Process updates
- Ian Dillon
Analytics
1. KPIs will measure performance
What is changing: The performance of every part of the business will be measured using KPIs.
Why we are doing this: To allow the company to identify problems in real time, and be able to fix them quickly and efficiently. It will also allow Moniepoint to focus resources on where they are most needed.
How it will be done: Each business unit, team, sub-team and individual will have KPIs.
These KPIs will be measured and will be the basis by which we measure performance on an ongoing basis. Subjective assessments will be removed as far as practicable.
2. Product Managers will gather all potential initiatives, and prioritise to meet KPI goal(s)
What is changing: Product Managers will gather and thoroughly validate all possible initiatives from every part of the business.
Why are we doing this: To ensure we make objective prioritisation decisions, to most effectively achieve our KPI goal(s).
How it will be done: Product Managers will gather initiatives from:
Growth (who will come up with initiatives that impact revenue)
Compliance
Engineering (technical debt)
Finance
QA (bug fixes)
Customer Service
Market and competitive analysis
Others (as applicable)
Product Managers will use data and customer research to validate these initiatives.
If an initiative involves just that business line, it is covered by that Product Manager, with no need for involvement from other business lines.
If an initiative cuts across multiple business lines, it is referred up to the CPO. The CPO then co-ordinates the whole project, involving each of the business lines required.
With a full set of initiatives for their business line- all of which are validated and based on accurate data- the Product Manager and Business Leader will prioritise initiatives to most effectively achieve their business lines' KPI goal(s).
3. New potential business lines will be run as lean startups
What is changing: New potential business lines that Moniepoint is exploring will be validated and run in the early stages by a Product Manager, who acts as a mini-CEO.
Why are we doing this: Each business line costs $1m-$3m to run. Staffing a business line before the product has sufficient traction is a deeply inefficient way to allocate capital.
Moniepoint will allocate capital to a smaller number of validated products that it has high conviction on. It will do this through high-quality early development work by a Product Manager.
How it will be done: Product Managers who work directly for the CPO may be assigned to research and validate new potential business lines.
In this capacity they act as mini-CEOs. The Product Manager fulfils all the roles of that business line in an acting capacity. If the business line is validated by customer research and is deemed deserving of further investment, the roles that the Product Manager is filling are backfilled in order of priority.
If the new business line is a big, important area for Moniepoint, a Business Leader will be brought in. otherwise, the Product Manager will continue to run the business line.
4. Deep customer research will determine what we build
What is changing: Customer research will be much deeper and more thorough than has been conducted to date. Products will be tested and validated prior to being handed to Engineering teams to build.
Why we are doing this: To ensure Engineering resource is only used on building product that we know will give maximum value to customers. Cutting wasteful development will result in a significant increase in efficiency in Engineering teams, and reduce the amount of technical debt incurred.
How it will be done: The business leader and the Product Manager will prioritise initiatives.
The Product Manager is expected undertake market and customer research to work out what we should build to deliver the maximum impact- in the way that brings the most value to the customer. The research will be both qualitative and quantitative- gathered through internal and external data, and from speaking to real customers.
The research will inform what to build, market positioning, and the complete product UX and UI (created through prototype testing and customer feedback prior to Engineering build).
5. Product design will become a centre of excellence at Moniepoint
What is changing: We are elevating the expectations of the UX Design teams. They will completely own the experience of a user
Why we are doing this: A crucial element for our product to be the best in the market is for it to have the best UX and UI.
To make our brand the most prominent in Nigeria, UI must be high-quality and applied consistently across all products and marketing materials. World-class UI will also have a major impact on the customer experience and perception of Moniepoint.
How it will be done: We are hiring a world-class UI/UX designer to ensure exceptional design systems are in place for both UX and UI.
The expert will create the standards, processes and design systems to be applied across the company, but they will also support designers in business units to adopt the design systems.
The experts will also work closely with designers embedded in business units to upskill them.
More details in Organisation Structure section below.
6. Product Managers will be empowered, and the voice of the customer
What is changing: The customer is going to become deeply important in every facet of Moniepoint. Product Managers will be the voice of the customer, and will be crucially important to each Business Unit achieving their goals.
Why we are doing this: Only by truly understanding our customers and creating products that deliver them value will we be able to move faster than the competition, and achieve our North Star Goal. For this reason Moniepoint is intentionally shifting to becoming truly customer-centric.
How it will be done: Product Managers will be the voice of the customer. They will:
Deeply understand the market
Deeply understand the competitive landscape
Be close to the customer
Spend time to really understanding the customer’s experience
Be expected to represent the customers interests in all internal interactions.
Product Managers will have responsibility for running the research and validation for each product initiative, and monitoring its implementation through the build stage. They will be expected to continue to monitor the performance of their products, and work to optimise and manage products through their full lifecycle.
Product Managers- in conjunction with their Business Leader and taking input from all relevant functions including EM, Compliance, Growth and others- will manage the product roadmap. They will ensure the roadmap is focused on achieving business objectives, by delivering value to our customers.
7. Process and systems implementation will be enforced
What is changing: Moniepoint is putting in place processes and systems which will allow us to achieve our North Star Goal. We will monitor the implementation of these by teams across the company.
Why we are doing this: The processes and systems are put in place to allow Moniepoint to produce products faster and to a higher quality. These systems will not be successful unless they are adopted in practice by teams across the company. Implementation is where many such systems fail.
How it will be done: Implementation and adherence to the process will be monitored and enforced through KPIs and metrics. This is made possible by the process being measurable so it is clear to see how well teams and individuals are adopting the process, and the impact this has on outcomes.
There will be a large number of stakeholders within Moniepoint that will be involved at various points in the Product Development Process. The process will be introduced as part of onboarding and training, and reinforced regularly to all stakeholders.