Value Metrics and Key Performance Indicators

Measuring success

No matter what domain, vertical, or peer group our AI product is in, we’re going to need to establish some way of communicating the success of our product through a combination of value (business) metrics, key performance indicators (KPIs), and objectives and key results (OKRs), along with a number of technical metrics that might be required when we’re communicating about the efficacy and success of our product to a technical audience. As with anything, if we can’t establish a baseline and see how we’ve grown from that baseline, we won’t know whether our performance is improving(and, if it is, by how much) unless we track it.

In the following lesson, we will be looking at the various types of metrics we will start to collect on our products’ efficacy. For AI products, deciding on which metrics we will track, how we will talk about them, and what kinds of audiences we’ll tailor certain metrics for will be an important part of our product strategy, as well as our marketing.

Defining technical and business OKRs

When we’re defining success for our AI product, we’ll want to set some OKRs from a technical and business level so we can track how our AI product is building toward the performance we want to see. OKRs are used heavily in product management to track progress toward higher-level business goals. We’ll want to choose two or three objectives to start with, and we’ll want a group of three to five key ...