Product Management

PM
  • Pitching and positioning new ideas for product and feature development
  • Working with engineering and design teams to bring the product to life
  • Ensuring that each product meets the needs of the target user or customer
  • Individuals and interactions over processes and tools
  • Working software over comprehensive documentation
  • Customer collaboration over contract negotiation
  • Responding to change over following a plan
  • It changed the relationship between Product Management and Engineering from an adversarial one to a collaborative one
  • Focusing on the customer erased the artificial separation between the research, specification and development phases of a product
  • These principles have permeated further into the business with the development of lean practices and the development of Lean Start-ups and Lean Enterprises

Product Management Today

  • Discover and understand customer needs
  • Decide on what to build to answer those needs (product vision)
  • Define how to build it (product roadmap)
  • Help that process with cross-functional support, between developers, sales and customers
  • Product Management Helps Focus on the Customer First
  • Product Management Creates Processes for Efficiency and Optimum Quality
  • Product Management Helps to Keep Budget and Deliveries in Check
  • Product Management Creates Scope for Innovation and Teamwork
  • Analytical skills
  • Communication & Presentation skills
  • Empathy
  • Financial skills
  • Leadership
  • Project management
  • Research
  • Strategic thinking
  • Technical skills (methodologies, processes, and tools)
  • A growth product manager is primarily focused on furthering a specific metric their company has set to measure the growth of the business
  • A background in engineering or development is almost always required for technical product management roles, as this type of PM works hand in hand with engineering teams to improve things like a product’s core functionality or a company’s tech stack, security, or other parts of their digital infrastructure
  • Data PMs create use cases that organizations use to measure success for their new product and feature releases working with business analysts and data scientists

Future of PM in the next 20 years

  • Automation, IoT and AI to run the show: Automation, Machine Learning, IoT and Blockchain are also set to shake things up in the future. As AI is weaving its way through all industries, there is a case to make about how it will impact product management. It’s quite certain that AI will assist product managers by speeding up software development, assist the insight-finding and decision-making processes. By helping to uncover the right information at the right time, AI and ML allow PMs to make data-driven business decisions. After all, Product Management aims to deliver value to customers through data-based and informed decision-making.
  • Virtual Reality will go mainstream: As VR has become a mainstream technology now, the cost of VR devices is falling steadily. This is great news for businesses of all shapes and sizes since they can leverage the potential of VR to create best-in-class digital experiences for their customers. VR will make it possible to test and experiment with interactive prototypes before launching a new product in the market.
  • The customer-first policy will be the standard protocol: At present, a company that prioritizes customer satisfaction over everything else often goes a long way in winning a significant share of the target market. However, in the upcoming years, all businesses and organizations will adopt the customer-first policy to capture the attention of their target audience.
  • Making data-informed decisions: Over the next three to five years, we see the product-management role continuing to evolve toward a deeper focus on data (without losing empathy for users) and a greater influence on nonproduct decisions. Product management is all about making data-informed decisions to deliver value to customers. Product managers of the future will be analytics gurus and less reliant on analysts for basic questions. They will be able to quickly pull usage data, analyze, and draw insights. PMs seem to value hard skills (AI and Data) and soft skills (leadership, communication, etc) in equal measure. In the future, PMs need to know what their data scientist is trying to tell them, whilst also being able to empathize with them.
  • More institutionalized training & literature: More and more people will be trained for the role from scratch. To do this, universities will offer more programs on Product Management. The field is constantly changing with an abundance of blogs and books being published every other minute. We can expect an even faster flow in combination with literature. Other sources of education for Product Management includes cross-trainings, certifications, product tear-down cohorts, peer mentoring, meetups & webinars etc.
  • More Product Management specific tools: Although it took a little while, there are now more pm-specific tools available than ever. Aha!, TinyPM, ProductPlan, ProdPad, Slack are all good example of tools that address specific PM pain-points.
  • PMs as Product Operators: With more competition and more choice for the consumer than ever, it’s not enough to just build great products and hope for organic growth or crazy tech valuations. Product Managers will need to become true operators — they need to focus on all parts that are connected with the product to create successful outcomes for the business. The reason I chose the notion of Product Managers becoming more operational is that there will be a new expectation of the PM driving real results.
  • Manual efforts will take the backseat: Considering that we live in the era of automation, manual efforts are bound to become archaic in the near future.
  • Specialisation and Remote Product Management
  • Product management will become a widely known profession
  • PMs will grow in impact

Conclusion

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IIT Delhi, Passionate about product!

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Ruchika Yadav

Ruchika Yadav

IIT Delhi, Passionate about product!

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