All of us understand what we mean by a product, isn’t it! Given the fact that the definition of a product varies from sector to sector, we all will agree with the basic fact that it’s the product that drives every business. Better the product, better are the business prospects for any upcoming or even established entities. The next question which automatically arises is whose duty it is really to ensure whether the product is up to our expectations or not? Strictly speaking, it should be each and every employee’s responsibility to contribute and see that their company’s products meet all required standards.  But if we put it down as an operational responsibility, it is none other than a Product Managers, who ensure that these things are taken care of efficiently.

What is the importance of Product Managers?

With rapidly changing technology, the importance of data in decision making is huge. This has also changed the way customers think and focus. As such, a product manager’s role within an organization also becomes very critical. In simple terms, product managers not only decide on what product to build but how to build it too. Compared to the roles of product managers in the past, recent times have seen an increase in their roles and responsibilities, almost making them the deciding authority for the product to be built. It is the product managers who interact more with different departments and then share the strategy with the development teams.

Why Project Managers have to be more creative and pro-active?

With newer technologies emerging with exciting prospects, the end-user also has a different taste, with respect to new products hitting the market. As such, the emergence of the mini-CEO product manager is driven by a number of changes in technology, development methodologies, and the ways in which consumers go about their purchases. Hence, a good product manager would do well to understand a few key parameters, which can prove influential in today’s business world, with respect to their products.

The significance of Data

Data plays a huge role in either building a new product or improving an existing one. As such, it is very important and natural for product managers, who are closer to data, to take up a broader role.

Products are built differently

As the building of products depend by and large on analyzing the consumer requirement, it is important that the product managers think fast and think far. As such, they need to plan their road map for the next months in advance and work closely with different teams to strategize the development process.

A More complex and challenging ecosystem

The role of a product manager now, which makes him almost invincible to the organization, is much more than just getting a product out by following the procedures. Due to newer consumer expectations, even after the product is sold, they are now required to see through multiple parameters like pricing, market potential, and product pricing strategy.

Skill sets for Product Managers

The above parameters have no doubt influenced few changes in the skill sets for product managers, who are now inevitable in today’s tech world. In addition to soft skills, pro-active skills, and subject knowledge, the product managers now have to go a step further as their roles and responsibilities see a change. Today, Product Managers have to think more strategically and analytically, apart from having a keen eye for every detail.

Successful product managers work as ambassadors of the product that they are carrying from conception through production and final launch. They must be well aware of the market they are targeting with their new product and the competition it will face.

Conclusion

The product manager’s role in the next few years is expected to evolve more and focus more on data analysis and is expected to have a greater say in decision making. It is seen that Product managers of the future will be able to take formidable decisions and work as analysts themselves. Not only are the product managers likely to spend on external activities like engaging with customers and the partner ecosystem, but they also play a greater role in strategy making. Taking a decision about a product Product calls for much more than just knowledge, intelligence, and courage. With a Product Manager looked forward as one of the key decision making authority of an organization in the years to comes, people aspiring to become  PMs can build up experience in design, read about new software ideas, and practice coding and writing.  “Soft skills” are n0 doubt important to introduce and influence good ideas through, but product insight is essential for knowing which ideas are good in the first place.

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