Use product metrics to measure what matters.
Evaluating ROI and quantifying risk increase in importance as organizations building custom digital products shift toward a product-centric mindset. Powered by data, metrics provide critical insights into the efficacy of products. The ultimate success metric is adoption.
No matter the role, all product team members rely on metrics. Product managers need metrics to incentivize self-awareness and promote effective behaviors. Designers and engineers need to test and evaluate the elements they’re building. Product leaders need metrics to communicate success throughout the product journey, evaluate the effectiveness of the product team, and course correct the product roadmap to hit desired outcomes. Sponsors need to aggregate product metrics into actionable cues in order to warrant continued spending, terminate a program, invest in new opportunities, or adjust the execution strategy.
Four types of metrics get results.
Metrics empower enterprises to gauge product effectiveness, quality, team velocity, process maturity, and portfolio health.
- Product value metrics drive towards organizational outcomes.
- Quality metrics enable businesses to build sustainable software.
- Velocity metrics empower enterprises to respond to market needs.
- Process metrics determine product and technical maturity.
Being armed with a comprehensive framework of metrics empowers teams and enterprises to deliver outcomes and get results.