Traditionally, your product managers have spent large portions of their workweek checking in with each product team and their progress. They've struggled to update spreadsheets, create presentations, and share only the latest versions with you, the executive.
Increasing efficiency within your organization's product development process does not come in a one-size-fits-all solution. Each industry has unique challenges to launching the next best product. The product development approach best suited to your organization will depend on the size of your company, the complexity of your product lines, and your mindset for success.
Leading product executives know that building great products is both an art and a science. Even if they don't directly participate in the product development process, most product executives are well acquainted with the challenges of managing a portfolio of products. While creativity and outside-the-box thinking are encouraged, prioritization frameworks are also necessary for consistency and alignment.
The manufacturing world is experiencing transformation, with an increasing number of companies adopting agile manufacturing practices. Adopting an agile framework requires a shift from creating fully-fledged prototypes for a specific stage of extensive testing to developing and continuously testing minimum-viable products (MVPs) instead.
Every organization needs to decide which metrics they will track and measure. These metrics are indicators of your company's internal health, the performance of your products on the market, and the efficiency of your processes. Without tracking, measuring, and analyzing these figures, there is no definitive way to show success, find improvement opportunities, or learn from mistakes.
Every product development team wants to create the best product possible. It’s easy to generate and collect great ideas. Still, it’s more challenging to explore the best options, let alone decide on the winning version that will please the customer and be commercially viable. Scoring methods can help sift through a long list of ideas, but how does the product team choose which ones to develop? One strategy that product management teams can use is Set-Based Design (SBD).
It takes a lot more than sheer luck to create a product that flies off the shelf or the lot. There is an extensive team of developers, engineers, designers, marketers, and managers behind that product. Delivering a great concept from the idea phase to successful sales requires coordination, collaboration, thorough testing, and refining. Product critiques play an integral part in the testing and refining process. Gathering a range of feedback before the final version launches leads to greater product success.
Your product management team is the backbone of your product development activities, whether you manufacture physical goods, produce hardware, or develop software. The members of your product management teams are essential for keeping everyone collaborating effectively to create great products.
Ever since the launch of the first iPhone in 2007, consumers have grown accustomed to physical devices containing software systems. Every year, we're introduced to various new products with astonishing capabilities that directly impact our everyday lives. In addition to the products people use in their daily lives, there are many more products that we benefit from, even if the average person never interacts with them directly. From autonomous vehicles to sophisticated medical devices to space exploration, cyber-physical products are all around us and shaping our future.
Innovation in technology and product development is the key driver of progress in today's fast-paced world. It involves creating and implementing new ideas, processes, and products to improve efficiency, solve problems, and meet the evolving needs of society. From artificial intelligence (AI) and renewable energy to smart devices and biotechnology, product development innovation impacts nearly every aspect of our lives.
