Product Management is expected to evolve in five ways during the next decade, as outlined below:
1. Manual efforts will be relegated to the background.
Manual labour is destined to become obsolete in the near future, given that we live in an era of automation. No company, for example, will devote time and resources to designing and customising its CRM platform. With so many top-notch CRM suppliers on the market today, you may simply acquire a CRM solution to benefit from a suite of comprehensive capabilities, established best practises, and speedier deployment, all at a significantly reduced cost.
This method will be used in Product Management as well. Although Product Management procedures and strategies varies from one firm to the next, common industry standards will soon become the norm. As a result, manual workflows and activities will be phased out in favour of automated operations. Companies will test a small number of PM tools and frameworks, using them to plan out their road maps, make decisions, and track key performance metrics.
2. Engineering items will be less expensive.
For a long time, Software Developers/Engineers ruled the roost when it came to IT technology and software products. Engineering items, on the other hand, have become much less expensive as a result of fast technical breakthroughs.
As a result, if firms in the same sector spot a niche opportunity, they compete head-to-head to see who can come up with a unique solution first.
The lower cost of developing specialised items unavoidably leads to an increase in the number of market rivals. As competition grows, development expenses and the pricing of top-tier Product Management tools and frameworks will fall, making it more accessible to everyone. And whoever can take advantage of this opportunity by using appropriate data and PM technologies will eventually obtain a competitive advantage in a given domain.
3. Product Management’s key principle will be "collaboration."
Delegated decision-making is becoming increasingly popular in the corporate world. According to this model, authority is delegated to executives who are directly related with various parts of business operations and consumers, rather than being concentrated in the hands of the C-suite.
Thanks to AI and Machine Learning, this trend of empowering decision-makers across many business divisions is gaining traction. AI and ML enable PMs to make data-driven business choices by assisting in the discovery of the relevant information at the right time. After all, Product Management’s goal is to provide value to consumers by making data-driven and well-informed decisions.
Naturally, all departments, including design, engineering, sales, and marketing, must work together closely to achieve this. Apart from a few leadership roles, it is realistic to assume that the bulk of Product Management jobs will be integrated into and entangled with other activities within the firm.
4. Virtual Reality (VR) will become more widespread.
Companies and organisations from many industries have access to tools and frameworks that enable their product development teams to quickly design and create distinctive product experiences. In addition, Virtual Reality (VR) allows users to test and play with interactive prototypes prior to introducing a new product on the market.
Because virtual reality has become a widespread technology, the cost of VR systems is rapidly decreasing. This is fantastic news for businesses of all sizes, as they can now take use of VR’s capabilities to provide their consumers with best-in-class digital experiences.
Physical experiences, such as checking out how a dress/shirt looks on you and strolling into a real estate property or a business to get a feel for it, can be substituted by virtual ones. These are not just one-of-a-kind experiences, but they’re also a great way to promote a product.
5. The typical protocol will be to put the consumer first.
Currently, a firm that places a high priority on customer happiness generally succeeds in capturing a major portion of the target market. To catch the attention of their target audience, all firms and organisations will embrace a customer-first approach in the coming years. The competitive advantage associated with the customer-first strategy will eventually be stripped away as a result of this.
It will no longer provide you with a competitive advantage over your possible competitors.
Any company that wants to have the upper hand in such a situation will have to take even more drastic actions. To remain ahead of your competition, you must embrace modern ideas and technology. PM will contain tools to streamline Product Management procedures, such as reducing iteration cycles, making testing and implementation easier, and so on.