High-Velocity Decision-Making

My talk on 8/13/2017 as part of The Product Mentor program

Transcript

1. Shift from high-quality decision-making to high-velocity decision-making. by nis frome
2. Nis Frome Enabling product teams to experiment faster Co-founder & Head of Content at Alpha nis@alphahq.com // @nisfrome product content 2 This Is Product Management Product Management Insider about me
3. 3 objective The goal is to understand the benefits of and install a framework for high-velocity decision-making.
4. 4 background “...this is Day 1 for the internet.”
5. 5 alternative OS’s
6. 6 verdict: day 2 • 1/3 of products are delivered late or incomplete due to slow decision-making • Speed of decision-making is primary challenge with regard to communication • For every 60 minutes a product team works, they spend 48 minutes waiting on decisions to be made. Source: Forrester Consulting, Gartner, and Forrester
7. 7 verdict: day 1
8. 8 installation Here’s the manual to get started: Balancing OS’s Risk Matrix Fear Tactics Data Availability Organization Team You Pace Yourself Consistent Vision
9. 9 org: balancing OS’s Day 1 and Day 2 actually aren’t mutually exclusive operating systems. “Pockets of Day 1” within a Day 2 framework. Day 1: • Permission to experiment • Innovation labs Day 2: • Hiring • Existing products
10. 10 org: fear tactics Don’t be afraid to confront the status quo if that’s the only way to make an impact. • Know the stats (Fortune 500 turnover) • Know the stories (“Kodak Moment”) • Know the enemy (Upstarts) • Know the solution (How to get one step ahead) You’re hemorrhaging pizza.
11. 11 team: risk matrix Have an explicit conversation about the costs and benefits of speed. Don’t treat reversible decisions like they’re irreversible. Costs: • Quantify the ramifications of being wrong • Quantify the ramifications of being slow Benefits: • Articulate the benefits of speed and iteration • Confront the ‘back- channeling naysayers’ Source: First Round Review
12. 12 team: consistent vision Offering a shared vision aligns team members and eliminates hesitation. Knowing why can inform what, when, and where. OKRs Tasks >
13. 13 you: data availability Reactive experimentation slows down decision-making. Generate data proactively. % of PMs that experiment on an ad hoc basis (per our survey of 140 PMs)
14. 14 you: pace yourself Change happens slowly and unnoticeably so don’t burn the candle from both ends. It’s a marathon – not a sprint.
15. 15 applications Leverage high-velocity decision-making in high-impact low-risk areas. Selecting which API service to use Splitting responsibilities amongst team members Increasing release frequency Create sales decks before building a new product
16. 16 resources Further reading for product managers who want to move faster: How do product teams embrace high-velocity decision-making? How companies can learn to make faster decisions This matrix helps growing teams make great decisions
17. 17 your turn Identify opportunities to shift from high-quality decision-making to high-velocity decision-making.