Product conceptualization is a high level and an initial phase majorly owned by a Business or Management team. It is imperative to convert the concepts to a functional flow with the help of Business Analyst & team. The functional aspect of any product defines all its functionality from the end users perspective. Hence Product Functional Analysis is one of the critical stages as it is the first step of product development where all the functionalities are defined & documented in detail.
Functional Analysis of any product is derived from the actual concept as discussed with the concept Owner however sometimes it also requires analysis and comparison of similar products available in competition, hence the importance of this stage becomes more critical. The analysis enables us to identify our differentiator and Unique Selling Point (Product USPs). Once the initial functional analysis is complete and documented, it requires multiple rounds of brainstorming with all the stakeholders and filter out the requirements with release priorities. Sometimes we recommend going with MVP (Minimum Viable Product) and launch it with few of the clients to get the feedback and add in the further decision-making criteria.
Splice Global helps you analyze your product functions by doing a thorough research with your target audience, do a competion anlaysis of similar products, their demand, the feedback they have received, customer reactions / acceptability etc.