Product Roadmap (Part 2)
Poor productivity and collaboration, barriers to effective decisions, delayed time-to-market and risk to intellectual property are among the most common pain points of product developers. To help you navigate and minimize them, we created this Product Roadmap (Part 2) presentation. Populate the slides and share your vision with your team, so together, you can give the world products that capture customer imagination and attention and sell like hotcakes.
Developing and polishing a product vision isn't something you should do in solitude. So use this slide to share and discuss the vision for your product, then collaborate with your stakeholders, Scrum Team and customers to modify it.
For your product to be successful, you need to set clear and realistic KPIs and Performance Metrics. User or customer goals should certainly be top of your list and need to be measured thoroughly and regularly.
In a nutshell, product scope is the sum of all the features and characteristics of a product. Define your product scope by laying the foundations, listing and prioritizing product features and calculating the minimum viable product.
According to the Wall Street Journal, there are three things that the businesses with the best product-development track records do: they create a clear sense of project goals early in the process, nurture a strong project culture and maintain close contact with customers throughout the process. Based on the data obtained by the WSJ within the study, here is what you should do to develop and launch successful new products:
- Keep it focused – the WSJ study showed that the teams with a clear understanding of project requirements were able to make better trade-offs between product performance and cost, time to market and project risk. Top product-developers also concentrated more intensely on staffing projects with the right people: 47% of the top performers said they researched employees' skill sets before the project launch to ensure the project team was stellar.
- Talk to the customer – the successful innovators the WSJ studied were constantly in touch with their target audiences throughout the development process. More than 80% of the top performers said they periodically tested and validated customer preferences during the development process. They also researched what exactly customers wanted, which allowed them to better identify and fix design concerns early in the process, minimizing delays.
SpanxSara Blakely created her revolutionary at the time brand, Spanx, to give women of every shape and size the ability to feel confident and comfortable in any situation. Years later, SPANX products are sold by retailers and boutiques in the US and all over the world. This, however, doesn't stop the company from creating new products and improving the existing ones. Thus, for example, with Extended Product Lifecycle Management (PLM), Spanx improves product development, collaboration and efficiency.
Before implementing PLM, SPANX managed the company's product design and factory collaboration with manual processes. Robert Hunnicutt, Technology Project Manager at SPANX, said: "We ran the business on spreadsheets, as is typical with young companies. But with our rapid growth, it became harder to manage information and the flow of data." He continued: "Our product line was growing tremendously, we added more staff, and the number of factories tripled within 12 months. We couldn't keep running our business on spreadsheets."
SPANX decided to find a PLM system that would help the company efficiently manage not only product design but also purchase orders, production and shipping.
SPANX saw significant improvements with PLM implementation, such as:
- Streamlined product development. PLM software allowed SPANX to organize product sketches, specifications and all digital assets more efficiently.
- Improved efficiency, which has allowed SPANX to have more products available and to add more flexibility to the design schedules.
- Enhanced communication and collaboration with factories. "Our manufacturers can simply log in to the system and have access to every piece of information they need, such as design specifications, measurements and production notes," Hunnicutt said.