Mastering Product Lifecycle Governance to act fast at scale
by Leica Ison
In this Product Lifecycle Insight, we unearth how to master lifecycle governance the modern way. The power of effective product governance means you can make fast and efficient oversight decisions. Product governance means you have an effective process to design and continuously monitor your product portfolios. This encompasses constantly tracking across the whole product lifecycle.
Wherever you are in the world, 2021 has brought a new lens for Chief Product Officers - a need to nail your organisation's approach to product lifecycle governance.
Critical lifecycle processes are currently run across disparate systems like email, SharePoint, company-wide risk systems and software development, road mapping or project management tools. Having the visibility you need across all your products is impossible without a digital solution. These legacy point solutions are incredibly time consuming and don't work at scale.
So what's the secret to mastering your product lifecycle governance for DDO?
Automating and simplifying all processes using a Product Lifecycle Governance solution and enabling the team to continuously monitor, make fast decisions and see risk early. Deep dive here into automated product lifecycle management and governance
Modern product leaders use a digital solution to automate manual tasks, streamline workflow, and standardise lifecycle governance processes across all product lifecycle stages to act fast at scale. And companies like Skyjed are way ahead of the game when it comes to an agile and end-to-end product lifecycle solution.
- Quickly create and share your target market obligations TMD
- Set a consistent review cadence for the year ahead
- Get the 'loop of product data from the distributor' channels back into hands of product teams
- See risky products early with an automated workflow for product triggers
- Automate standard reports to brief management and cross-functional teams
So how can you get ahead of the game when it comes to Product lifecycle governance and DDO?
Things to do:
- Start with a framework that covers all stages - product design, standardised monitoring through to the optimisation decisions
- Retain product lifecycle ownership - every product strategy needs one owner responsible across the lifecycle
- Checkpoints & controls at each of the stages in point 1 with go, stop or hold decision
- Product Triggers to identify risks based on monitoring thresholds, e.g. number of customer complaints
- Event scheduler to map initial and periodic reviews of each product - especially when you hit a review trigger
- Pre-define your product review templates to save time and capture meaningful insights
Implement your lifecycle governance in as little as 3 weeks
What is logical is those CPOs who prioritise the digitisation and automation of manual lifecycle governance processes - will benefit from the ability to make better decisions, free up time and gain visibility over their entire product lifecycle.
You can log into Skyjed, see all your products and TMD's and have monitoring set up ready to go. Product managers have all their design and lifecycle monitoring history information in one place. This ensures product managers can prioritise the most significant opportunities and highlight risk early before you get a significant dealing.
Setting up to monitor a target market with an automated tool.
Uploading your TMD's at the earliest stage enables you to save a significant amount of time on monitoring and reporting administration. You can upload your TMD's in hours and be ready in as little as 3 weeks.
"We’ve had a lot of success helping Chief Product Officers get their teams ready for DDO quickly and efficiently. Its about leveraging innovative technology to remove the burden of TMD monitoring and ongoing product reviews as well as automating compliant record keeping and reporting.
"Our customer success team has a clearly structured onboarding program and specialist workshops to help you efficiently set up your monitoring and product lifecycle governance - from sharing TMDs to monitoring templates, ongoing product reviews and triggers right through to reporting and record-keeping. It really is a complete solution." Andrew Chamberlain Chief Customer Officer Skyjed."
The future of automated product lifecycle governance
Adopting an automated product lifecycle governance framework doesn't need to depend on the company's size, turnover or number of products. Fortunately there are ways to reduce the cost and complexity burden.
Skyjed's product lifecycle and governance solution helps you build best practice TMD monitoring with a digitised audit trail and record keeping for every product. This means you save significant amount of time and cost and avoid time administration of record keeping.
So if you want to finalise your framework and consider a tool to automate the important functions get in touch. Request a proposal here
Skyjed is product lifecycle and governance platform. Skyjed’s Ai-powered end-to-end product platform bring together every data point across the entire product portfolio into a single source of product truth. Skyjed was founded in 2017 and is headquartered in Sydney, Australia. For more information visit Skyjed