Product strategy can be built in variable ways and it is essential to recognize elements and phases required, when building a proper strategy.
- Product development strategy – engaged to the core business strategy. Typically defined by the product development responsible and needs top management level approval
- Product vision describes preferred direction towards the future in big picture and provides guidelines for product development
- Product roadmap contains high level features description for oncoming xx months
- Version roadmap is specific description of preferred content that should be achieved in the nearby future. Sometimes these are built around fixed release dates, but it tends to be better from the development aspect, if release dates are open
- Backlog is the most operative level, list of increment that team needs to implement towards next release. Usually PO manages the backlog, that contains detailed tickets around increments to be deployed by the dev team based on high level strategy
Adjusting product development
When organizing product development, there are three core elements that can be adjusted:
- Time is relatively flexible element, unless it has been engaged to the fixed deadlines. Usually fixed deadlines are set by the third party authorities, such as tax bureau´s, banks etc external service providers somehow involved in the concept, but also major events such as fairs etc are piling up pressure from the business aspect for the fixed deadlines
- Resources are defining dev capacity and usually amount of resources tends to be relatively fixed, as it is difficult to involve new faces into the projects instantly as productive members. Decision for increasing dev resources is commonly tied to the company´s ability to invest, in addition to some other financial elements and market factors, such as if there are suitable resources available in the markets.
- Features to be released are business sensitive element, as there is plenty of expectations towards the new features and lack of them especially in the long run leads to the loss of customers, cash flow and market share. Features are one of the core elements partly defining the success of the software company. Stakeholders are expecting to have increments adding value to their processes and if there are none, competitors for sure have valuable increments coming out from the pipeline.
At the Nearshored.com we have plenty of experience in how to organize and facilitate product development, how to evaluate and calculate inclemental value for the identified features, how to communicate them out to the stakeholders etc. Contact us and lets see how we are able to help you.
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