The world is slowly getting back to its normal pace after 2 years of slowdown and lockdown phases. Now, companies are bending their back and stretching their arms to hire top class product leaders to envision the future of their organizations. The importance of product management certification has reached its pinnacle in the COVID era where more and more companies are sustaining, competing, and diversifying their portfolio of offerings with outstanding products and services. This is the time to get on with a product management course for shaping your future around software development, AI and Machine learning, Cloud computing, robotics, and virtualized networking applications, and so on.
Product Management is fastest growing Billion Dollar Economy
The global demand for product managers is at an all time high level. Many product centric companies that cater to diverse industries rely on the skills and experience of product management teams to build a breakthrough products. Most companies turn to the machine intelligence offered by different types of software for product management. Going by the sheer volume of product management software marketing, the industry is slated to earn the company more than $4 billion in 2023. However, the revenues are closely associated with the kind of people that run the business as much as it does with what kind of product managers are hired to innovate products and services that meet the ongoing demands of digitally transformed organizations.
If you are looking to get on a fast-track career path to becoming a pro level product manager, this article will help you get there.
An intro to product management strategy
The first thing that one has to understand about product management is that it is more of a strategic role than a development one. To make it clear, let’s differentiate between the two. The development role refers to the job that product engineering do in the team — they build a product, analyze its features, and then look out for approvals from the management to go ahead with live operations. In short, innovation in the physical sense happens in product engineering labs — they keep the machinery running day in and day out. Now, to make the product development more market centric and competitive, many factors have to be taken into account. Product engineering is just one aspect of the product management team (but a very important one, no doubt!), but organizations need more functional roles and departments to keep the ends tight. Product management teams do that for the organization. A product manager is a liaison role that links product development stages with operations in Marketing, Sales, Customer Services, IT, Supply chain, Legal, Finance and Accounting, UX and testing, and then Human Resources.
To become a successful product manager, one has to understand how each of these functions and how each operation influences the outcome of the product engineering team at all stages of development. So, your journey starts with engineering — the innovation, but its progress as a roadmap to strategic inclusion of various business functions and operations management.
Jump to product strategy
99 percent of the products fail at the market level! Do you know why? It’s not that the product is bad or its features are unwholesome – but because the strategy that is laid to launch or market in the industry is faulty. The problem is common in a majority of tangible and software products. To make things work for you, product strategy is required. Strategy is nothing but a battle preparation to turn unfavorable conditions into winning outcomes. This derives its origin from the war strategy which requires training and intelligent reading.
Train with AI and business analysis
Product management programs with AI and BI training are what drive the ecosystem today.
Today, it is possible to shorten the lead time to building and launching a product. By using AI and automation for business analysis of product vision, strategies, customer analysis, market research, revenue forecasts, and hiring streams. It’s like going on an adrenaline rush with constant help from a reliable technology. Only 0.1 percent of all product engineers ever think about going with a product strategy or supporting product management teams with AI and business analysis reports.
When product management teams think differently, they come up with a great profit making product. Such products are mostly disruptors—like how it was for the likes of Sony, Toyota, Microsoft, Google, Uber, Flipkart, Licious, and millions of other startups—that compete among each other but are disrupting the product markets with their own unique offerings and strategies.
With so much happening in the product management software industry, the role of product managers is cut out from the competition in the modern AI era of highly personalized services delivered on the agile.