shift from high-quality decision making to high-velocity decision-making
TRANSCRIPT
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Shift from high-quality decision-making to high-velocity decision-making.
by nis frome
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Nis FromeEnabling product teams to experiment fasterCo-founder & Head of Content at [email protected] // @nisfrome
product content
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This Is Product Management
Product Management Insider
about me
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objective
The goal is to understand the benefits of and install a framework for
high-velocity decision-making.
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background
“...this is Day 1 for the internet.”
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alternative OS’s
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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
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verdict: day 1
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installation
Here’s the manual to get started:
Balancing OS’s Risk Matrix
Fear Tactics
Data Availability
Organization Team You
Pace YourselfConsistent Vision
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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
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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.
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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
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team: consistent vision
Offering a shared vision aligns team members and eliminates hesitation.
Knowing why can inform what, when, and where.
OKRs Tasks
>
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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)
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you: pace yourself
Change happens slowly and unnoticeably so don’t burn the candle from both ends.
It’s a marathon – not a sprint.
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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
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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
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your turn
Identify opportunities to shift from high-quality decision-making to high-velocity decision-making.