How a product owner can maximize the Business value?

Who is Product Owner?

The Product Owner as per the definition is the owner of the product.  She should have a clear vision of product that she is leading.  She should be knowledgeable about the product domain. The Product Owner should know what to develop as per the needs of the business or customer.  The product owner comes up with the product vision after taking part in the user interviews, conducting the survey or going through business need that clearly define what next we are developing and why. Once the product vision is formed, then she conducts workshop with the business, discusses the business requirements through various techniques such as impact mapping, affinity mapping. She comes up with the product roadmap visualizing list of features to achieve product vision. Roadmap get visualized through product backlog.

Product Owner maximize value by prioritization and ordering Product Backlog Items

Product Owner prioritizes the requirements(product backlog items) and adds all other requirements into the product backlog.  She uses different types of prioritization techniques like MoSCoW, value proposition, business value or Kano Model to prioritize backlog. Maximize the business value by continuous prioritization and ordering of product backlog items are the core skills of a good Product Owner. Product Owner does this to ensure most valuable work get completed as early as possible. Based on prioritization, product owner prepares product roadmap for short-term and long-term. Product roadmap usually includes detailed work items for 2 – 3 sprints and high level features, visions for longer durations.

Product Owner collaborate with Development Team to maximize value

Product owner presents the product backlog items to the development team through backlog refinement and sprint planning meetings. She clarifies the requirement to the team and answer their queries. Product Owner and Development team defines the acceptance criteria for refined work and they do it together. The product owner  manages the releasees by taking care of the scope and ensures development team is aware about changing scope by making product backlog transparent. It is the duty of the product owner to bring the best from the team to achieve the business value. A good product owner gives authority to the team to express their views, accepts their inputs and suggestions related to the product and do not force the team to complete more product backlog items. He lets the team to make a commitment for the user stories based on their capacity for the sprint.

Required skills for Product Owner to maximize value

Product owner should be good in agile concepts, core product knowledge area support area. Below are some of the skills that a good product owner demonstrates.

Core Knowledge Scrum Knowledge Supporting Area
Strategy and Market Research Vision and Leadership General Market Knowledge
Business Model and Financials Model UX and Product Backlog Marketing including Product Launch
Product Roadmap Release Management Sales and Support
Product Lifecycle Management Development / Technologies
Stakeholders Management Organizational Processes

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