As a Chief Product Officer (CPO), you play a crucial role in the success of your company's product strategy. However, with a busy schedule and numerous responsibilities, staying on top of the vital task of lifecycle monitoring and assessment can be challenging.
But what exactly is lifecycle monitoring and assessment, and why are they essential for product success?
Lifecycle monitoring refers to the ongoing process of tracking and analysing key metrics, such as customer satisfaction, product usage, and sales, complaints to gain insights into product performance and identify areas for improvement. This enables you to make data-driven decisions to improve product performance and reach business objectives. The best practice monitoring cadence is monthly with quarterly reviews or assessments.
On the other hand, lifecycle assessment or audit is a systematic evaluation of a product's overall health or impact and performance throughout its entire lifecycle. This includes assessing the product's environmental, social, and governance impacts, as well as its overall performance and market success. The best practice for lifecycle assessment or audits is quarterly with strategic annual review. Also conducting a strategic review when you hit a trigger threshold in your monitoring for example 20 customer complaints per month or trends of 30% increase.
The importance of lifecycle monitoring and assessment cannot be overstated. Without proper monitoring and assessment, you may not identify problems early enough to make necessary changes, leading to missed opportunities and potential product failure. With comprehensive monitoring and assessment, you can gain valuable insights into your product's performance and make informed decisions to drive success.
In this blog, I dive into the compelling reasons why CPOs should implement a new framework and tool for lifecycle monitoring and assessment. This includes:
Skyjed is a platform that can help CPOs overcome the challenges of lifecycle monitoring and assessment. With its easy-to-use interface and guided 6-week onboarding program, Skyjed can be quickly and easily implemented into any organisation's product development process.
Using automated tools like product planner and trigger workflow can help streamline your monitoring and assessment processes, automate reporting, and make data-driven decisions to improve product performance and achieve business objectives.
Skyjed's pre-built Product Review templates guide you to consider and input key areas of product health. For example, the annual product review which is our most comprehensive guides you through 30 information input drivers across 5 domains of product health.
Some examples include:
Revenue – Product description, value proposition, pricing, competitor and channel analysis, product share, revenue, and sales.
Value – drivers of cost, margin analysis and supply chain.
Customer Experience – customer journey assessment, customer complaints, product experience and product pain points.
Innovation - technology trends, innovation, growth and product roadmap, industry dynamics and product SWOT analysis.
Regulatory - product obligations, regulatory trends, target market review and modern slavery review.
Take a peek at an example of a Annual Product Review in Skyjed
When you sign up to Skyjed on any of our tiers, you get access to our best practice Product Design and Audit Templates.
These templates have been created using input from product leaders around the world and are designed to help you meet your specific business goals whilst helping you drive towards product success.
Below is the list of our carefully curated:
Product Design Templates.
Product Audit / Review Templates:
So in summary implementing a comprehensive lifecycle monitoring and assessment framework and a tool like Skyjed can help you stay on top of product performance and make informed decisions to drive success. With its easy implementation and consistent monitoring and assessment processes, Skyjed can help you achieve your goals and take your products to the next level.
Don't let a busy schedule hold you back from maximising your product's success. Implement a comprehensive lifecycle.
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About Skyjed
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 London and offices in Sydney and Melbourne, Australia. For more information visit Skyjed