Audit + Product Health-check Index = Product Health-Check Score
The Skyjed Product Health Index presents your Product Health-Check Score and is intended to help you measure the up and down movement of your product health over time. Its intention is to highlight indicators or triggers and give tips for product managers about what to consider and analyse further.
When you hit the "Publish" button in your Skyjed platform, a Product Health Index is automatically calculated. It draws on a collection of data points across financial, non-financial and operational forces in a product strategy. Skyjed calls these the five product domains of product health [link to 5 domains detail]. The Product Health Index is derived from the product data, KPI and ratings in your audit and AI-based ratings. This futuristic framework is far more effective than using traditional product lifecycle management techniques circa 1962.
The Product Health Index is presented to you via a visual indicator displaying two key pieces of information:
- A percentage rating out of 100%
- A colour-coded Health meter
Why is it useful?
Product health Index scores are often used as benchmarks. In the case of Skyjed Product Health Index Score, it is used to measure the performance of products or product portfolios over the life of a product. For instance, product leaders can:
- Compare one product over time - Compare the health of a product over time: monthly; quarterly; annually.
- Compare one product to another in the portfolio - Compare product A to product B across portfolios to provide insight into how much risk or growth exists in the product portfolio.
- Compare products for transparent updates to set and monitor a risk or hurdle - Today, company governance requirements mean that boards and senior product leaders must monitor non-financial risk, environmental and social measures. Pro-actively brief senior management when a health index score falls below 50% for products within the company and put them on a "product watch list". Provide updates to senior executives and board members in a transparent manner.
- Use product comparison as an early warning of attention required - Set a threshold with your product team to flag and monitor products where the quarterly change in health check score is a negative varience of 30%.
- Provide early warning for operational risk teams - Set a threshold with your product and risk team to flag and monitor products where the quarterly change in health check score is a negative variance of 10%.