When you, as the producer benefit from a product, you are receiving value. This value / producer benefit can be either:
Value is only realized after the product (or a version of it) is RELEASED.
Therefore the quicker the first release the quicker ‘return on investment’ starts to be realized.
EBM – Evidence Based Management
Evidence-Based Management is the process of using data to make decisions and create strategies for a business.
Evidence-Based Management is becoming increasingly popular in today’s business world. It is the process of using data to make decisions and create strategies for a business. Companies are increasingly recognizing the value of using data to inform their decisions, as well as the potential advantages that evidence-based management can bring to their operations. Evidence-Based Management is being embraced by companies in a range of industries, from healthcare to manufacturing, and its popularity is only likely to grow in the future.
EBM is not limited to agile companies. The approach can be employed by businesses of any size and in any industry. That said, agile companies may be particularly well-suited to Evidence-Based Management, as they are better-equipped to quickly analyze data and use it to inform their decisions and strategies.
EBM does not tell you what metrics to measure, thus allowing the framework to remain adaptable. The metrics below are some of those commonly used cross industries:
Note that when looking at any metrics or data that you keeping mind whether it is a leading or lagging indicator.
Tracking Metrics Methodologies
Ensure metrics are value neutral: Keep them free from influence and judgement. There is not good or bad information; there is only the current reality. This is what is meant by value neutrality.
An important aspect of putting value metrics in place is establishing the discipline to remeasure over time. The trends that emerge are as important as the data itself. Use to show metric changes over time.
A picture of success of a project at a particular point in time.
It should be:
A focused vision needs to be both
Practical (tell it) and Emotional (sell it)
Personal – Corporate – Product Vision
The most persistent visions are the ones that we emotionally embrace. Our emotions are part of our subconscious and thus part of ourselves and not something we can physically express at the early stages. If we study the above diagram we can summarize that our past experiences (personal and professional) and our ability to fantasize give us ideas. Those ideas when coupled with will and pragmatic analysis product a vision. A vision that is constantly reinforce becomes a goal.
People who ‘buy into’ your vision are the people you want on you team. They are the producers and the consumers of your product.
Agile Methodologies for Product Vision
Business Model Canvas
The Business Model Canvas is a strategic management and entrepreneurial tool used to develop new or document existing business models. It is a visual chart with elements describing a firm’s or product’s value proposition, infrastructure, customers, and finances. It allows entrepreneurs to describe, design, challenge, invent, and pivot their business model. It assists firms in aligning their activities by illustrating potential trade-offs.
Producer Benefit Revenue Identification
The Lean Canvas is a strategic business model created by Ash Maurya that helps entrepreneurs quickly develop and communicate their business ideas. It is a one-page document that helps entrepreneurs identify and prioritize the key elements of their business.
The Lean Canvas is composed of nine boxes that represent the key elements of a business. These boxes include customer segments, value propositions, channels, customer relationships, revenue streams, key metrics, key resources, key activities, and cost structure.
The Lean Canvas highlights aspects of a business that are essential for success and allows entrepreneurs to quickly adjust their business plans based on customer feedback.
Value Proposition Canvas
The Value Proposition Canvas is a tool used to design and develop a product or service that provides value to customers. It is a visual tool that allows companies to map out their value proposition in a structured way, by identifying the customer’s problem, their needs, and the product or service features that solve their problem.
The canvas also helps to identify the customer segments the product or service is designed to serve, the customer’s job-to-be-done and the channels through which the product or service is delivered.
It is a valuable tool for entrepreneurs, product managers, and marketers, as it helps to create a clear understanding of customers’ needs, and how to develop a value proposition that meets those needs.
Product box vision tool is a software development tool that helps software developers and stakeholder visualize their software product as a 3D box. It allows developers to create a 3D representation of their software product so they can better understand the entire product architecture, the relationships between components and the overall impact of the features. It also helps them to identify potential weaknesses and areas that need improvement.
The product box vision tool can be used to quickly create detailed diagrams of the product, as well as to analyze the user experience and feedback from customers. The tool can also be used to create product roadmaps and to help prioritize development tasks.
Front of Box
Obvious target customer
Obvious value proposition fro the target customer
Back (and sides) of the Box
More detail about the features
Information relevant to different customers
Vision Elevator Pitch Tool is a simple yet powerful tool designed to help entrepreneurs, startups, and small businesses create an elevator pitch that clearly outlines their vision.
Fill in the gaps in the below sentence and then rewrite it a one, or two sentences. Come back to it, examine it and amend.