I was quite upset when I learned the tragic outcome for the OceanGate Titan submarine’s crew during their dive into the Titanic wreck.
On the scale of horror, it will never beat the hundreds of migrants who are drowning every week in European waters.
Still, five lives lost – including a 19-year-old who did it to please his dad for Father’s Day – is a poignant reminder of the devastating consequences that can arise from catastrophic product failures.
Some might consider the Titan submersible an experiment and will honor the lost souls as true explorers who pushed the boundaries of what was possible. Others will see in it a foolish, greedy expedition in a faulty machine.
In any case, whether it’s a prototype, a Beta version, an MVP, or a fully-fledged established product, proper upfront risk management can help anticipate most catastrophic failures.
And this is where I think that real product management could have potentially saved the lives of the Titan submarine crew.
Product management is crucial in any product’s overall risk management strategy, whether a groundbreaking civil submarine or the latest software-as-a-service (SaaS) solution.
By proactively identifying and categorizing risks early in product development, product managers can facilitate necessary conversations within product teams and engage with executives to effectively mitigate these risks.
So, how can product management help assess and address the risk inherent to any new product?
I’ve seen it work best when product management addresses risks holistically. Marty Cagan’s framework outlines four types of product risks to look into:
How valuable is the product?
Product managers must gain deep insights into the target audience and their unmet needs. Understanding the value customers see in the product, its differentiating factors, and the likelihood of adoption compared to alternatives. In the case of the Titan submarine, understanding the needs of a niche market of individuals willing to pay $250,000 for a safe trip to the Titanic was essential. OceanGate blatantly failed by not returning them safely to the surface.
How feasible is the product?
Collaboration between product management and engineering is vital to assess the feasibility of required features. In our Titan submarine case, engineering should have evaluated whether the sub’s structure and shape, including the porthole, could withstand the immense pressure at 4,000 meters. It had been down there before, but was it sufficient proof? Such feasibility assessments should also take resource and timing constraints into account.
How usable is the product?
Product designers, guided by product management, should prioritize usability with the target audience in mind. Whether it is software or hardware, enabling users to achieve their goals effectively and with minimal friction is crucial. While unconventional in such a risky environment, the decision to use a consumer-grade gaming joystick for submarine controls was understandable to avoid reinventing motion controls. They even had spares, but was it the most effective controller for an extreme environment?
How viable is the product?
Product management should evaluate the economic viability and potential profitability of the product. Considerations such as market dynamics, return on investment, and ethical and legal implications are essential. This dimension often involves engaging in critical discussions with senior executives.
While different teams are responsible for mitigating identified risks, product management acts as the catalyst for discovering, assessing, and ensuring the successful mitigation of these risks.
It sounds overwhelming, but teams can formulate assumptions, test them, and progressively reduce uncertainties by adopting an iterative approach.
In hindsight, real product management could probably have prevented the tragic fate of the OceanGate Titan submarine crew.
By addressing risks comprehensively and involving all key stakeholders, product managers play a vital role in identifying potential pitfalls, facilitating risk mitigation strategies, and ensuring that consequences are well understood.
That upfront risk management becomes even more critical and strategic in high-stake innovative applications. It underscores how indispensable product management can be in avoiding catastrophic failures and safeguarding lives.