When a company buys a product, a lot of time and resources are spent adopting that product. Companies want the assurance that their investment of time and resources will pay off not just today, but for years to come, and that the company is committed to continuing to improve and develop the product well into the future.
Businesses also want to be able to formulate their own IT strategy, but if you don’t know what’s coming, you can’t properly plan for the future. A product roadmap provides a window into future innovation that can support and guide your future business plans and technology initiatives.
What is a product roadmap?
A product roadmap is a mid to high level description of the direction of products or services in the future. If you’re looking for a particular feature, you should be able to find it on the product roadmap and identify when it’s coming.
However, a product roadmap communicates much more than that. shows you the Business values, and your opinion and vision on important industry trends. What’s on the roadmap and when it’s scheduled to roll out tells you what the company believes are the most important features for its customers and prospects, based on current customer pain points and anticipated pain points in the future. the future, according to market trends.
Why are product or solution roadmaps important?
When you buy a product, you usually know that the product will meet your needs today; otherwise I wouldn’t buy it. But the investments you make in products and services tend to be long-term commitments, and you want to know that the company behind the product has plans to continue to innovate and improve the product.
Although there are no guarantees, a product roadmap can be a good indication of whether the product and company will meet your needs. future technology and business needs. Having a roadmap not only shows that the company is thinking about the future of a product, but also provides insight into the company’s assumptions about key challenges that will affect the market in the future. If a roadmap includes valuable capabilities that you hadn’t even considered, that demonstrates market and industry leadership.
What are the benefits of product roadmap transparency?
Product roadmap transparency gives the customer reassurance that the company is thinking beyond the next release. It also allows customers to plan. It is not uncommon for companies to update once a year instead of quarterly. By knowing the roadmap, customers can choose the optimal time for that upgrade project to gain access to key features and functionality.
Product roadmap transparency also allows customers to assess how a company manages its roadmap and the maturity of its product management process. Most of the features in the shared customer roadmap should work as planned, although some adjustments to reflect changing market conditions are not unusual. On the other hand, if every time you see the roadmap it looks completely different, then you know the roadmap is unreliable.
What qualities should customers look for in a product roadmap?
A good product roadmap should focus on value for customers, either through new capabilities (for example, analytics capabilities or a new API) or by addressing key customer needs (for example, security certification or support for a key document format). You need to find a balance between features and functionality you know you need and some visionary or cutting-edge enhancements.
Companies also need to be open to talking about their roadmap, and employees need to be able to talk with great specificity about what’s planned for the next few quarters. A great example of this is OpenText EVP and Chief Product Officer Muhi Majzoub’s annual innovation keynote at open text world. The keynote speech provides an overview of what is planned for open text products in upcoming quarters and looks back at what was delivered over the past year, giving customers the ability to assess our progress and product management process.
How can customers influence a company’s product roadmap?
Customer needs drive product roadmaps. One primary way customers can influence a roadmap is simply by sharing current challenges and business goals. A great opportunity to provide high-impact feedback to companies is at their conferences, events like OpenText World. attend events like open text world not only does it give you access to the sessions and keynotes, but it also gives you access to the people. Connecting with employees at company events gives you access to the people who can help you get on the roadmap. Customers can also join product advisory boards, customer advisory boards, or provide feedback in their quarterly business reviews.
learn more about how OpenText partners with organizations to drive impactful transformations.