One of the biggest problems with investing in projects is that often those projects don’t reflect how your business actually operates. In fact, they are the exact opposite.
Projects are designed as temporary pieces of work, which when completed, see the project team dispersed. The business outcomes are left to a completely separate team to operationalize, leverage and secure the benefits. And that’s neither effective nor efficient.
With digital products, on the other hand, there’s recognition that the business is investing in a sustained asset, one that must be maintained, enhanced and transformed. Different products will experience that lifecycle on a different cadence.
A key role in Digital Product Management (DPM) is the product manager. This is a business-focused individual responsible for determining how a product will grow and evolve. Product managers must understand the environment their products operate in and the demands customers and stakeholders put on them.
Successful DPM requires an organization to make investments aligned with these product managers and their focus on a long-term, customer-pleasing strategy. In this first DPM step of Organize, we recommend that you enable product managers to:
- Define and manage the long-term plans for the products they own
- Demonstrate clear accountability to the stakeholders approving the funding, showing performance that generates an acceptable return with appropriate timelines and outcomes
- Show tangible performance of the benefit the products deliver to their customer
But in a world where every product is unique, how can you do that using traditional project portfolio management software that assumes every investment is essentially the same thing? After all, that’s what most PPM tools do.
The answer is you can’t, and with Clarity you don’t have to.
Now you can simply set up multi-level hierarchies and configure your investments types to align with how you want to run your business. Need multiple investment types for different types of products? No problem, Clarity lets you configure as many as you want. If you’re operating in different markets, using different fiscal periods, for example, Clarity allows you to set up quarterly, four-monthly, half-yearly or completely custom intervals.
As you know, every product is different and with Clarity you can easily organize your initiatives, investments and teams to reflect the unique needs of your business environment.
Read the DPM overview here. Stay tuned for the next of the five Digital Product Management steps.