Either we are working on consultancy projects for other companies or internal products, we think all products must follow the following phases in their life cycle. Most client projects fall under either Envisioning, Conceptualization or Minimum Viable Product.
The Envisioning of a product asses the initial idea for a product or solution. During this phase the next questions need to be answered:
During the Conceptualization we try to create an initial prototype to test our hypothesis during the Envisioning while we keep updating the previous questions with more details.
At the end of the Conceptualization we should get a better idea of the viability of the project or product and we decide whether it is worth to continue with the Minimum Viable Product or stop.
Once the MVP is launched we follow its impact in the target market over a period of time. If the initial hypothesis of the solution are accomplished we decide to continue adding features and scaling the product.
We can scale up the product in two ways:
In a normal product we reach a point of maturity when we only keep track of the operations of the product. In case of Machine Learning products we keep track of the metrics of the models to know that they keep performing as they should be. We also keep track of metrics for usage and performance for the same reasons.