Not All Products Are Created Equal
by Leica Ison
Why is product governance so hard to get right? The formula for better product governance actually starts with the understanding that not all products are equal. Products have hugely varying strategic importance, business values and life stages that most companies struggle to assess in an effective manner. Without this key oversight and assessment, it is incredibly difficult to gain product governance confidence for the upcoming Design and Distribution Obligations.
When monitoring and assessing - 𝐧𝐨𝐭 𝐚𝐥𝐥 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐬 𝐚𝐫𝐞 𝐞𝐪𝐮𝐚𝐥 - the ability to comprehensively group products based on strategic importance, business value and life stage is key. Here are 3 ways for a Chief Product Officer to identify and classify all your products to set up your product governance journey.
Tip 1. Map your products into strategic priority, life stage and portfolio.
Tip 2. Cluster products based on business value using categories like revenue, margin contribution, pull-through value, customer retention or growth potential.
Tip 3. List and rate the products as A, B, C, where A is for high growth, and C is for low value or long-tail products.
Here are some of the Skyjed's best features to lift your product governance in 2021.
Monitoring & Reporting tool
By simply using a Design and Product Auditing workspace to set and monitor your Target Market Determination (TMD), Lean Canvas and validating your customer and market assumptions in Skyjed’s AI-assisted auditing and reporting tool, you’ll be able to monitor and review the following non-financial risks:
Product health check report
Using the Skyjed tool to set growth strategy, target market requirements, and track regulatory obligations, you’ll be able to generate real-time and automated health check and risk snapshots. These reports are designed to save time in reporting of strategic product lifecycle insights. They are useful for Chief Product Officer to update the compliance teams in proactive manner.
Risk and regulatory teams can participate in the product lifecycle tracking and monitoring with Skyjed. All comments, actions, and risk mitigation plans would be shared on a centralised product lifecycle governance platform providing transparency and promoting collaboration across the entire product portfolio lifecycle
Skyjed's tools bring together performance monitoring, product governance and risk management in one simple SaaS solution. And its product lifecycle health check score helps you identify and prioritise non-financial risk in your product lifecycle.
Our new risk matrix feature supports product managers with review monitoring of product risks. There is also an automated product risk report that saves valuable time spent on administration.
A key benefit of this new feature is enabling product managers to see emerging risks in their lifecycle and undertake early course-correction of their product strategy.
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.
Why you should watch:
The DDO compliance deadline is fast approaching. Implementing the essentials into your organisation can be a challenge without the appropriate technology to help operationalise your templates and frameworks.
Skyjed’s Leica and Andrew will show you how Skyjed’s DDO Essentials package can help get you compliant quickly and cost effectively. See how to design, distribute and monitor your target market determinations, monitor and review significant dealing triggers, as well as automate your reporting and complaint record keeping.
1. Design, distribute and monitor your Target Market Determinations (TMD)
2. Set, monitor and review significant dealing triggers
3. Automate reporting and compliant record keeping
Learn about our unique features in the Skyjed solution- governance scheduler and automated product monitoring reports and risk profiles to operationalise DDO.
Need more info? Check out the Guides in our Resource Page.
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.