The Co-founders of Strategy 2 Market® and the Product Risk Framework™, Mary Drotar and Kathy Morrissey, have witnessed a plethora of product failures stemming from uncertainty and risk within numerous large and mid-cap companies during their 20+ years of consulting experience. Common themes include missed launch dates, missed sales goals, internal conflict, budget overruns, and wrong features released to the marketplace.
Often, the most common stressor is a feeling of uncertainty. However, most companies lack tools that rigorously evaluate product risk across multiple dimensions, while tracking and managing risk mitigation from ideation through launch. Companies that do use risk tools often employ them late in the product development process, once the product enters the development phase. They are commonly static and not updated throughout the project lifecycle. Besides, most of these tools are cumbersome and housed within Excel.
Further, companies lack a firm grasp of the uncertainty in their product development projects and frequently take on projects that are riskier than perceived. Surprises cause delays, and projects that should already have been killed are a drain on time and resources that could easily amount to $millions for a single failed product. The Co-founders went on a mission to solve this problem, and they developed the Product Risk Framework, a business intelligence risk management software tool for product developers.
The Product Risk Framework enables product teams to identify, evaluate, and prioritize the most significant sources of uncertainty and risk associated with product ideas. The framework leverages principles of behavioral economics to root out uncertainties while tracking risk reduction progress from idea through launch and enhancing decision-making through data visualization.
A Product Risk Framework user eloquently stated that “existing risk management software tools focus on managing risk on executed projects; while the Product Risk Framework goes further, helping to decide if you should even do the project in the first place.”
If you’re interested in learning more, contact Mary Drotar.
The Product Risk Framework received a STEM grant from the National Science Foundation (NSF) Innovation Corps (I-Corp), sponsored by The University of Chicago.