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What Does the Future Hold for Product Management?

By CIOReview | Wednesday, March 18, 2020

It is time to cast a glance into the future, consider the forces shaping best practices, and make some guesses about the impact they will have on product teams in the year and beyond.

Fremont, CA: Product management is one of the most trending and fastest-growing roles in business at present. In 2 years, the number of product management roles in the US has grown by 32 percent, outpacing the increase in demand for overall functions by 5x. Product management plays a significant role that will impact not only a company's product but also its global strategy and growth.

As most of the customers today are using smartphones, wearables, or digital assistants in the home, such as Alexa, they are expected to be able to interact with their various digital services and products from anywhere. The most astonishing part is how do some products do this well. In 2020 there are several opportunities for the Product Managers to segregate their products from others by making these experiences seamless throughout devices and use occasions.

Digital Transformation

The Product Managers have to think about the ways to transform their products and services to take better advantages of these digital touchpoints such as digital technologies. Digital technologies can be utilized to make traditional services simpler and easier. In terms of physical products, a Product Manager should be looking for ways to solve customer problems with digital solutions.

Smart Spaces

Smart homes have now become a practical reality, with more than just thermostats and smart plugs available to the consumers. Smart spaces are the spaces that are people-centric but enabled by computing power. For the Product Managers of services and physical products as well, there are two concepts to be considered. The first is from a customer's perspective, how can a product take advantage of smart space to delight them, or maybe solve this problem. Secondly, a way can be formulated to leverage the benefits of cloud computing and the benefits of edge computing to provide users with a great experience every time, no matter where they are.

The bottom line is that the Product Managers must keep improving their skills as new concepts and techniques emerge with every passing day.

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