Why CEOs Should Prioritise Product Launch Business Case Monitoring and Review
by Leica Ison
As a CEO, you are responsible for making strategic decisions that will impact your company's future. With limited resources and a constant stream of new ideas and initiatives, making informed decisions about where to allocate your time, money, and resources is crucial.
One of the most important decisions a CEO can make is whether to invest in a new product launch. A well-executed product launch can provide a significant return on investment, while a poorly planned and executed launch can result in substantial losses.
A product launch business case is a critical tool that outlines the proposed product launch, including the target market, projected costs, and potential returns. It provides a comprehensive overview of the product, the market, and the resources required to bring the product to market.
However, the success of a product launch depends on more than just a well-written business case - it also requires ongoing monitoring and review to ensure that the launch stays on track and delivers the desired results.
As a CEO, you might be tempted to leave the responsibility of monitoring the product launch business case to your CPO or product team. However, that could be a mistake. By actively participating in the monitoring and review process, CEOs can ensure that the product launch stays on track and delivers the desired results.
Here are some of the benefits of monitoring and reviewing a product launch business case:
- Improved alignment between the product team and the rest of the organisation: By monitoring the product launch business case, CEOs can ensure that everyone is working towards the same goals and objectives. This improved alignment leads to a more cohesive and effective organisation, which can drive better results and faster growth.
- Better risk management: Monitoring the product launch business case allows CEOs to identify and mitigate potential risks early on. This proactive approach to risk management can help prevent potential disasters and minimise the impact of unexpected events.
- Increased accountability: Regular monitoring and reviewing the product launch business case helps keep everyone accountable, ensuring that the launch stays on track and within budget. This increased accountability leads to better decision-making and improved results.
- Supports sustainability targets: In today's increasingly environmentally conscious world, consumers demand environmentally friendly and socially responsible products. By monitoring product-level sustainability statements and ensuring that they are accurate and comply with regulations, CEOs can avoid the reputational risk of "greenwashing" and ensure that their company provides fair value to customers.
- Prevents regulatory compliance issues: In addition to sustainability, CEOs must ensure that their products comply with all relevant regulations. By monitoring and reviewing product's across the lifecycle, CEOs can ensure that their products meet all regulatory requirements and avoid the risk of costly legal and reputational issues.
In addition to monitoring product launches, it's also vital for CEOs to conduct an annual strategic review of product investments.
This will help ensure that the product portfolio aligns with the company's overall strategy and that resources are allocated to the most promising products providing ability to dynamically allocate capital across product initiatives.
The strategic review process should involve a comprehensive analysis of each product's health across the lifecycle, including its performance, market potential, and strategic and risk actions. The review should also consider any changes in the market, regulatory or technology that may impact the product.
CEOs can ensure that their product portfolio is aligned with their overall strategy and that resources are allocated to the most promising products by conducting an annual strategic review of product investments. This review can also help identify underperforming products that may require additional resources or an exit plan.
That's where Skyjed comes in. Skyjed is a SaaS platform for product management and governance that provides a comprehensive and centralized solution for monitoring and reviewing product launch business cases and annual strategic updates.
With Skyjed, CEOs and CPOs have access to all the information they need to make informed decisions about product launches and investments. The platform is flexible and can also be used for monitoring projects, products, strategic initiatives or consulting projects.
Here's how Skyjed solves the challenges CEOs face when monitoring and reviewing product launches:
- Real-time visibility into the product launch process: With Skyjed, CEOs and CPOs have real-time visibility into the product design, launch process, launch-ready checklist templates and reports allowing them to make informed decisions and respond to changing circumstances quickly and effectively.
- A collaborative platform for product teams: Skyjed provides a collaborative platform for product teams, enabling them to work together to create a comprehensive and accurate product launch business case. With Skyjed, CEOs and CPOs, marketing, risk and compliance teams can ensure everyone is working towards the same goals and objectives.
- Streamlined risk management: Skyjed's platform streamlines risk management, allowing CEOs and CPOs to identify and mitigate potential risks early on. This proactive approach to risk management can help prevent potential disasters and reputational risk and minimise the impact of unexpected events.
- Increased accountability: Skyjed's platform increases accountability by providing a centralised repository of information about a product lifecycle, product owners, launches and investments. This increased accountability leads to better decision-making, handover of knowledge and improved results.
- Supports sustainability targets: Skyjed's platform provides the tools and information CEOs and CPOs need to develop and monitor product-level sustainability statements and ensure that they are accurate and comply with regulations. This helps prevent the reputational risk of "greenwashing" and ensures that the company can transition a product at any lifecycle stage and provides fair value to customers.
- Prevents regulatory compliance issues: Skyjed's platform provides the templates and framework for CEOs, and CPOs need to ensure that their products comply with all relevant regulations eg Consumer Duty, Product Governance. This helps avoid the risk of costly legal and reputational issues.
- The annual strategic review made easy: Skyjed's platform makes conducting an annual strategic lifecycle review of product investments easy by providing a centralised repository of information about each product. This information can be easily analysed and used to inform the review process.
With Skyjed, CEOs and CPOs have the tools and information to monitor and review product launches confidently, ensuring that their company is driving better results, faster growth, and a more sustainable future.
Check out Skyjed’s demo video to get a overview of Skyjed. https://bit.ly/3HvV9Tp
You can learn more about what is a product governance framework 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 London and offices in Sydney and Melbourne, Australia. For more information visit Skyjed