Every product goes through its natural product lifecyle. After the initial release - ver 1.0, it rapidly goes through mass adaptation and then most often a product goes into a long period of sustenance - where there are few incremental features being added and new platform support being added to keep the product relevant to the marketplace.
Product management in this phase where the product is jut being sustained is just as important as its initial creation. This is the time where the product generates the highest profits. It is therefore very important for product managers to be very prudent and efficient in managing the product.
To be very successful in this life stage of the product, one needs to adapt management by metrics approach and here there are four main metrics:
1. Time to Market
2. Development Costs
3. Defect Rates
4. Support Costs
Figure-1: An illustration of main metrics
The main focus of product management here is to ensure that these metrics are heading in rapid downward trends. For example, the objective may be to reduce the defect rates by 73% (when compared to the baseline version - usually ver 3.0 or the version which defined the product)
These metrics then become the driving factors for new development - i.e., incremental development of the product.
At this stage of product lifecycle, it is very important to adapt agile practices: Agile product management, Agile product development and Agile leadership to lower the costs of sustaining the product in a very significant manner and increase the profits from the product.
Thus make the core cost centers as the key profit center!
Product management in this phase where the product is jut being sustained is just as important as its initial creation. This is the time where the product generates the highest profits. It is therefore very important for product managers to be very prudent and efficient in managing the product.
To be very successful in this life stage of the product, one needs to adapt management by metrics approach and here there are four main metrics:
1. Time to Market
2. Development Costs
3. Defect Rates
4. Support Costs
Figure-1: An illustration of main metrics
The main focus of product management here is to ensure that these metrics are heading in rapid downward trends. For example, the objective may be to reduce the defect rates by 73% (when compared to the baseline version - usually ver 3.0 or the version which defined the product)
These metrics then become the driving factors for new development - i.e., incremental development of the product.
At this stage of product lifecycle, it is very important to adapt agile practices: Agile product management, Agile product development and Agile leadership to lower the costs of sustaining the product in a very significant manner and increase the profits from the product.
Thus make the core cost centers as the key profit center!
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