How to measure business value of a software product

Measuring the business value of a software product involves several steps:

Firstly, you need to define what value means for your business. This could be increased revenue, cost savings, improved customer satisfaction, or other metrics relevant to your business goals.

Next, identify the key performance indicators (KPIs) that align with these values. For a software product, this could include metrics like user engagement, conversion rates, customer retention, and churn rate.

Then, collect and analyze data related to these KPIs. This can be done through various tools and techniques such as data analytics, user surveys, and customer feedback.

Finally, compare the results against your initial goals and expectations. This will help you understand whether the software product is delivering the expected business value.

Remember, the business value of a software product is not a one-time measurement. It should be continuously monitored and evaluated to ensure it aligns with your business goals.