Creating a roadmap for your business is an important process that can have many benefits. A recent study by Harvard Business Review found that companies which had a documented roadmap were more likely to be successful than those who didn’t.
The article will explore the difference between product and company roadmaps, how they work together to support growth, and why it’s so important to create one for your organization!
Company roadmaps are an important part of any business. They help to communicate the objectives and strategies for the future, as well as create a timeline for achieving those goals. The roadmap is also important because it can be used across different departments within the organization to provide alignment on what needs to happen next.
One of the most important aspects of a company roadmap is its relationship to the product roadmap. The two roadmaps should work together to support the overall growth of the business.
The product roadmap should focus on how specific products or features will help achieve the goals outlined in the company roadmap, while the company roadmap should provide more high-level guidance for how the business grows and evolves.
As an example, if a company’s goal is to enter the health care market and the product roadmap provides insight on how specific products will help achieve that goal, then the business strategy would give guidance as to why entering this market may make sense from a strategic perspective. In this way, both roadmaps work together in their own trajectories for their particular focus.
Company roadmaps and product roadmaps are two different types of documents, with different purposes and audiences.
What Is a Company Roadmap?
A company roadmap is a high-level document that outlines the business strategy and how the various parts of the business will work together to achieve it. This document is crucial for both LLCs and partnership firms. It also includes specific information about the company’s market, target customer and key differentiators.
What Is a Product Roadmap?
A product roadmap, on the other hand, is a document that outlines the specific plans for a particular product or line of products. It includes information about what features will be included in future releases, when those releases will happen and how they fit into the overall product strategy.
The product roadmap should focus on how specific products or features will help achieve the goals outlined by the company roadmap. It also implies how these products or features contribute to the overall vision of the company.
When product and business roadmaps are aligned perfectly with each other, they can provide a clear picture about how teams will work together in order to achieve the bigger goals.
It is important for all stakeholders involved with planning future releases to understand that creating alignment between different types of involvements, commitments, responsibilities and time periods for each mentioned work is essential for a successful product.
Product roadmap is the high-level plan that outlines what features or products will be released and when. It usually contains less detail than a business roadmap but still provides enough information to give an idea about how specific products or features will help achieve the goals outlined by the company roadmap. The product roadmap also implies how these will co-exist in the same timeframe.
Business roadmap is the high-level strategic plan for a company, department or product that outlines what will be done to achieve its long-term goals and where it fits into the bigger picture of how it contributes to achieving organizational objectives.
It usually contains less detail than an enterprise roadmap but still provides enough information to give an idea about what are the specs involved in the product, what are its dependencies and how it will be integrated with other products.
Business roadmaps are uniquely important for many reasons. In this article, we will discuss the relationship between business and product roadmaps, how they are different and how they complement each other for organizational growth.
How are these two related to each other?
There is a simple answer to this question. A product roadmap or development plan is focused on the technical aspects of products whereas business roadmaps focus on how they contribute to achieving organizational objectives.
It usually contains less detail than an enterprise roadmap but still provides enough information about what are the specs involved in the product, what are its dependencies and how it will impact the organization.
But it is important to remember that a product roadmap should not be created in isolation and without input from the business side. The business side must identify the objectives that they want the product to achieve and then work with the technical team to come up with a plan on how to best achieve these objectives.
The reason for this is because it will include features that might be important to the business but not technically feasible or it might have a higher priority for the business even if it is not the most urgent thing from a technology perspective.
A product roadmap should always be aligned with the company’s overall strategy and objectives and it should be reviewed and updated regularly to reflect these changes.
The relationship between them must be understood in order to get the most value from both roadmaps.
What Are the Goals In These Roadmaps?
It is of essential importance that the goals in both roadmaps are aligned.
The product roadmap should reflect the business’ objectives while the business roadmap should reflect the technology goals that will help achieve these objectives.
However, there are times when they might not be aligned and this can cause problems.
When this happens, it is usually because the product team is pushing for a feature that is not important to the business team. This means that the business team will not prioritize it on their roadmap.
At other times, there might be a lack of alignment because the product roadmaps are no longer relevant to what is happening in the market or with customer needs. This means that they should be updated so that they reflect where things currently stand and what changes need to happen for them to become of importance to the business once again.
A big part of the success of any company is their ability to grow and scale. This means that they need to be constantly planning for how they can achieve this goal.
One of the ways that companies do this is by using roadmaps. Roadmaps are important tools that allow a company to see where they are currently and where they are headed in the future. They also allow managers to plan for what they need to do in order to get there.
What Initiatives Should be Taken By the Roadmaps?
The initiatives taken up in both roadmaps should be complementary to each other. This means that the business roadmap should focus on the high-level goals and objectives, while the product roadmap should focus on how these goals can be achieved.
One of the main benefits of having both roadmaps is that it allows for better communication between different teams within a company. By having a clear understanding of roadmaps on the table. It makes sure that everyone is on the same page and that everyone knows what they need to do in order to help the company achieve its goals.
This also allows for better collaboration between teams, as teams can now work together towards a common goal instead of working in silos. Having a unified roadmap helps reduce confusion and minimizes the chances of any miscommunication.
It is also important that the company’s leadership has a clear understanding of the roadmap and how it will help achieve the company’s goals. The leadership team can then use the roadmap as a tool to make better decisions for the company.
How To Create a Business Roadmap?
A business roadmap can be created using three main components:
This is the overarching goal of the company. It’s like a mission statement that will guide all of your actions and decisions in achieving success for the company over time. For example, Netflix’s vision states “Organize the world’s information and make it universally accessible and useful.”
This is a list of specific objectives that you want to achieve in order to reach the vision. For example, one goal for Netflix could be “Increase streaming subscribers by 20% in 2020.”
The strategies are the tactics you will use to make progress in the goals. For example, one strategy for Netflix could be “Focus on exclusive content to attract new subscribers.”
The milestones are specific points in time that you will measure your progress against. They can be either at the end of a certain period of time or when you reach a certain goal.
Also Read: Business Roadmap Templates & Their Purposes
How To Create a Product Roadmap?
This is the process that is used to create a product roadmap:
Define the problem
This is where you determine what the customer wants or needs. You can do this through surveys, interviews, and other research methods.
Once you know the problem, you need to research possible solutions. This could be done by looking at what your gaps are and what is available in the market.
Choose a solution
This is where you will determine which solution to pursue. You need to look at your business goals, customer needs, and other factors.
Create a roadmap
This includes creating milestones and defining the steps that need to be taken to achieve the goal.
The product roadmap and business roadmap work in tandem to support organizational growth. The product roadmap helps you identify and prioritize customer needs while the business roadmap ensures that those needs are met through effective execution.
Roadmaps can be a great way for businesses to visualize their goals and track their progress. By using both roadmaps, your business can ensure that it is meeting the needs of its customers while ensuring all of the team is on the same page with regards to the organization’s goals.