtual and cross-functional team in minutes to contribute to the product monitoring, reviews and risk plans in real-time. The gives product teams more time to spend on strategic evaluation and choosing which products to invest in and divest.
“Technology product managers face increasing challenges of managing product evolution and innovation in markets characterized by accelerated technology cycles, product disruptions and changing customer demands. Adopting suitable product lifestyle management approaches is critical to meet the challenges.” Gartner.
You have just completed your product planning with the team, and the CEO calls up and asks for you to update the Board on growth strategy and risk management. Instead of searching through shared drives and creating reports in PowerPoint – Skyjed automates the reports for you. Skyjed presents for your insights and engaging 'Board-ready' reports which make the insights clear and highlight essentials in product growth plans.
All this without having to create new reports. At the click of a button, you can even do side by side comparisons of your products, view a report for the entire portfolio and issue a health-index report to management that quantifies the health of your product.
Given the average number of reports a CPO must do each month to management is more than 10 – this will free up time to spend on strategic growth and innovation decisions.
We all know it. Regulatory obligations are growing and becoming more complex. And they are critical to meet as – not doing so can have a significant impact on your customer trust and brand reputation. If you are sitting in lengthy meetings with your legal, risk and regulatory teams, sharing advice over email and sorting through regulatory obligations using excel – this is hard to keep up to date when requirements change. It is costing your product team hours in productivity.
It can be a nightmare keeping up to date with changes and ensuring your product is being sold for fair value with up to date product information on the target market and buyer persona.
Skyjed helps you do this efficiently with automated product design feature, setting regulatory distribution conditions and triggers. Skyjed includes regulatory monitoring templates that are being used by a vast range of industry sectors to give product teams a bird-eye view of the regulatory obligations from product design stage, distribution, and monitoring and review management.
Connected cross-team communication and decision-making
Having a company-wide impact in a fast-moving organisation can be the most prominent and most time-consuming challenge for a product leader. Which is why so many product leaders report they spend so much time in meetings getting a shared understanding of your product vision and strategy – and update when things change.
This process can be done much more effectively with a digital product management and governance tool – designed by product experts specifically for product leaders. With Skyjed, you can create a virtual product team in minutes. The workspace includes all the roles and permissions and controls you need for fast and efficient product design and lifecycle improvement.
Skyjed's predictive insights gives the confidence to make decisive commercial decisions.
The final piece of the automation vs time-management puzzle is enabling Product Managers to have positive business impact and deliver on key metrics including revenue/margin. Skyjed automates the product design, distribution, monitoring and review processes for virtual teams within the business to execute on annual product innovation plans and budgets to get the job done.
The Skyjed product lifecycle management and governance platform provides organisations with a 360-degree view of their product portfolios health and risk status while facilitating collaboration, transparency and product trust in the day to day operations of the organisation.
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