Product management is an organization lifecycle function within a company dealing with strategy, roadmap, feature definition of that product taking into consideration marketing, forecasting and profit and loss (P&L) across all stages of the product life cycle. We sometimes refer it to as Digital or Software product management for software or digital products.
Taking complete product ownership across the entire lifecycle will help to
- build the right product that meets the stakeholder requirements
- prevent unnecessary rework of digital products that reduces productivity
- design products in a timely fashion with Minimum Viable Product (MVP)
- maximize the usage of product features across potential end users/ customers.
Disciplined agile product management is product management performed in a collaborative and iterative manner. Several agile/lean philosophies are critical to the success of such a process driven approach. They are:
- Client/ end-user requirements are met
- Customer delight
- Iterative product development across lifecycle
- Release smaller increments
- Expect the unexpected
- Be proactive
To have a successful product a business needs to solve a market problem, understand it’s target market, identify the strategy and opportunity to develop and market the appropriate software.
Process factors to be considered for product management are:
- Product and business roadmap
- Potential Product value
- Compare Return of Investment (ROI) across potential products
- Match product & business roadmap
- Prioritize features to be allocated
- Manage functional dependencies
- Market products according to iterative development
- Govern products
You can find out more about product management by contacting us here. Our experienced talent pool will have a solution to your product management problem.