The following article is part of the self-preparation for the modern BVOP® Product Management Certification program.
Business Value-Oriented Product Management (BVOPDM) is a product management style, approach, and an initiative that aims to incrementally and continuously add a business value to a product. Adding business value is foreseen through the use of practices that guarantee the quality of the product and its adoption by the target audience. At the same time, the processes of development and the end-result are optimized.
Typical activities of the Business Value-Oriented Product Management office include:
- Participating in creating business plans
- Product risk management
- Product research practices
- Product backlog management
- Product development practices
- Product optimization practices
- Product support activities
- Observing and adjusting
Comments from the BVOP™ community on “Business Value-Oriented Product Management (BVOPDM)”
Business value in product management has been a very popular topic in recent decades. There are many teachings about business value for customers and products.
BVOP goes beyond traditional understandings and practices and adds many new approaches to modern product management. Markets and consumers today are very dynamic. Requirements and needs are constantly changing. Competition is always one step ahead of us. Technologies are changing and developing at great speed. Consumers expect and want more comfort and innovation.
This whole range of needs in today's product management needs a special attitude and approach. BVOP focuses not only on unique practices for prioritizing and managing the Product backlog. A lot of themes about usability, user needs, research practices forgotten by management teams are added in the guide.
Another unique topic in Business Value Oriented Product Management (BVOPDM) is that product managers need to know project management practices. This is not accidental. Product manager and project manager are friends. They work together on project and product issues, search for optimization methods together, and at the same time increase the business value not only for the product but also for the teams and organization.
BVOP product management is a modern approach to product management that emphasizes collaboration, customer focus, and continuous improvement. Unlike classical product management, which often focuses on building a product that meets a set of predetermined requirements, BVOP product management is more iterative and emphasizes the need to constantly improve the product based on customer feedback and changing market conditions.
One of the key differences between BVOP product management and classical product management is the emphasis on team collaboration. In BVOP product management, the entire team is responsible for the success of the product, and everyone works together to identify customer needs and develop solutions to meet those needs. Classical product management, on the other hand, tends to be more hierarchical, with a single product manager making decisions and directing the team.
Another key difference is the focus on customer feedback. BVOP product management places a strong emphasis on gathering and incorporating customer feedback into the product development process, while classical product management often relies more on internal assessments and market research.
Finally, BVOP product management emphasizes the importance of continuous improvement, with a focus on delivering value to customers and adapting to changing market conditions. This is in contrast to classical product management, which may be more focused on delivering a finished product that meets specific requirements, regardless of whether those requirements still make sense in the current market.
Overall, BVOP product management represents a more agile and customer-centric approach to product management that is well-suited to today's fast-paced, ever-changing business environment.