What is Product Management?
Companies who do not provide services will often provide product - sometimes services as well... However, though most will manage services through KPIs and the clients' experience, products are quite different. Product management provides a process to help companies get from the planning stage of a product through the buying stage, the production stage, quality testing, beta testing & usually ends up with a focus on marketing.
IWhat is the Importance of Product Management?
Product management can be one of the most important processes in business - depending on how many products they produce that is. One of the main roles is quite simply to help the product scope keep in line with business strategy & to keep up with market trends knowing what to do next, Good product management software allows companies to keep up-to-date with this information in real time.
Why use Product Management?
From start to finish, product management can be a mammoth task! Managing individual teams & making sure they have the right information, materials & resources at the exact time they need it can be challenging. To minimize the amount of work needed we implement product management processes and solutions to help control those processes. In the end, this will mean less admin and non-value added activities are cut out completely or reduced to a minimum.
How Effective is Product Management?
Product management can be applied to everything from complex rocket ships to making cheeses & other food products! Since it has been constantly developed across multiple industries for years, a wide variety of reading materials and best practice guides exist. The hardest part of making product management effective is weighing out the physical man-hours needed vs the value you get from the process...
When in a development cycle the biggest question on everyone's mind is "When will it be done?" Using product management solutions allows everyone to stay aligned.
Product management opens the door to streamlining many processes. From reporting overall progress to individual team to-do lists, many tasks can be condensed & automated.
At the end of the day, to continue making a profit & being cost-effective, time is probably the hardest asset to manage. Deadlines are required to be met, and processes must support these deadlines.
Below is a diagram showing the 3 main contributing factors to product management.
The majority of the time a product is being created, it is for a consumer. Whether that is a business or a consumer from the general public, they tend to know what they want, the issue being it isn't always as simple as the thing...
One of the most restricting factors to product management - behind time - is the current state of technology. Lots of people want holograms, but sadly we just aren't there yet (cost effectively). It's important to know what tech you have at your disposal.
Taking into account the customers needs, and wants, with the technology you have at your disposal leaves only one question... What does the business need to do to support the development of this product? Usually, this is time, manpower and material resources.
When you take into account all of the above, you have the basics of identifying product development needs. Knowing all 3 sections and their common ground is absolutely crucial in delivering what has initially been promised.