Pathway series: Formulating a framework for product development
by Quasortech Labs
Exploring Quasortech Labs' journey to identify and develop a reusable framework for product development.
Software products
Typical boilerplate definition of a software product:
software product is a result of creative and technical efforts aimed at providing valuable solutions or services to users, businesses, or other organizations through the use of computer programs and technologies
The above definition includes key aspects such as 'creative effort', 'technical effort', 'business service', and 'technology', which are instrumental in defining and designing a framework.
Let's delve into how Quasortech Labs identified the components and constructed a reusable framework for both 'product development' and its subsequent 'business launch' using the aforementioned key aspects.
Product framework's target segment
The dynamics of creating and launching a product framework may vary depending on the target segment, such as startups, small business, or enterprise.
For example, in the case of a startup, creating and launching a product may require developing an innovative idea, gathering the essential elements, developing the product and launching it for customers.
Conversely, for a structured organization with various departments managed by different units, product development might entail establishing a platform or mechanism for different units to collaborate effectively and deliver a functional and valuable solution for the organization.
For this exercise, we wanted to focus on developing a framework for startups and small businesses.
Creative vs scientific aspect of Product Development
Before proceeding, it's essential to tackle a fundamental question: What defines software product development?
'Is it a creative effort or technical effort?'.
From our viewpoint, it's a blend of both approaches. Product development usually starts with a creative phase and evolves into a more methodical process over time. Yet, even as this evolution takes place, the creative element continues to play a vital role throughout the lifecycle of the product.
Possible framework for product development
Quasortech Lab chooses to approach product development through an innovative perspective, seeking the insights necessary for framework construction.
Furthermore, when examining the product lifecycle, it becomes evident that innovation and execution must coexist and collaborate closely. They must almost blend together while retaining their distinct identities, presenting a distinct challenge.
So what is the solution?
While structured creativity may not be preferred and innovation should not be confined to a specific framework, structured execution proved beneficial in creating a framework.
With this in mind, Quasortech Lab began establishing guidelines and structure for the product development framework.
Possible guidelines and the skeletal structure for a product development framework
The following could act as guidelines for the framework.
For Creative aspects: Establish guidelines for product conceptualization and its documentation, which can serve as a framework to establish the initial structure for subsequent execution.
For Scientific aspects: Incorporate systematic scientific processes as the product moves from the creative conceptualization phase to the structured implementation phase.
These guidelines could further be refined to get a skeletal structure of the framework as follows,
-
Set of structured protocols, processes, best practices, templates and reusable component for the repeatable scientific aspects.
-
Set of recommendations and suggestions for creative & innovative aspects.
-
Sufficient mechanisms to ensure the above two are comingled during the course of the product's life.
We can utilize these guidelines and structure to begin establishing the foundation for the product development framework and initiate the construction of its basic structure.
Foundational structure for a product development framework
Ensuring the overall business viability was one of the key focuses of the framework, in addition to successfully conceptualizing and developing the product.
By integrating all of the above, the following foundational aspects of the product development framework was established.
'1. Viability assessment framework':
A framework crafted to aid businesses in making informed decisions through a systematic approach to analyzing risks and opportunities prior to allocating resources.
Developed to facilitate a systematic feasibility assessment by providing insights into market demands, financial forecasts, operational capacities, resource allocations, and to evaluate the sustainability and long-term viability of product initiatives.
Organized as a collection of templates and standardized operating procedures for marketing models, sales and operations models, revenue models, cash flow models, and resource allocation models.
'2. Valuation and Investment Model':
A model designed to help investors and businesses make informed decisions when evaluating the attractiveness and feasibility of investments.
Organized as a set of templates and standardized procedures for assessing the current market value and potential returns of the business focusing on the product.
'3. Product Engineering framework':
A model designed as a blueprint for teams to collaborate effectively and manage complexities efficiently, ensuring expedited solutions that align with the product vision and market demands.
Organized as a collection of guidelines, technical toolsets and a rapid development platform utilizing code automation, aimed at accelerating product conceptualization, software solution development, and product launch.
Combining all three into a single framework, Quasortech Labs proudly introduces its:
Ka - Product Model Framework
A comprehensive framework designed to develop software products and establish them as a viable business.
To learn more about the framework, please visit our article on Product Model Framework