4 Blind Spots Your Product Cycle Probably Has Right Now

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Product Cycle and its Importance

As a product manager, you have a unique perspective on the customer’s experience. You can see both sides of the coin – what your product is and what it does for your customers. When it comes to creating value for that customer and reaching your team at the right time, however, things got much harder. Understanding the product cycle is just as important. How do you find out when there’s a drag on time to market? Or when people are dissatisfied with the service, they’re receiving? And how do you sell more products at higher margins?

Your commercialization team needs to know how they can provide the correct value to meet customer needs. Development needs to understand what the product will do and what it won’t. And sales need to be able to deliver timely new products and services at higher gross margins. Unfortunately, these questions are impossible to answer without a bit of detective work and context from other departments within the organization.

Also Read: “The What and Why of Good Manufacturing Practices”

It’s your job as a product manager to create a connection between these different groups. Thereby allowing everyone on the value chain to see exactly how their work contributes to building value for the customer. This information will help you build better products faster, with more confidence about which new products or services your company should bring in front of customers at any given time.

As a Product Manager, you’re probably familiar with your internal teams by now. You know this is a valuable asset, but sometimes that information isn’t shared with you. In some cases, it’s just not available to you at all. Here are the four blind spots your product cycle probably has right now:

 

The Product Value Hierarchy

This is the last place someone in your company could have seen the value of their work. And the last to know what that value looks like when it’s on a commercialization team’s calendar. Every organization has a product development cycle. And even if you’re not part of the in-house development team, you can still see your organization’s product value chain. This includes how each part of the chain generates customer value and defines value for commercialization teams.

Every product, project, or feature is created with an end goal – and that end goal is making money for your company. When you understand this goal and completely understand what’s happening on your commercialization team, it’s much easier to work with them directly to get things done more efficiently.

The Customer Cycle

“Forget me; I’m just a user.” If you work in a customer-centric organization that focuses on customer-centric, then you know that the value your product creates for customers can change over time.

How do you know how much value is being created for customers? How do you know when customers are ready for a new feature or product? Or when they’re not? How do you determine if an offering meets current or potential customer needs? This is the development team’s job – but there’s often too much of it happening by chance and not enough visibility on how it affects commercialization teams.

Also Read: “Effective Collaboration for Enhanced Productivity in Product Development”

The Development Cycle

A successful product for commercialization teams is delivered successfully within a specified timeframe. And at the quality level that it needs to be. It’s not always easy to determine exactly what this is, especially as the development team doesn’t have visibility over all aspects of their process and has to rely on input from other groups to make informed decisions.

The development cycle is another reason why the team may not always know how much value they’re creating right now. The way they measure and track their progress also helps to identify inefficiencies and, ultimately, how to reduce their cost of development to build more value for your customers at the lowest possible price.

The Commercialization Cycle

When you can see how your team needs to be working based on what you know about your customers’ needs, you can put the right plans in place for your product’s commercialization cycle. You can see if a lack of value is created or if too much is happening in one department. Which could be offloading work onto another group within your organization.

If you have visibility into these different product value cycles, you’ll see where they overlap and which one is most important. Overlap is when things like customer research, product development, and sales have a joint effort and will produce the lowest possible cost for the company. Waste is when they’re working at cross-purposes with each other, resulting in less value being created than it could be. You can also see areas where there are conflicts between different departments and workgroups that result in high levels of waste.

 

Also Read: “The Advantages of Implementing a Cost-Effective PLM Application”

Fix the Blind Spots of Your Product Cycle with KloudPLM

A cloud-based PLM will help you to fix your blind spots in your product life cycle. In a product life cycle, businesses should be able to predict when there will be new demand for their product. The problem is, that it is hard for companies to know how the market will react in the future. This can create blind spots in the company’s plans and prevent them from maximizing their potential by being prepared for new opportunities.

Businesses have found a solution to this problem by implementing KloudPLM as a cloud-based PLM. KloudPLM allows businesses to connect with each other and share information on upcoming projects and changes in demand. Which can help organizations plan better for what may come next. Schedule a demo today to learn more.

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