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Product Prioritization Techniques: A Glimpse Into OKRs, Kano Model And Other Techniques For Product Management

Product Prioritization Techniques: A Glimpse Into OKRs, Kano Model And Other Techniques For Product Management, Effort-Impact Matrix

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Product Prioritization Techniques A Glimpse Into OKRs, Kano Model And Other Techniques For Product Management

“So much to do, so little time.” This thought has undoubtedly crossed your mind at least once when sitting at your desk, trying to keep up with a deadline.

Product managers often struggle to articulate, evaluate, and prioritize opportunities during the development and reading about some hr metrics for performance management. This blog will highlight some tried and tested product prioritization techniques that have will help you beat the product backlog and reach your goals.

1. Objectives and key results (OKR)

All budding entrepreneurs and product managers will be able to relate to Martin Luther King Jr. “I have a dream” speech because, in a way, they all have a dream, a goal they want to achieve while developing a product.

But the hard truth of life is that ideas rarely measure up to reality, and even if we have clear objectives, the results we achieve are often different. Objectives and key results (OKR) is a framework that is included in many product prioritization techniques that are meant to define and track product objectives and their outcomes.

2. Critical elements of OKR’s

OKR’s include a clear goal, along with a crucial result that has to be measurable. The main aim is to help product managers and developers plan to achieve their objectives using concrete and specific actions.

One significant benefit of using OKR’s in product management is that everyone in the team knows what they are expected to do. If everyone has a clear idea about their specific tasks, it will be more accessible to move towards the same goal.

The key results must be measurable; that is, the only way the objectives and actual results framework will be helpful. When using OKR’s, you can use a 0 – 100% score or 0 to 10 to measure the key findings.

Bottom Line: If you want to know if OKRs are useful, listen to Google’s Larry Page. The former CEO of Alphabet and co-founder of Google testified that OKRs have helped Google achieve 10x growth and keep the company on time and track.

3. The Kano Model

As the business, there is a phrase often repeated so much that it tends to get a little annoying; nevertheless, it is true; “the customer is always right.” The Kano Model builds upon this idea and sets up a five-step guide to help product managers develop a product or service centered on customer satisfaction.

Developed by Japanese professor Dr. Noriaki Kano, the Kano Model is a product development, and customer satisfaction theory that classifies customer preferences into five categories for more efficient product prioritization.

4. Critical Elements of the Kano Model

Basic Features: When you consider the basic features of your product, you need to make sure the parts match the customer’s needs. Even though the essential components may not necessarily make the customer pick you over a competitor, it is crucial because the customer may not choose your product if you don’t get it right.

Performance Features: The performance attributes, also known as ‘satisfiers,’ are not necessary for the product but, if added, increase the customer’s enjoyment. It is a general rule that when it comes to performance attributes, more is always better.

Excitement features: As the name suggests, the exciting features, or delighters, are meant to provide a disproportionate increase in customer satisfaction and generate excitement among users. Excitement attributes play a crucial role in your product’s competitive edge.

Bottom Line: The Kano Model is an innovative product prioritization technique that will put you in your customer’s shoes and allow you to relate to your customers’ needs. The key to successfully carrying out the Kano Model Analysis is to generate product ideas and features based on customers’ experiences and expectations.

5. Effort-Impact Matrix

It is curious to think that even though each day has precisely 24 hours, there are some days when you have all the time in the world, and you are more productive, and there are days when you work like crazy but have nothing to show for it.

For effective product prioritization, you need to manage your time more efficiently to avoid getting caught up with meaningless work.

An Effort-Impact Matrix is a decision-making tool that allows you to prioritize your work and use your time, effort, and resources fruitfully.

6. Critical Elements of Effort-Impact Matrix

Use the Effort-Impact Matrix for prioritization. You will find that it helps you identify and focus on activities that need your immediate attention compared to those that can wait. This will help you rank your work and plan your day more efficiently.

This technique will also help you analyze the amount of effort required for each task, along with the benefits you stand to receive once the job is completed. Using the high-impact high-effort evaluation technique will motivate you to take up challenging tasks that require considerable effort because of the end business value.

This decision-making tool and prioritization technique will also help you optimize and assign your time and resources not to waste any effort when achieving your goals.

Bottom Line: The Effort-Impact Matrix is a way to get your product back on track and align team priorities so that it becomes easier to achieve your set business goals.

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Business

4 Supply Chain Strategies for Digital Growth

Organizations generally model their supply chain strategies on their business model and customer demands. Supply Chain Strategies for Digital Growth.

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Run a Better Business With These Key Tips

Business models continue to adapt to today’s digital economy and consumer demand. For new and established companies to succeed, they have to be equipped with suitable supply chain strategies to meet the standards.

Consumers now tend to want and buy products and services quickly with websites and smartphone apps. Setting up and implementing the ideal strategies to control the supply chain will help businesses grow and increase their profit margin.

A comprehensive and effective plan will ensure that a business can smoothly move products through the supply chain. In addition, operations will efficiently function, costs will reduce, and profitability will increase.

Organizations generally model their supply chain strategies on their business model and customer demands. The following are some of the techniques that can help your business grow.

1. Customer-Centricity

This strategy streamlines its focus on the needs and preferences of customers. To ensure a customer-centric strategy, a business owner will have to improve the demand forecasting accuracy. It will enable the said company to prepare the inventory products to meet projected demands.

Businesses can pinpoint in-demand trends and products by using inventory management software that has forecasting abilities. The tool will record data concerning sales and stock. It will then provide real-time reports.

By using this strategy, organizations will be able to improve their financial performance while providing excellent customer service. Regular monitoring of demand will allow business owners to enhance their collaboration with suppliers, which will help in the efficient handling of new inventory.

7 Solid Tips to Strengthen Your Online Business Brand

2. Predictive Business

Setbacks like delayed shipment and machine malfunction will happen at times. However, businesses will be able to prevent most of these issues by quickly attending to them with the help of predictive technology.

By using predictive maintenance, a business can obtain a clear and concise view of its entire operation – including assets, products, and equipment. Insight can also be gained regarding product improvements and cost minimization methods.

3. Intelligent Automation

There’s no denying that businesses, regardless of industry, have embraced the integration of automation. This has been a very effective supply chain management strategy. Automation includes delivery drones, autonomous forklift trucks, and software solutions to streamline warehouse management.

Manufacturing companies maximize their supply chain’s potential by using intelligent automation. This solution utilizes robotic processes, AI, and software engineering practices to automate complex business operations. Manufacturers use this tool to mass-produce consumer-friendly products.

This will undoubtedly boost the revenue and sales of a business. Also, the flexibility automation provides allows companies to manufacture products when they’re needed – instead of manufacturing large quantities at once.

4. Total Visibility

For the supply chain to be managed appropriately, business owners will need complete visibility into every process and its role. Executives will have to monitor the production and delivery of the products. They will also have to regularly assess sales data to determine any future disruption in the supply chain.

With real-time supply chain visibility, management will be able to identify anomalies in the supply chain. They can also make quick adjustments to the production process or inventory to rectify the anomaly. This will go a long way in minimizing risks and spending.

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