Data is the new 4th rail

A friend of mine asked a question whether data is another part of evaluating if a company can develop a successful product (Yo – MJ what is up?).??It got me thinking about the impact data has on product design, since we are grappling with this question in new product concepts.????

The classic questions all exist and remain critical to developing a new product.?

-?????????Is it feasible:?Can we build it??Do we have the resources, skills, technology to do it???Does it meet key timelines???Can the organization and culture make it happen??

-?????????Is it viable: ??Will the solution drive business value??Is it affordable???Does it fit into the team’s ROI and payback?

-?????????Is it desirable:?Will a solution solve a problem??Will the user use it??Does it fit into their lives???Is it emotionally engaging???does the user want it??

How and what data drives a product value????This question is critical in a new product concept and most companies do not even consider it in the initial concept evaluation.???Data flows through and influences the answers to whether a concept is feasible, viable and desirable.??????Product leaders and companies need to be more proactive in the thinking through how data strategic drives value before, during, after any product concept is developed – and it has to be a continuous process.

Data models need to be proactively considered to help create the possibility of success.??Some core components you can consider:

• What data exists - if any does at all?
• Map and define a user benefit architecture (prioritize what will solve the user problem or create value)
• User roles (who or what has or is creating data)
• What data drives the product experience?
• What data streams will be generated then need to scale through ML or AI?
• Pricing, packaging, bundles
• Decision logic
• What data inputs are needed to drive outcome-based value for the user?

The data structure will change based on the product concept.?Without asking data questions up front, it is pretty hard to begin to answer the feasible, viable, and desirable questions a team is asking.??Most critically, creating a data model helps to define the potential opportunities and packaging of critical data to create the value users are yearning for too.???Finally, data is the currency that will drive the economic success and viability of an ongoing business.??Many times, it is an after thought in the planning process.

Data is the new 4th rail of product evaluation which leads to critical learning and creativity.