Known Good Product – What all it takes to develop it?
Every business, big or small faces challenge of delivering a Known Good Product or Service. While everyone wishes to have a Known Good Product, most of product managers and strategists often can’t provide a clear definition of what exactly a Known Good Product means to them. Some business managers might relate a Known Good Product as a function of the cost and quality, or customer satisfaction and profitability. In essence, development of a Known Good Product requires the optimization of a series of variables, viz. Quality, Reliability, Cost, Service, Safety and Delivery. These variables impact the designing of a product and service delivery, the business processes supporting it and also the success of the product or service in the marketplace. The variables are key performance indicators (KPIs) for the categorization of a Known Good Product. Total cost is a key consideration Rather than cost, it is the Total Cost of a product or service that matters more. Product managers often calculate the cost of a product or service ignoring the other key variablesspecified above. And if they do so, they generally do not apply it to Product/Portfolio P&L. They usually don’t set defined goals for these KPIs in the product development process. Setting objectives for business processes is easy, but its management requires the participation of every function in the organization. Every product or service has their specific requirements which require streamlined team effort, especially when one is referring to Product Lifecycle Revenue Model. Product development teams should align the processes to meet the KPIs of the variables and set the goals and objectives to support the company’s strategies. Change in mindset to leverage better benefits Mindset shift is required in the team that deals in product management and services to leverage on the benefits accrued from the optimization of variables. As a result, business managers would be able to get better profits from the products and services and would be better positioned to implement successful strategies. About Group50 Consulting Group50 Product Manufacturing Consulting Firm offers professional business process consulting services to businesses for product portfolio lifecycle management and
implementation of manufacturing and supply chain winning strategies. The consulting is headed by its CEO Jim Gitney. He and his team have hands-on extensive experience working in manufacturing & distribution companies. They know what it takes to implement successful product and service strategies for business excellence. Group50 Product Manufacturing Consulting Firm conducts strategic assessments and workshops for effective product management and development. It offers strategic execution tools for the implementation of effective Product Lifecycle Revenue Models. Contact Group50 today at (909) 949-9083 or drop a mail at info@group50.com to understand how experts at Grou50 Consulting could be of help to you in developing the Known Good Product for your business vertical.