How to improve product lifecycle monitoring & reporting
by Leica Ison
Product monitoring is shaping up to be a major focus for product leaders in 2021. Product Monitoring is used to assess the health of your product. Its goal is to improve current and future product differentiation and commercial outcomes. Product monitoring helps to improve the performance of your product strategy. Monitoring is conducted post-launch and throughout the product, lifecycle to exit. Product monitoring with a regular review frequency helps identify opportunities for improvement and early warning of risks. Product monitoring is also an essential step in your regulatory rules, such as product design and distribution obligations.
Let's break down what product monitoring means and why it's vital for product leaders. Right now, we are seeing the pandemic redefining the importance of product lifecycle monitoring.
Product teams in start-ups, high growth and mature businesses have had to rethink their portfolio forecasts. In all roles, conventional lifecycle management and financial analysis are no longer enough to set future growth strategies and keep up with new regulatory rules. Below, we will look at product lifecycle monitoring and offer some learnings to streamline how you can optimise product performance, address customer issues and reduce the impact of regulatory reporting.
What is Lifecycle monitoring?
Product monitoring is when you collect information, analyse and track the progress of a product toward meeting your strategy. Monitoring focuses on a review of your product in a structured manner.
Monitoring is used to assess the health of your product. Its goal is to improve current and future product differentiation and commercial outcomes. Product monitoring helps to improve the performance of your product strategy.
Monitoring is conducted post-launch and throughout the product, lifecycle to exit. Product monitoring with a regular review frequency helps identify opportunities for improvement and early warning of risks. Product monitoring is also an essential step in your regulatory rules, such as product design and distribution obligations.
When scheduling your upcoming product monitoring, the review frequency should consider the complexity of the product and its value in your portfolio. In ongoing monitoring, the cycle makes sense to review high value or risky products more frequently.
Likewise, newly launched products benefit from an initial review after launch and before product scaling. An initial assessment enables product managers to refine customer experience, remove any friction points and work with customer success teams to onboard customers.
To make lasting improvements to your product monitoring, you cant approach it as a quick fix. Lifting the standard is an ongoing journey. We recommend using best-practice monitoring to move beyond financial metrics and see the big picture by including 5 product health. You can watch a short video here Launch, Monitor, Optimise, Win
The five Domains - Revenue, Value, Customer Experience, Innovation/Disruption and Regulatory - enables product managers to make smarter decisions. It also means you can compare your product performance over time - and against each other - from design to end-of-life.
What Chief Product Officers can do to lift the standard of product monitoring and reporting
Here are a few ways you can improve your lifecycle decisions - no matter the shifts in your sector:
Planning and Design:
When it comes to improving your product design process that works, it's essential to get design requirements, including regulatory obligations stated at the start. You can simplify this process by adding an artefact into your product idea discovery to capture product design & distribution obligations. Use a Target Market Determination template - it is like a Lean Canvas for regulatory requirements and helps save time. For more detail How to set a TMD
Monitor & Review:
Streamline your monitoring using Product Triggers. Product monitoring starts with understanding the strategic events. Done right, Triggers are an effective tool for product leaders to keep on top of their product strategy and early warning on emerging customer issues. They are valuable to improve your customer experience and avoid regulatory issues. That's precisely why setting 3-4 product triggers, and some thresholds can be so helpful.
By setting notifications when you hit a trigger, you can quickly pinpoint your product issues and take action. Skyjed's monitoring workspace makes it easy with a library of templates for product monitoring and more so you can complete a meaningful review of your product when you hit the trigger event. For more detail, see Product Monitoring & Triggers
Lack of clear communication on your product strategy can be a significant factor in gaps emerging across your business. Product managers can deliver high-quality analytics on product health scores to make informed decisions on every aspect of your product. The health score is also helpful to view data on product opportunities and risks. Use the visual product score report to catch threats quickly, communicate them and get them fixed. Your can read more about Product Insights at Speed & Health scores here
Technology Tip: Launch, Monitor, Optimise, Win
Last but not least, improving product lifecycle monitoring can seem overwhelming when you are getting started. However, with the right tools and framework, you can make substantial changes quickly. Skyjed's product design and monitoring workspace can we set up in a few hours and puts data analytics and insights at your fingertips.
The workflows are such an incredible tool to use in your product management. They can make processes transparent and ensure products are consistently managed. Use an automated workflow builder to manage the lifecycle in your business, set product review triggers and thresholds so that you can streamline how you analyse, monitor and report -whatever the nature of your role.
Skyjed's Ai-powered end-to-end product platform brings together every data point across the entire product portfolio and lifecycle into a single source of product truth. Design, launch, optimise and win with our product lifecycle management platform.
Need more info? Check out the Guides in our Resource Page or view this short video