Deciding which products to produce is not an easy task, especially if you and your product team collect hundreds of ideas. Making the right product innovation decisions is the key to driving your business’ value. Thus, a good product investment management strategy is essential.
Techniques to optimize the product investment management process
Understand the market’s needs
In order to establish your company as a leader in its field, you need to be able to develop products that the market wants. By listening to the market’s needs, you will have an easier time explaining to your team the reasons why certain products should have priority over others.
How OneDesk helps with this:
OneDesk allows you to capture feedback from a multitude of sources and collect them into one place. Listen to the social web and find out what is being said about your product, service, industry and competitors. OneDesk also comes with a customer portal that makes it easy for customers to submit feedback, ideas, questions, issues or compliments anytime. Internal employees and business partners can also submit ideas using a OneDesk account.
Encourage community engagement and internal collaboration
In order to structure the product investment management process, it’s important for all departments and parties to be on the same page at all times. Community engagement plays a big role in product investment management; it shows your customers that you care about their needs.
How OneDesk helps with this:
OneDesk features social collaboration tools that enable you to stay in constant contact with employees, customers and business partners. If feedback, ideas or issues are unclear, you can clarify them in a timely manner by starting a discussion or using OneDesk’s built-in chat. Interactive profiles, calendars, polling and blogs facilitate communication.
Analyze and prioritize ideas and make objective decisions
Decision-making is an integral part of the product investment management process. But you need to be able to prove to your team that you are making the right product decision, and why one particular product should have priority over another.
How OneDesk helps with this:
OneDesk allows you to turn feedback into requirements. From there, use the robust requirements analysis tool, which allows you to analyze requirements and get a visual image of how they each align to what’s important to your business.
Have a central location to manage the product lifecycle, from idea to implementation
Being able to work collaboratively with members across different organizations while keeping the whole team on the same page are some of the main challenges of product investment management. That being said, it helps to have all information in one single location.
How OneDesk helps with this:
OneDesk is comprised of multiple suites that are all integrated with each other. It offers a solution for every role and aids in making quick, objective decisions to produce customer-centric products. Its automation feature helps minimize the load of work, and we are excited to announce that new features that will ease the long and short term decision-making process through accurate analyses and estimates will soon be available.
We want to know: How to do you ensure that your organization employs an effective product investment management process?