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Product managers are the voice of the market inside the company. They are the truth tellers to the executive management, development, sales and other departments of the company by synthesizing meaningful market data into actionable information.
Product managers cut through hundreds of great ideas and customer requests to guide the organization down a path that results in maximizing revenues at minimized costs and product branding.
As the market is always evolving, product managers and their techniques have also evolved through time, as they bring in new concepts and techniques so as to handle the product management in a better way. At the midpoint of this decade, business process management saw the rise of next generation of product managers, using modern tools as the part of solution architechture.
Solving business problems by machine learning concepts:
Machine learning is a type of artificial intelligence that allows product managers to be more accurate in predicting outcomes. The algorithms analyze previous customer data so that the managers can know the probable outcome and can make products according to the processed data. For example, using this concept a manager can know what type of products the customers are interested in buying after processing their previous purchasing data.
The new generation of product managers is analytics experts as they discover, interpret and communicate meaningful patterns in the product data obtained from the customers. Data is extracted and categorized to identify and analyze behavioral patterns so as to improve and quantify performance. This technique is also used internally for continuous interactive exploration and investigation of past business to gain insight and drive business planning, called business analysis.
Use of decision-making tools:
As the product managers have to take the ultimate decisions about the products, they use different type of decision-making tools for quick and effective decisions
- The Morphological Box/ Grid Analysis/Decision Matrix: Involves the drawing of a grid with the root problems that you have identified as the column headers and then each solution has its own row. You then systematically review what problems each solution solves.
- Decision tree: These are diagrams that are designed to graphically depict the decision-making process and any influence that the decision will have down the line. You start with a box on the left of the page and then flow out each decision point. If the answer to the decision is a yes, then you flow on to the next decision. This goes on until all the decisions have been made.
- Brainstorming: It is a combination of group problem-solving and discussions. It works on the belief that the more the number of ideas; greater is the possibility of arriving at a solution to the problem that is acceptable to all. It starts with the group generating ideas which are then analyzed, and if thought to be good, are then implemented.
These techniques show why enterprise architecture and integrated learning programs should be included in the corporate training program of the organization.