5 ways to have your finger on the pulse of product growth and risks
November 05, 2018
Product management won’t be the same in 2019. What would you do differently?
A new mindset for product management is emerging. With new tools such as artificial intelligence, analytics and models for human connections to improve the sense of connectedness within a business organisation and it’s broader ecosystem, mean that product management is limited only by our imagination.
But making the shift isn’t easy so we have created this guide to get you started. Product managers of the future will create product strategy to grow their company and monitor product lifecycle risks .
What are the benefits of reframing your product management and asking different questions?
Adopting a solution to review your products can provide greater confidence in meeting the Board agenda on transparency across your core product portfolios with proactive monitoring of operational risks and compliance.
Create a greater sense of connectedness across your business with bi-monthly product reviews that help break down the silos that often distort a clear view of your product risks, linkages and visibility into your channels. Board and senior management involvement support fully engaged business teams sharing opportunities and threats across your regulatory, technology and competitive fronts.
Early adopters reframing product management will gain a competitive advantage by continuously learning and reducing costs. Companies can move away from rigid enterprise risk management systems to product management software that can be customised on the run and halve the time spent product planning/reporting.
We’ve lined up some activities to help you reframe your product management for changing markets so you can set product strategy, review, report, and take action in a collaborative space.
1. Create a business-wide product register, a collaborative space that holds real-time view of your product strategy, reviews and actions in a product snapshot timeline. Work through shared strategic challenges.
2. Sit down with your product teams and create a calendar of strategic product reviews. These reviews are like conducting a comprehensive product heath-check to monitor strengths, opportunities and compliance issues to build and share your product knowledge base.
3. Use your software solution to up-skill product managers to ensure they understand customer suitability requirements, technology forces and competitive issues.
4. Launch and Learn: Look to your product team to lead a launch-ready review to ensure product design meets regulatory requirements, applicable laws and reputational risks.
5. Adopt a health-check index. The health check highlights in hours not weeks the strengths and issues across all your products. Now as the VP/C product you can confidently provide product strategy updates to management and Board in hours not weeks.
Our Skyjed continuous auditing tool is enhance by AI so that you can save time and reduce reporting effort. Its simple to use, adds real value and halves the time it takes to do product planning. Learn more and connect with us at www.skyjed.com.