Unlock the Power of Product Lifecycle Management & Tooling for Product Managers
by Helen Tsaganos
So let's start with the common understanding that Product managers are responsible for ensuring that an organisation’s products are successful.
Whilst this is true in most scenarios, it's also true that product managers face many challenges as part of their business-as-usual activities including not having the right tools or practices of product lifecycle management.
To do their job effectively product managers need to have a clear understanding of the product lifecycle and be able to make informed decisions about the product strategy, product performance, market trends, and regulatory requirements.
Skyjed is delighted to partner with Productbeats to bring the best product lifecycle management resources and tools to product leaders worldwide.
Together, we are committed to providing product managers and teams with the resources and tools they need to unlock the power of product lifecycle management.
What is Product Lifecycle Management you ask?
Product lifecycle management (PLM) is a strategic approach to managing the entire lifecycle of a product, from its inception to retirement or ideation to sunsetting.
It involves the coordination, integration, and optimisation of product-related processes, data, and resources.
PLM encompasses various stages, including product design, development, manufacturing, marketing, sales, and customer support.
It focuses on maximising product value, profitability, and customer satisfaction throughout its lifecycle.
PLM involves cross-functional collaboration among teams, such as engineering, marketing, operations, and supply chain, to ensure effective product management.
It encompasses activities like product planning, requirements management, design and engineering, prototyping, customer feedback, testing, production, and quality control.
PLM aims to streamline workflows, reduce time-to-market, minimise costs, and enhance product quality and performance.
It includes aspects such as product governance which centres on product data management, document control, version control, and change management.
Ultimately, the goal of PLM is to optimise the product lifecycle, drive innovation, and achieve sustainable business growth.
At Skyjed, we understand the many challenges that product managers face when it comes to product lifecycle management.
This includes but is not limited to the:
- overwhelming amount of data that product managers have to analyse and make sense of from disparate systems. This also takes a lot of time to work through and can be relentless or sometimes placed in the too-hard basket for some metrics.
- time-consuming nature of manually tracking and managing product lifecycles.
difficulties in staying up to date with ever-changing market trends and customer preferences.
- challenges of ensuring compliance with complex regulatory requirements and record keeping.
- need for seamless collaboration and information exchange with distributors and the supply chain.
- importance of making data-driven decisions to drive innovation and growth but lacking all the information or insights at hand or a bird eyes product health view.
- need for a cost-effective and efficient solution.
- challenges of identifying and addressing potential bottlenecks in the product lifecycle.
- need for a centralised platform that provides a comprehensive view of product performance.
- importance of streamlining and simplifying governance processes for product managers/leaders.
- challenges of balancing product quality with cost-effectiveness. For example, product managers often need to make decisions on sourcing components or materials that meet quality standards while considering budget constraints and environmental, social and governance objectives.
- difficulties of managing product variants and iterations. For instance, a product manager may need to keep track of multiple versions, feature sets, or target market designs of a product.
- importance of forecasting. Product managers often face the challenge of accurately predicting demand to input to various forms of business and operational planning and the supply chain.
- need to stay ahead of emerging technologies and disruptive trends. For example, product managers may need to navigate the integration of artificial intelligence, Internet of Things (IoT), or blockchain technologies into their products.
- complexity of managing product documentation and ensuring its accessibility. For instance, product managers often struggle with documentation for regulatory compliance and the feedback, review, and approval process.
- need for effective risk management and strategy action management. Product managers must identify and mitigate and prioritise opportunities and potential risks, such as customer experience pain points, supply chain disruptions, quality issues, or market volatility, to ensure the successful and sustainable performance of their products.
- challenges of coordinating cross-functional teams involved in product development, including engineering, design, marketing, and sales. Effective collaboration and communication among diverse teams are crucial for seamless product lifecycle management.
- significance of sustainability and environmental considerations. Product managers face the challenge of incorporating sustainable practices, reducing carbon footprint, and meeting eco-friendly regulations to align with evolving consumer expectations and global sustainability goals.
With Skyjed's unique and cost-effective SaaS platform, product managers can analyse insights and data on product performance, market trends, and regulatory requirements and make data-driven decisions that drive innovation and growth.
Here are 10 ways Skyjed empowers product managers:
1. Data-driven insights: Skyjed provides product managers with comprehensive data analysis capabilities, enabling them to gain deep insights into product performance. For example, they can analyse sales data to identify patterns and make informed decisions on product improvements.
2. Regulatory compliance made easy: Skyjed provides a framework for managing and reporting product regulatory obligations such as Design & Distribution Obligations or Consumer Duty and automated record keeping and version control including automated product trigger workflows to have early warning of emerging risks for further investigation.
3. Collaboration and information exchange: Skyjed's platform facilitates seamless collaboration with internal teams and stakeholders but can also extend to distributors and supply chain partners, enabling efficient data sharing. For example, product managers can exchange information on sales and complaints data, and customer feedback to make informed decisions with their distribution channel partners.
4. Streamlined governance processes: Skyjed simplifies governance processes by providing a centralised platform for product documentation, approvals, and tracking. Product managers can efficiently manage documentation and version control.
5. Risk and strategy action identification and mitigation: Skyjed helps product managers identify and prioritise strategic opportunities and risks by providing assessment tools and alerts with automated reporting.
6. Enhanced decision-making with product related data: Skyjed enables product managers to access data on product performance, market trends, and customer sentiment. They can make data-driven decisions on pricing, marketing strategies, or product enhancements, ensuring maximum impact.
7. Product portfolio management: Skyjed allows product managers to effectively manage product portfolios by tracking key metrics, such as revenue, customer experience, profitability, and market share. This helps in prioritising resources, optimising product mix, and making informed decisions on product retirements or introductions.
8. Streamlined product launch process: Skyjed facilitates smoother product launches by providing tools for planning, tracking, and coordinating launch ready activities across teams. For example, it can help product managers manage launch-ready checklists, tasks, timelines, and dependencies during the launch phase.
9. Continuous improvement and innovation: Skyjed enables product managers to track and measure product improvements, customer satisfaction, and competitive positioning. This allows them to identify areas for continuous improvement and drive innovation throughout the product lifecycle.
10. Enhanced transparency and reporting: Skyjed provides product managers with comprehensive dashboards and reporting capabilities. They can access reports on product performance, compliance status, and market trends, enabling better visibility and effective communication with stakeholders.
Skyjed empowers product managers to streamline processes, make informed decisions, and drive product success across the entire lifecycle, ultimately leading to improved customer satisfaction and business outcomes in line with strategic objectives.
How Skyjed can help?
Having a Product Lifecycle Management or Product Governance first approach with the right tool in organisations is proving to be more essential.
The Skyjed platform offers a comprehensive solution for product teams, providing them with the tools they need to manage their product lifecycle and their domains of product health including customers, tracking performance, and ensuring their products are aligned with their governance and growth goals.
With its intuitive interface and powerful analytics, Skyjed has made it easier than ever for product teams to stay on top of their product management, and product governance framework.
Watch the Skyjed demo