7 Must-Know Essentials of Product Ownership Analysis
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A lot of people are talking about Product Ownership Analysis, but what exactly is it, and is it different than Product Ownership? Product Ownership is defined by KBP Media as the ability to “Understand stakeholder needs, determine if the need is worth satisfying, determine the best solution to satisfy it, build a shared understanding of the solution and to validate the need was satisfied”. Kent McDonald, Product Manager and Founder of KBP Media[AC1] explains the term Product Ownership can be thought of a combination of other fields including:
- Product Management
- Business Analysis
- User Experience
We know that traditional Product Ownership has been around for a while, however, there is an important analysis function that is required to maximize and deliver value. Well, Product Ownership Analysis has officially “entered the chat.”
Product Ownership Analysis (POA) is a researched and studied discipline, with a set of practices, processes, and procedures to create successful outcomes. It involves the use of specific techniques and the development of key competencies that support practitioners as they navigate the complex challenges associated with creating successful products.
The 14th Annual State of Agile Report, states 95 percent of organizations have some form of Agile process in place.2 As more organizations transition from project-centric models to a product-centric view, Product Ownership has evolved with an emphasis on analysis to enhance the delivery of successful products with an Agile mindset.
7 Steps to Successful Product Ownership Analysis
Product Ownership Analysis provides Product Owners, Proxy Product Owners, Business Analysis professionals and team members with:
- The necessary framework
- Tools and techniques
- Approaches and foundational Agile values
The POA framework focuses on key concepts, principles, and practices that help practitioners deliver successful products. Here are the 7 domains that guide teams in maximizing the value delivered.
- Apply Foundational Concepts
Establish best practices at an organizational level to create a supportive environment for successful product delivery. - Cultivate Customer Intimacy
Develop a deep understanding of customers and apply what is learned to help build a stronger product. - Engage the Whole Team
Using a "whole team" approach supports communication and collaboration, which leads to a higher quality product. - Make an Impact
Get customers' attention in a noisy, competitive world.
- Deliver Often
Deliver the product in small, high-value increments, and generate valuable customer feedback.
- Learn Fast
Deliver a product that meets customer needs and adapt the product build activities as the context changes. - Obsess About Value
Maximize the value being created by the team.
IIBA’s Guide to Product Ownership Analysis discusses each of the seven domains in great detail. The comprehensive guide also covers the integration of Product Ownership and Business Analysis, understanding roles and responsibilities in product management, how to apply Agile and Product Ownership Analysis, plus, it includes more than 50 case studies and 25 techniques for applying POA.
But Whose Job is it Anyway?
It’s no surprise today’s Business Analysis professionals wear many hats. Even if you don’t hold the official title of Product Owner, Business Analysis professionals report spending 31% of their time performing product owner-related work according to IIBA's 2020 Global Salary Survey. While some professionals split their time executing product owner-related work, 36% are looking to transition from a Business Analyst role to a Product Owner role. That means being well-informed with the POA standards, practices, techniques, and competencies become important when transitioning and succeeding in a new role.
Already working as a Product Owner and want to take your product to the next level? If you’re working in a Product Owner role currently and you’re familiar with Product Ownership concepts, POA extends beyond the traditional views of Product Ownership. It can help Product Owners succeed in a product context, by providing the necessary framework and the application of the Business Analysis mindset. It’s beneficial because it provides guidance with Product Owners and Agile team members in mind to help maximize product value and create better business outcomes.
Product Ownership Analysis focuses on developing products and services that best address customers' needs and benefits those currently working as Product Owners, supporting Product Owners, execute Product Owner-related work, or professionals considering Product Ownership as a career path option.
Ready to uncover the proven skills and competencies that can give you the advantage?
Dig deeper into the Product Ownership Analysis discipline and the POA framework in IIBA's Guide to Product Ownership Analysis. It’s available complimentary for IIBA Members here.
Not a Member Yet?
Join thousands of Business Analysis Professionals worldwide and become a member today to gain instant access or you can purchase the guide for only $99.95 USD.
About The Author:
Tiffani Iacolino is a Product Marketing Manager at IIBA® and has 15+ years of marketing experience across the legal, technology, telecommunications, publishing, media, and professional services industries. She’s passionate about delivering meaningful products and solutions to the business analysis community, including IIBA’s latest offering the Cybersecurity Analysis Learning and Certification Program. Hailing from the Greater Toronto Area, she enjoys an amazing cup of coffee, running, and yoga -- between chasing her two adorable children!
References:
- https://www.kbp.media/what-is-product-ownership/
- https://stateofagile.com/#ufh-c-7027494-state-of-agile
