Modern Product Management

Product Managers are for enterprises like conductors for an orchestra. They set the pace, have the overall understanding of a composition, unite different human characters, give clear instructions and provide feedback.

In terms of industrial companies, Product Managers have a decisive influence on the design and development of products. They ensure that a product enters the market at the right time, in the right scope and at the right price. They keep the product attractive throughout the entire market phase. They are key that all stakeholders pull together.

A basic condition for successful Product Managers is the understanding of customers with their problems and needs, of the market and the competition. Another condition is that Product Managers are equipped with a substantial level of responsibility for the various aspects around their products which we call the product leadership. The aim is to harmonize the interests of the company with the interests of the customers.

Digitalization

Put simply, digitalization is the use of digital technologies for a task. For instance, to buy goods over the Internet rather than visiting a store or robots performing production work for industrial devices.

The digital revolution changes our daily life. A benefit for vendors is that digitalization enables to react quickly to new customer requests or new findings. A software code is updated within days when agile methods are used and released for customers shortly afterwards when cloud technology is used.

Product Management more important than ever

Companies which are faster, more creative and more innovative than others and permanently monitor new trends and technologies have a clear advantage. A strong Product Management is key for achieving such a position in particular if a carefully tailored product leadership profile has been assigned. The role of Product Management is upgraded through a higher level of authority and entrepreneurial scope.

The basic tasks which Product Managers deal with do not change by digitalization. Market and competitor analysis, drawing up product strategies and business plans, requirements management and product management are still part of the job profile. However, focus, contents and the execution of tasks change. Let's have a closer look at those.

New focus of Product Management tasks

Companies want to be successful in the long term and sustainable. In fast-moving market environments like in our digital world, this only works with sophisticated strategies which serve as guidelines for corporate acting. On the enterprise side a company strategy is required as well as product strategies on the product side. The strategic focus of Product Management shall ensure that the routes to the ultimate goals of the company and its products are pursued even in rough times and in weird situations by all stakeholders. Unnecessary changes in direction, continually changing priorities and never-ending firefighting have to be avoided.

Of course, the operational tasks still have to be performed by Product Management, for example requirements management, however with adapted priority or organization.

New contents of Product Management tasks

Customer orientation is the focus of action. The dynamics of digitalization demands an extension of the customer analysis work. Investigations on customer experience and ecosystems complement the commonly practiced analysis of problems and needs of customer target groups.

With regard to customer experience, all touchpoints of a customer with a product are considered starting with the moment when a customer first becomes aware of the product. An ecosystem combines a product with customer services such as free trial and promotions. The Product Manager creates an individual package which differentiates the company from its competitors.

New execution of Product Management tasks

Digitalization provides data in abundance. This allows decisions to be made based on real data rather than assumptions. Product Managers must be able to determine which data can be collected and stored considering legal regulations which apply. They must be able to analyze the data either by themselves or a third party and derive appropriate measures from the findings.

All that glitters is not gold. This sentence is also valid for digitalization. Catchwords like digital detox and digital burnout are mentioned here. It is up to Product Managers not to overact, stay grounded and make socially responsible use of the immense opportunities of digitalization.

Summary

Digitalization offers a fascinating and highly demanding field of activity for technically affine Product Managers which requires the best education and continuous further training. RealSkills assists you with specialized Product Management training privately on-site as well as publicly on behalf of the training course provider Management Circle.

I look forward to your feedback - ressenig@realskills.de