The product requirements document (PRD) is a central document used to align all stakeholders (product management, engineering, QA, designers, and leadership) on the overall objective and vision of the proposed product and is used as a decision-making tool.

When creating the PRD, provide just as much information as needed and nothing more. If the document is too long and complex, it will quickly become outdated, and readers will lose interest.

PRD content and structure vary by organization. Depending upon the product line, company culture, and processes, PRDs could have quite a different look and feel.

In this latest iteration of the Unified Compliance PRD template, we changed the template to help raise visibility of how the proposed product (or feature set) adheres to Unified Compliance’s strategic plan including details on why this product proposal is important to Unified Compliance.

• Vision and Goal Setting: articulates the vision alignment, problem being addressed, and goals of the product proposal describing what the product is, who it is for, and how it will benefit the users and the organization.

• Decision-Making Framework: helps in making informed decisions throughout the product development process acting as a reference point for evaluating progress and making changes.

• Performance Measurement: sets the criteria for measuring the success of the product through specified metrics and key performance indicators (KPIs) including potential financial impact.

• Basis for Prioritization: helps in prioritizing features based on the product strategy, market needs, and resource constraints.

How does this proposal fit into our overall vision and which specific initiative does this proposal align with and how?

What problem are we trying to solve? and why it important to our customers and/or to Unified Compliance?

Briefly describe the approach you’re taking to solve this problem. Provide enough information for the reader to imagine possible solution directions and get a rough sense of the scope of this proposal.

What does success look like? What metrics can we effect and why it is important to affect those metrics?

The intent of this section is for the following:

Scope Definition: defines the scope of the proposed product (or features), including what will and will not be included helping manage expectations and focus development efforts.

Guideline for Development: provides detailed information on the product’s features, functionalities, user flow, and interface to guide the development team in building the product.

Framework: provides high-level evaluation criteria for alternative solutions (build, buy, partner) to evaluate different routes to success.

Describe the product requirements that will fulfill the underserved need(s).

List the known features that are out of scope for this project or might be revisited at a later time.

As is case with the assumptions, it is important to list these out so that architects and engineers can plan accordingly for these later updates.

Link to mockups, prototypes, or screenshots related to the requirements.

Links to user journeys, process flow, or other diagrams related to the requirements.

If this project is a component to other areas or an update to an existing product, specifically call out where this product will interact with other areas.

List any open questions that come to mind throughout the lifecycle of this initiative.

Provide a high-level evaluation criterion for alternative solutions (build, buy, partner) to evaluate different routes to success.

The intent of this section is for the following:

Monetization: Financial impact this product will introduce (if any)

Risk Mitigation: Identifies potential risks and propose mitigation strategies.

Launch Readiness: launch checklist including high-level go-to-market plan to ensure cross-departmental alignment.

High-level Messaging: Includes Unique Selling Proposition (USP) raising visibility of the proposed solution’s value proposition.

What is the Unique Selling Proposition (USP)? Relay the key factors that separate our product from the competition and why we are the best possible solution for our prospects based on their unique needs.

Will this product be part of an existing subscription or an add-on?

Will this product be usage based or part of a subscription?

Identifies potential risks and propose mitigation strategies.

Identify any relevant milestones that people should now about. Will we “eat it” ourselves first? Will this require a beta? and what is the target launch date?

This section is a reminder to the product team to make sure all relevant stakeholders are involved as necessary.

List and link to any other reference sites, documents … that might be important to the reader including the business model canvas (BMC).