We all know that building a great product requires tons of research and extensive planning. Without having a strong foundation of what needs to be done and by whom, you are likely to create a product development mess.

product requirements document (PRD) is a product manager’s best friend as it provides a guiding hand to the entire team in making their product a success. However, creating a product requirements document can be a bit intimidating.

Doing the research, collaborating with teammates, and storing and sharing assets can quickly result in chaos. This is why smart product managers often use a product requirements document template to simplify their workflow.

Request for a product by customer

Before we introduce you to our awesome product requirements document template, let’s take a quick look at what exactly is a product requirements document and what are the things one needs to include in these documents.

 

What is a Product Requirements Document? 

Before you start working on a product, there’s a heck lot of research that goes into defining its structure, features, requirements, roadblocks, and more. A key area where most product managers start with their product development is a product requirements document.

A product requirements document describes the product you are about to build in detail. It outlines the purpose of building the product, it’s intended use case(s), features, functionalities, and the timeline of building the product. All in all, it describes an overall vision of what the team is about to build.

 

Why are Product Requirements Documents Important?

We all know how difficult it could get traveling around a new city or country without a travel guide or a map. Similarly, in product development, it is highly improbable you’ll create the right product without proper documentation of product requirements.

Such documents are created before the product has started development in order to get every stakeholder on the same page regarding its functionality.

A man showing a product to his friends

A product requirements document ensures that the product development team and other stakeholders (clients, partners, etc.) are on the same page about what needs to be built and are completely aware of the use case, goal, scope, features, functional requirements, challenges, and budget regarding the product.

A product requirement document provides a roadmap for the entire product team and acts as a guide they can refer to whenever they get stuck during the product development.

Read more: How to Create an Agile Product Roadmap?

 

What Should You Include in Your Product Requirements Document?

A typical product requirements document should involve the following details:

Target Release Date: Add the target release date for the product.

Objective: Give the context of how this project fits into the organization’s strategic goals.

Vision: Describe in detail where you want your product to be in the future.

Goals: List product goals including their time frame, and success metric

Initiatives: List high-level product initiatives

Persona(s): Describe who the product is for.

Release

  • Date
  • Initiative
  • Milestones
  • Features
  • Dependencies

Features: Include the features added

User Flow and design: Insert wire-frames and mock-ups.

Analytics: Key Performance Indicators (KPIs) to study

Read more: Product Planning: What, Why, and How!

 

Key Benefits of Creating Your Product Requirements Document on Bit.ai

For creating product requirements documents, you need a proficient tool that can help you create, share, and collaborate with stakeholders and get work done efficiently. This is where Bit comes in!

Bit.ai is a new-age documentation and knowledge management tool that helps teams to collaborate, share, track, and manage all company knowledge in one place. Bit documents, unlike your standard Word docs, are interactive. This means product managers can easily add spreadsheets, videos, PDFs, cloud files, and more to a document with a single click!

Bit.ai: Document collaboration platform

Whether your team is creating product requirements documentation, technical specs sheet, training manuals, best practices, client support material, product launch marketing documents, pitch decks, business plan, SWOT analysis, competitive research, project management plan, etc, they can easily add spreadsheets, Slideshares, Google Slides, YouTube videos, PDFs, maps, charts, graphs, and more to your documents and make them visually stunning.

Bit features infographicSimple, Clean UI: Bit has a very minimal design aesthetic to it, allowing a newbie to quickly get on board with the platform. Even though the platform is feature-rich, it does a great job as to not overwhelm a new user and provides a systematic approach to work.

Organization of information:  Organizational information is often scattered in cloud storage apps, emails, Slack channels, and more. Bit brings all your information in one place by allowing you to organize information in Workspaces and folders. Bring all your documents, media files, and other important company data in one place.

Brand consistency: Focus on the content and let Bit help you with the design and formatting. Bit documents are completely responsive and look great on all devices. With amazing templates and themes, Bit docs provide you with the type of brand and design consistency which is unheard of in the documentation industry

Smart search: Bit has very robust search functionality that allows anyone to search and find any files, images, documents, etc quickly and easily across all of their workspaces. Users can search their digital assets using keywords, titles, descriptions, or tags. They can even search for files based on their source. (i.e., YouTube).

Bit's robust search feature

Media Integrations: Companies use an average of 34 SaaS apps! No wonder why most of our time is spent hopping from one app to the next, looking for information. This is why Bit.ai integrates with over 100+ popular applications (YouTube, Typeform, LucidChart, Spotify, Google Drive, etc) to help teams weave information in their documents beyond just text and images.

Recommended power links and files you can add to your product requirements document:

  • Weblinks
  • GitHub
  • PDFs, PowerPoint in Google Drive/OneDrive
  • Google Sheets, OneDrive Excel, Airtable
  • YouTube, Vimeo
  • Social Media posts
  • Draw.io & Lucidcharts
  • InVision, Framer, Figma

Sharing: Bit documents can be shared in a live state meaning that all changes that you make to the document will update in real-time. If you are sharing your documents with clients, they will always get your most up-to-date changes. You can even embed Bit documents on any website or blog.

Share documents in multiple waysTons of other features: Bit has a plethora of amazing features like document tracking, cloud-upload, templates and themes, document locking, document expiration, and much more, making it a well-rounded documentation tool.

Bit provides a common workplace for project members to collaborate, document, share their knowledge, assign tasks, monitor timeline, brainstorm ideas, store digital assets, and innovate together. The best part is that this knowledge is safely secured in your workspaces and can be shared (or kept private) with anyone in your organization or the public!

Here are some of the main benefits of using Bit:

  • Collaborate in real-time.
  • Interlink your product requirements document and other documents.
  • Create fully responsive documents.
  • Create product requirements documents that are only visible to yourself or your colleagues.
  • Track engagement on shared product requirements documents with customers, partners, etc.
  • Embed your product requirements documents onto any website.

 

Product Requirements Documentation Template

To make the process of creating your product requirements document easier, we have created a ready-made product requirements document template for you! Check it out below: 

How to Use Bit’s Product Requirements Documentation Template?

The process of creating product requirements document on Bit is insanely easy! Just follow these four simple steps to create your document quickly:

Step 1: Create a Bit Account

Go the home page of Bit.ai and click on Get Started for Free or Sign Up to get started. Enter your email address to sign up. Once in, you can create your personal profile.

Preview of creating bit account

 

Step 2: Create a Workspace

Workspaces are where the work gets done. Click on the ‘Create Workspace’ button on the right. A popup will show up prompting you to add a name for your new workspace. 

Preview of creating a workspace

You can create a workspace around a team, department, large project, client, partner, etc. Inside each workspace, you can create an unlimited amount of Bit documents and access your content library (storage area for all of your digital assets – web links, files, cloud files, rich embeds, etc.).

 

Step 3: Add Team Members

Bit allows your team members to collaborate in real-time and get work done. Collaboration starts at the workspace level.

Preview of adding team members

You create private workspaces by default. However, you can invite others to join you inside of a workspace and collaborate together with the knowledge, projects, documents, and content inside of the workspace.

 

Step 4: Create Your Desired Document

Once you are in the workspace, click on the ‘Create New’ button. Select ‘From Template’ in the dropdown. A pop up will display allowing you to select a template from the gallery.

Preview of creating a document

In the search box on the top left corner, you can search for the “product requirements template”. Once your desired template pops up, click on it and click on the “Use Template” button on the bottom right corner.

That’s it! Your product requirements document is ready for use!

🎥Watch this video to learn more👇

 

Over to You!

The product requirements document is core to building a great product and serves as a living document for any product developer, or any other stakeholder to follow the purpose and status of the product.

A documentation tool like Bit can help product managers significantly reduce the time and effort required to create such documents and bring all the resources pertaining to a project under a single roof.

This, in turn, helps developers, engineers, designers, marketers, and other team members to collaborate and work efficiently, making sure nothing slips through the cracks. If you need any help with the product requirements document template or want to know how Bit can help your business, let us know by tweeting us @bit_docs. Cheers!

Further reads: 

How To Create An Impressive Pitch Deck?

Procurement Management Plan: What, Why, and How to Create?

What is Product Adoption & How to do it Right?

How to Create a Product Plan the Right Way?

Product Development Process: Definition & Key Stages!

How To Create An Investor Update Document?

How To Write A Business Proposal?