What exactly is a product vision? Why should you give it special attention in the course of doing your work? Find out in this article.

What is a Product Vision?

A product vision refers to what you hope to achieve with your product. In other words, it captures the basis of your offering and what you hope it becomes over the long term.

Product visions usually come as product vision statements, which tend to be aspirational. It communicates what you are aspiring to achieve with your product.

Ideally, a product vision statement conveys your reason(s) for wanting to create a product. Here’s an example by Instagram: “To capture and share the world’s moments.”

Why Do You Need a Product Vision?

Let’s quickly consider some of the most important reasons you need a product vision.

To provide direction

Without a product vision, work by teams would assume a haphazard dimension. You need it to set the tone for what you are trying to achieve. It enables your teams and stakeholders to know what you hope a product would become or deliver in the long term. A product vision informs your strategic goals and initiatives.

To facilitate better decision-making

A product vision has been likened to the North Star. This is because it provides an important point of reference whenever you are confused about anything. It guides your decision when you are considering adding a feature to decide if it’s worthwhile. With it, you find it easier to get your priorities right.

To foster a common understanding

It becomes a lot easier to bring your teams and stakeholders into line when you have a product vision. Whenever anyone is confused about the essence of what you are working on, they can get some help by referring back to the statement.

Read More: How Does CRM Benefit A Company?

Creating a Product Vision

Obviously, you are usually going to need a product vision when you are considering a new product. It can also be useful for directing the activities of teams when planning updates.

A crucial first step to creating a product vision is to know your target users and get their opinions. Putting together an effective statement requires that you know what your customers need and you plan to fulfill it. Your teams will rely on this information when developing a product to improve its chances of being a winner.

There are different approaches you can adopt to get the necessary information and share it with internal and external stakeholders. They include a simple market assessment, SWOT analysis, or business canvas planning.

As a product manager, you will be the central figure in the creation of a product vision statement. However, everyone in your company can be involved in defining the vision.

The product team should make an effort to seek input from other people in the company. This can go a long way in promoting a shared understanding of the vision down the line.

It is your duty as a PM to then communicate the product vision statement to everyone in your company after you have finished putting it together.

Evidence shows that many of the most famous brands today have clear and punchy vision statements. These must-have played a part in their successes without a doubt.

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The reality is that machine vision can significantly improve safety in transportation, medicine, and many other industries. Machine vision will enhance social development by combining with advances in robotics, control technologies, artificial intelligence, and IIoT.

Applications Of Artificial Vision That Improve Our lives

• In the automotive industry, a computer vision system aids in the manufacturing process. The safety requirements in this industry are increasingly demanding, and with the advent of the autonomous car, they will be even more so. So machine vision systems can contribute to error-free and defective part production.
• By being able to monitor the manufacturing and assembly of each and every part, the increasingly powerful image processing algorithms are able to detect the smallest defects, unnoticed by the most experienced human inspector. Dents, scratches and minuscule color variations can trigger an alert during inspections, thus reducing the number of faulty vehicles hitting the market.
• In the food sector, the quality control of each type of food product will be much stricter. It will be possible to automatically control each of the phases of the product. For example, in an agricultural plantation, it will be possible to control the product in each growth phase, then control it in the harvest and the different processing phases, and even verify its integrity in transport.
• In the control of the warehouses. Thanks to artificial vision systems combined with advanced artificial intelligence algorithms, it will be possible to control stored products at all times, check their expiration date, improve rotation and achieve much greater efficiency.
• In the health sector, diagnoses may be faster, more accurate and error-free. We mention it when we discuss the advances in melanoma detection thanks to image analysis, and the same happens with the diagnosis of breast cancer.
• In addition, machine vision performs many of the functions necessary to automate clinical laboratory diagnostic tests, including detection of sample cap color, the capture of patient data from the attached barcode, and verification that Sample tubes are sufficiently full.
• The automation of routine medical tests is essential to improving patient care, shorten emergency room and increase the satisfaction of the patient and the doctor.

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