Changing scope of product management

[prachi-chawla-00503722 (Prachi Chawla)]

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.

[amisha-verma-82753cad (Amisha Verma)]

Avenues and roles in Product Management

Your job path as a Product Manager is likely to change over time. Product managers have various options available to them, whether they are just starting in the profession, trying to further their careers, or looking for something to do beyond product management. As a Product Manager, you’ll be able to dip your toes into every aspect of the organization, which will help you select which career path to pursue. Furthermore, the entire Product Gym community is eager to assist you in learning about all of your options within and beyond product management.

1. Moving up in the Industry: Product Managers frequently ascend the corporate ladder. This is ideal for those new to the product management sector who want to learn the ropes. Working your way up the corporate ladder also allows you to learn about different aspects of the business and what interests you the most. There is only so much potential for expansion in large firms, such as the FAANG enterprises. Product Managers are frequently seen in this area, looking for opportunities to advance their careers. Finding a new firm in your field, perhaps a smaller startup will often provide you with a higher chance of obtaining a hirer position.

2. Parallel Industry: Product Managers frequently ascend the corporate ladder. This is ideal for those new to the product management sector who want to learn the ropes. Working your way up the corporate ladder also allows you to learn about different aspects of the business and what interests you the most. There is only so much potential for expansion in large firms, such as the FAANG enterprises. Product Managers are frequently seen in this area, looking for opportunities to advance their careers. Finding a new firm in your field, perhaps a smaller startup will frequently provide you with a higher chance of obtaining a hirer position.

3. Joining a Venture Capitalist Firm: In the last three to five years, we’ve observed a rise in the number of venture capital firms hiring Product Managers to examine other product teams before investing in them. Venture capital firms require experienced Product Managers to visit a new company and see the product team in action. It would be your responsibility in this role to determine the company’s plan, review the team’s backlog, and determine whether the individuals behind the product have what it takes to succeed.

4. Offering Startup Consulting: Another option is to pursue a career in freelance product management. You have experience as a Product Manager that other organizations, particularly startups, would gladly pay for. Working a few additional hours a week outside of your day job is one way to go about it. This can eventually get to the point where retaining your day job costs you money rather than making you money.

5. Startup: Finally, and for many Product Managers, the ultimate ambition is to establish your own business. A considerable proportion of persons who enter the field of product management hope to one day operate a business. Because so much of a Product Manager’s job is taking on responsibility and making decisions in the same way, a CEO or founder would, product management is a suitable career path for aspiring entrepreneurs. Product management is an excellent area to practice achieving success when working with limited resources and knowledge.