Product Health-Checks are a continuous cycle.
Skyjed makes it easy to implement Product Health-Checking into new and existing product portfolios.
A Product Health-Check delivers a Product health index which is typically seen as a measure of the commercial opportunity and risk in executing the product strategy, at a point in time.
Utilsing a product health index gives you clarity over:
- Profiling risk: Keep on top of identified risks in your product strategy
- Meeting regulatory compliance: Ensure your design, distribution and post-sales support conform to requirements.
- Product growth: Improve your product growth and optimize review and product margins
- Investment: Review the opportunity to prioritise investment decisions.
To successfully implement a Product Health-Check you will need to execute to your plan continuously. A regular cycle of planning, executing and reviewing is needed to ensure your product grows. You can set the cadence of this cycle to suit your organisation: monthly, quarterly, annually or a custom cycle.
When implementing the Skyjed Product Health-Check you should consider an approach which spans product design, distribution and post-sales reporting, as well as the teams supporting product growth and risk: product operations, product lifecycle and risk/regulatory organisations.
Tips for effective execution include:
- Champion the use of product health-checks across all products - both new and existing
- Join forces throughout the business and create a customised virtual team. Your product health-check will be more productive with diverse functional and expert insights. A traditional silo-based product review is no longer useful.
- Set a consistent cadence. Best results are achieved with weekly/monthly updates and quarterly in-depth health-check reviews.
- Avoid using the Skyjed health-check as a replacement for your financial reporting. Skyjed is not a transaction-based tool - it complements your monthly financial reporting by adding other domains like regulatory, customer and innovation domains.
A product health-check is a powerful tool to reduce risk and meet your customer needs. Be sure you are capturing a 360° view of your product health consistently. Companies have seen a 50% reduction in ad-hoc reporting; improved collaboration and alignment between product operations, risk and regulatory teams; and product leaders having more confidence making complex product decisions through using the Skyjed platform.