Upping Product Governance Capability
by Leica Ison
- What will the future of product governance look like? It's a new trust-centred definition of product governance that will enable organisations to improve how they design, distribute and monitor their product strategies.
- In the day-to-day operations, three functions play the important role of ensuring that diversity of thought feeds into the strategic lifecycle process: product management and marketing and also legal and risk teams.
- Using Artificial Intelligence and automated workflows in a software as a service model will reduce the time and cost of implementing a product governance model.
At Skyjed, we believe that using a straightforward framework to align product growth strategy with governance phases typically involves four steps:
- Design: This is about designing a product with the customer and setting the target market (TMD) and design obligations.
- Distribution factors: These factors establish standards as you sell or distribute the product — such as conditions on marketing — which help make the product successful.
- Monitor/Review: Here, you'll monitor and conduct reviews to make sense of a vast amount of data and identify opportunities for improvement and emerging risks. You'll monitor trigger thresholds, review your TMD and product performance. Then, you'll keep iterating, refining, and making changes until you're ready to exit the product from the market.
- Continuous improvement: These considerations are about how the product manager will achieve optimisation across lifecycle events.
One quick way to lift the standard product governance would be to use triggers for product monitoring -
Skyjed Product Feature: Using Triggers for Lifecycle Management
Triggers are an effective tool for product leaders to keep on top of their product strategy and get early warning on emerging customer issues that may lead to regulatory breaches.
The indirect result of triggers is getting the advanced warning across customer complaints and sales data in a launched product. It helps you consider both opportunity and threat.
This monitoring tool defines the events that would lead you to think about whether your product is still fit for the target market.
Examples of trigger events:
- Sales - a spike in sales or unusual/unseasonal trends
- Sales to a new segment in the market / outside the target conditions you have set.
- Change in the profile of customer complaints - change in how many—type of complaints or resolution time.
A trigger should lead to some action - don't treat them as a reporting tool. There are two types of activity to take forward:
- Strategy action
- Risk mitigation
A threshold set for customer complaints might be measured over a three-month rolling average with a relevant trigger points set.
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.
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