Product Management, Product Management, Process & ToolsProcess & Tools

A Panel Discussion for the UK PMFA Panel Discussion for the UK PMFMay 4th, 2005May 4th, 2005

Sponsored by Ryma Technology Sponsored by Ryma Technology Solutions & FeaturePlanSolutions & FeaturePlanpm@pm@rymatechrymatech.com.com

IntroductionsIntroductions

•• Chair:Chair: Peter GanzaPeter Ganza, Product Manager, Product ManagerRyma Technology Solutions Inc.Ryma Technology Solutions Inc.

•• Panelists:Panelists:–– Robin LowryRobin Lowry, VP of Product Management, , VP of Product Management,

Ryma Technology Solutions Inc.Ryma Technology Solutions Inc.–– Hugh K. Richards,Hugh K. Richards,Vice President, ProductsVice President, Products

Quadrus Financial Technologies, Inc.Quadrus Financial Technologies, Inc.–– Lee GarrisonLee Garrison, VP of Marketing, VP of Marketing

XenosXenos Group.Group.

Session OverviewSession Overview

•• Our panel will explore what works well for them Our panel will explore what works well for them in the dayin the day--toto--day tools they use and the day tools they use and the processes they have implemented, some processes they have implemented, some successes… and some war stories toosuccesses… and some war stories too

•• There will be a chance to get interactive and ask There will be a chance to get interactive and ask questions at the end of the presentationquestions at the end of the presentation

A process is a methodology that is developed A process is a methodology that is developed to replace the old ways and to guide corporate to replace the old ways and to guide corporate activity year after year. It is not a special guest. activity year after year. It is not a special guest. It is not temporary. It is not to be tolerated for It is not temporary. It is not to be tolerated for a while and then abandoned.a while and then abandoned.

——Thomas H. Berry, Thomas H. Berry, Managing the Total Quality Managing the Total Quality TransformationTransformation

7 Goals of a New Product Process7 Goals of a New Product Process

•• Goal #1:Goal #1: Quality of ExecutionQuality of Execution•• Goal #2:Goal #2: Sharper Focus, Better PrioritizationSharper Focus, Better Prioritization•• Goal #3:Goal #3: FastFast--Paced Parallel ProcessingPaced Parallel Processing•• Goal #4:Goal #4: A A TrueTrue CrossCross--functional Team Approach•• Goal #5:Goal #5: A Strong Market Orientation with Voice of A Strong Market Orientation with Voice of

the Customer Built Inthe Customer Built In•• Goal #6:Goal #6: Better Homework UpBetter Homework Up--FrontFront•• Goal #7:Goal #7: Products with Competitive AdvantageProducts with Competitive Advantage

Winning at New Products: Accelerating the Process from Idea to Launchby Robert G. Cooper; Perseus Publishing © 2001

Product Management ProcessProduct Management Process

•• Starts with the type of company you work for…Starts with the type of company you work for…–– TechnologyTechnology--driven companydriven company–– SalesSales--driven companydriven company–– MarketMarket--driven companydriven company

•• Product Manager’s primary role is to serve as the Product Manager’s primary role is to serve as the “voice of the customer”“voice of the customer”–– Responsible for the “4P’s”Responsible for the “4P’s”–– Includes indirect management and cooperation with Includes indirect management and cooperation with

other members of various groupsother members of various groups

Product Management ProcessProduct Management Process

•• Product Manager’s day to day work revolves Product Manager’s day to day work revolves around executing four main tasks:around executing four main tasks:–– Developing the market requirements documentDeveloping the market requirements document–– Managing the product feature listManaging the product feature list–– Coordinating activities of different functional groupsCoordinating activities of different functional groups–– Participating in and/or running the launch and postParticipating in and/or running the launch and post--

launch marketing activities for a product.launch marketing activities for a product.

Product Management ProcessProduct Management Process

•• Goal of this work is to:Goal of this work is to:–– Ensure a marketEnsure a market--driven “whole” product offeringdriven “whole” product offering–– Establish competitive and profitable pricing modelsEstablish competitive and profitable pricing models–– Ensure the existence and support of product Ensure the existence and support of product

distributiondistribution–– Create effective marketing promotions that generate Create effective marketing promotions that generate

revenuerevenue

Methodologies for creating a Methodologies for creating a Product Management ProcessProduct Management Process

•• Pragmatic MarketingPragmatic Marketing: : Practical Product ManagementPractical Product Management

•• ZIGZAG Marketing:ZIGZAG Marketing: 1010--step step MethodologyMethodology

•• BlackblotBlackblot:: Product Manager’s Product Manager’s ToolkitToolkit

•• Life Cycle Strategies: Life Cycle Strategies: High High Performance Product ManagementPerformance Product Management

•• Product Development Product Development InstituteInstitute: : StageStage--Gate ProcessGate Process

… and many others!… and many others!

Tools for Supporting a Tools for Supporting a Product Management ProcessProduct Management Process

•• MicrosoftMicrosoft –– Word, Excel, Word, Excel, Visio, Project, etc.Visio, Project, etc.

•• PM Focused Tools:PM Focused Tools:–– Ryma Technology Solutions Ryma Technology Solutions

–– FeaturePlanFeaturePlan–– Deadline SoftwareDeadline Software ––

ProductCompassProductCompass–– Accept SoftwareAccept Software –– Accept Accept

PlannerPlanner

•• Development Focused Tools:Development Focused Tools:–– BorlandBorland –– CaliberRMCaliberRM–– IBM/Rational IBM/Rational –– RequisiteProRequisitePro

Panel IntroductionPanel Introduction

Robin LowryRobin LowryVP of Product ManagementVP of Product Management

•• Montreal based companyMontreal based company•• Founded in 2000Founded in 2000•• First company to deliver a collaborative tool First company to deliver a collaborative tool

specifically designed to support product specifically designed to support product managersmanagers

•• Based on Pragmatic Marketing frameworkBased on Pragmatic Marketing framework•• Over 1000 users of FeaturePlan across different Over 1000 users of FeaturePlan across different

market segmentsmarket segments

Robin LowryRobin LowryVP of Product ManagementVP of Product Management

•• Three product managersThree product managers•• One software product managerOne software product manager•• Two professional services product managersTwo professional services product managers

Ryma’s Product Ryma’s Product Management ProcessManagement Process

•• Pragmatic Marketing FrameworkPragmatic Marketing Framework–– Support from ManagementSupport from Management–– Define roles and responsibilitiesDefine roles and responsibilities–– Define boundaries of product management Define boundaries of product management –– Acquire Stakeholder buyAcquire Stakeholder buy--inin–– Begin implementation with PM departmentBegin implementation with PM department–– Built a product to support the processBuilt a product to support the process

•• ChallengesChallenges–– Hiring process minded peopleHiring process minded people

Ryma’s Product Ryma’s Product Management ProcessManagement Process

•• Describe what tools you are using to support Describe what tools you are using to support your process (pros and cons):–– Word, PowerPoint, Excel, Email, PaperWord, PowerPoint, Excel, Email, Paper–– Collaborative Enterprise Product Management Collaborative Enterprise Product Management

Platform: FeaturePlanPlatform: FeaturePlan–– Unlimited development resourcesUnlimited development resources

Ryma’s Lessons Learned…

•• For success, a process must be clear to all For success, a process must be clear to all stakeholders, broken down into manageable stakeholders, broken down into manageable areas and implemented one area at a timeareas and implemented one area at a time

Hugh RichardsHugh RichardsVP Products VP Products –– Quadrus Financial TechnologiesQuadrus Financial Technologies•• QFTI is a fast growing, international software solutions QFTI is a fast growing, international software solutions

providerprovider–– Financial services Financial services -- risk management marketplacerisk management marketplace–– 40+ employees, global offices, headquartered in Canada40+ employees, global offices, headquartered in Canada–– Selling to fast paced, global derivatives risk management and Selling to fast paced, global derivatives risk management and

trading marketstrading markets•• Uses an operational based product management Uses an operational based product management

approach to balance out sales and market driversapproach to balance out sales and market drivers–– 3+ product managers with strong sales, development, and 3+ product managers with strong sales, development, and

delivery teamsdelivery teams•• Established ’99 Established ’99 -- with go to market strategy launched with go to market strategy launched

once technology was established in ’02/03 once technology was established in ’02/03

General ChallengesGeneral Challenges•• Market penetration driven requirementsMarket penetration driven requirements

–– Maintaining the general product roadMaintaining the general product road--mapmap–– Time varying requirement setsTime varying requirement sets–– Marquis prospects and accelerated development phasesMarquis prospects and accelerated development phases

•• Need for product management process that satisfies Need for product management process that satisfies traditional stakeholder approach, but with a necessity of traditional stakeholder approach, but with a necessity of satisfying rapid sales growth satisfying rapid sales growth –– Establishing a roadEstablishing a road--map, while getting traction with a 4map, while getting traction with a 4--

segment product line required very flexible and adaptive segment product line required very flexible and adaptive processesprocesses

–– Balancing out solution, offering vs. component salesBalancing out solution, offering vs. component sales–– In 2 years, have penetrated top international banking In 2 years, have penetrated top international banking

institutions and institutions and corporatescorporates•• Effective communication and establishment of process Effective communication and establishment of process

driven prioritization was requireddriven prioritization was required

•• Understanding 5 interconnected productUnderstanding 5 interconnected product--centric information centric information processesprocesses–– Product strategy process: devising & reviewProduct strategy process: devising & review–– Product implementation process: creatingProduct implementation process: creating–– Sales & services programs: pitch to deliverySales & services programs: pitch to delivery–– Product lifecycle management: trackingProduct lifecycle management: tracking–– The central operations that drive themThe central operations that drive them

•• DeliverablesDeliverables–– Tight feedback loops are required to reduce reactivity to volatiTight feedback loops are required to reduce reactivity to volatile (volume le (volume

& varying rate), but essential market feedback& varying rate), but essential market feedback–– Sales, preSales, pre--sales, solution, contracting, postsales, solution, contracting, post--sales, and support channels; sales, and support channels;

each have their own information deliverables each have their own information deliverables –– the key is knowing how to the key is knowing how to listen, participate and where to looklisten, participate and where to look

–– Understanding the multiple hats worn by any individual is fundamUnderstanding the multiple hats worn by any individual is fundamentalental

Required Processes & Information PoolsRequired Processes & Information Pools

“Where does the time go?”

Process Information Tools/SourcesProcess Information Tools/Sources•• Product StrategyProduct Strategy

–– WordWord•• Strategic plan; ROI draws on requirement pool estimates (Strategic plan; ROI draws on requirement pool estimates (FeaturePlanFeaturePlan))•• Top down / highTop down / high--level feature presentmentlevel feature presentment

–– ExcelExcel•• Product roadmap (new and addProduct roadmap (new and add--on product feature pickon product feature pick--list)list)•• Feature subFeature sub--coverage/detailed communicationcoverage/detailed communication

•• Product ImplementationProduct Implementation–– FeaturePlanFeaturePlan: starting point for establishing scope from strategy/PLM proces: starting point for establishing scope from strategy/PLM processesses–– QA & bug tracking/reporting QA & bug tracking/reporting systemsystem–– DocumentDocument mgmt/mgmt/requirement tool (in addition to FeaturePlan)requirement tool (in addition to FeaturePlan)

•• Sales & Services ProgramsSales & Services Programs–– Sales pipeline management: Sales pipeline management: CRMCRM, , XLXL, Other, Other–– PrePre--sales solution scope, gaps, project initiation: sales solution scope, gaps, project initiation: XLXL, , WordWord, , CRMCRM–– Contracting processes: services plan, product gaps, legal; Contracting processes: services plan, product gaps, legal; WordWord, , ExcelExcel, , ProjectProject–– Post sales & support: Post sales & support: support ticket systems, CRM, Word, Projectsupport ticket systems, CRM, Word, Project

•• PLMPLM–– Drawing and presentment of crossDrawing and presentment of cross--product requirements pool that allows each of product requirements pool that allows each of

step to feed / bestep to feed / be--fed with, status of fed with, status of product(sproduct(s): ): FeaturePlanFeaturePlan–– Getting all habitual communication media/processes aligned is crGetting all habitual communication media/processes aligned is critical to not itical to not

losing valuable data; relosing valuable data; re--keying if necessarykeying if necessary

Main ObservationsMain Observations•• PLM is aPLM is a full time stewardship processfull time stewardship process

–– To get all data aligned, sized, rolled into a state useful to prTo get all data aligned, sized, rolled into a state useful to product strategy oduct strategy ROI or equiv processesROI or equiv processes

–– It is often easier to spot information dynamics with less peopleIt is often easier to spot information dynamics with less people and and higher volatility of datahigher volatility of data

•• Any product manager must understand the operations driving Any product manager must understand the operations driving the information flowthe information flow–– This is often unknown, and an unknown blackThis is often unknown, and an unknown black--hole to product mgrs hole to product mgrs

merely wanting to follow product marketing processesmerely wanting to follow product marketing processes–– Operational information communication is often at the root of maOperational information communication is often at the root of many ny

politicspolitics•• Time dependent product requirements pooling is a key issue to Time dependent product requirements pooling is a key issue to

ROI preROI pre--analysisanalysisEmail: Email: hughhugh__richardsrichards@@usausa.net.net

Lee GarrisonVP of MarketingVP of Marketing

•• Xenos Group Xenos Group -- the data to ethe data to e--content companycontent company•• Origins in AFP/META transformationOrigins in AFP/META transformation•• Evolving a consulting business into productsEvolving a consulting business into products•• The introduction of Product ManagementThe introduction of Product Management

The “PreThe “Pre--Pragmatic” ProcessPragmatic” Process

•• SalesSales--driven product development and driven product development and marketingmarketing

•• Product direction driven by customer Product direction driven by customer enhancements and bug fixesenhancements and bug fixes

•• Building for individual customers, not marketsBuilding for individual customers, not markets

Building a “Pragmatic” Approach•• Taking time to gather data and be marketTaking time to gather data and be market--drivendriven•• Keeping Sales and the CFO off your backKeeping Sales and the CFO off your back•• Executive support from the topExecutive support from the top•• Socializing the concepts and vocabularySocializing the concepts and vocabulary•• ReinforcementReinforcement

–– Lunch & learns, reference resources, go to expertsLunch & learns, reference resources, go to experts

Current ChallengesCurrent Challenges

•• Data collection is a messy businessData collection is a messy business•• Changing sales urgency is a cultural shiftChanging sales urgency is a cultural shift•• Walking the tightropeWalking the tightrope

–– Strategic FirefightingStrategic Firefighting–– Paying today’s billsPaying today’s bills–– Finding time… not a big budgetFinding time… not a big budget

The Utopian ProcessThe Utopian Process

•• The company is the product management teamThe company is the product management team•• PM spends 50% of time market sensing as mentor and guidePM spends 50% of time market sensing as mentor and guide•• The corporate knowledgebase as single view and core assetThe corporate knowledgebase as single view and core asset•• Culture contributes and uses it as a learning organizationCulture contributes and uses it as a learning organization•• Individual contributors understand key problem statementsIndividual contributors understand key problem statements•• Building the market modelBuilding the market model

The Tools We UseThe Tools We Use

•• CRM, SFA and the islands of dataCRM, SFA and the islands of data•• The lowest common denominatorThe lowest common denominator

–– MS Office, the Product Management Edition

•• The manual analysis processThe manual analysis process•• Quality depends on people and how they use it Quality depends on people and how they use it

Eating Our Own Eating Our Own DogfoodDogfood

•• Transforming data for a unified single viewTransforming data for a unified single view•• Indexed, searchable data for quantitative analysisIndexed, searchable data for quantitative analysis•• Decision support and an intelligent toolDecision support and an intelligent tool

Lessons LearnedLessons Learned

•• Building your own (HGS)Building your own (HGS)–– The The SitrakaSitraka PM SitePM Site

•• db with catalog and metadata, yet another island of datadb with catalog and metadata, yet another island of data

–– BloggingBlogging and and WikisWikis•• searchable, common views but no metadata or intelligencesearchable, common views but no metadata or intelligence

•• The role of dataThe role of data–– Critical mass of data but the decision is still up to youCritical mass of data but the decision is still up to you

•• Building the market modelBuilding the market model–– Use tools for modeling users and new spacesUse tools for modeling users and new spaces–– Communicate, communicate, communicate.Communicate, communicate, communicate.

Open Question PeriodOpen Question Period

For any additional information, For any additional information, email pm@email pm@rymatechrymatech.com.com