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The evolving role of Product Management

4 months ago by Luigi Muscat Filletti
Woman using a laptop and calculator

Digital transformation is being felt by practically every company across all sectors worldwide, and whether it is being embraced or not, it is most certainly posing a fair share of challenges and opportunities. Implementing evolving technologies of Big Data, A.I. and IoT, just to mention a few, means that companies are ready to dive into the deeper end of the spectrum to take a greater chance on becoming true industry leaders.

The adoption of such technologies means that companies must restructure their business models to match their objectives with the investments they are set to make. Companies must also be aware about the skills required to fulfil their digital ambitions - whether their current workforce in Tech would be able to carry out the tasks needed, or if they must resort to outsourcing through gig workers. Further to this, it is one thing sourcing and organising the needed talent to complete the job, but it’s another area of concern when it comes to knowing how to cleverly make the most of it. It is not enough to simply set up intelligent automated systems to gather, organise and analyse data - companies should not only invest in the right software, but primarily in the right people who have the ability to innovate.

Thus, companies must outline how they will be making the most of new and evolving technologies by sourcing the right talent specialising in various areas. Making intelligent use of the fruits of the digital age means recruiting the best talent who can effectively define clear product objectives for the market to leverage the company over its competitors. This, is where the field of product management comes into play. Professionals in product management have been witnessing their profession evolve tremendously over the years through the power of the internet and the smartphone which has greatly altered the attention of the user. The ability to understand user behavioural patterns over a range of customer segments and demographics is a top asset for companies in the digital age. Thus, investing in this area of talent is becoming more and more important amongst all organisations, from top players to humble start-ups.

Directly contributing towards growth and revenue, product managers set up roadmaps which are goal-oriented through design and innovation, driven by strategy. Paying close attention to user experience, product managers align industry and consumer trends with evolving technologies and business objectives to leverage a superior market position for the organisation whilst simultaneously providing the market with an exceptional end product which is innovative and sustainable.

Companies looking to provide long-term value to their customers should seek the expertise of this segment of professionals, usually with backgrounds in tech, who can develop product strategy and influence company direction in the market. Product managers are also diverse workers who consistently collaborate with the rest of the organisation’s talent to keep in line technical issues and legalities, financial budgets and constraints and user demand, to mention but a few factors.

By sourcing and recruiting the right talent in this area, a company can ultimately increase their brand value through innovative product offerings and as a result, improve their bottom-line and company growth. Thus, the skills needed to rise up the market position lie also in the product manager who can share their extensive knowledge for the benefit of the company.