How Product Management Fuels Innovation In Software Industry?
Product management is a critical function for any software company whose growth is the cornerstone because it brings about business changes that extend to more than innovation, automation, and creativity. However, the McKinsey Product Management Index survey reveals that product managers are undervalued in software organizations. Although the main reason behind the phenomenon is unknown, experts believe that product managers are unprepared for handling bigger and more significant roles and responsibilities.
Similarly, the companies are also unaware of the potency of introducing more product managers into their business. This article will serve as a handbook to help product managers and software companies understand the importance of product management and its benefits. To understand it better, let’s start with understanding the meaning of product management.
What Is Product Management?
What is product management? This is one question that many product managers find hard to answer. However, the simplest answer to the question would be the process that overlooks the product’s life cycle. It is a business process that starts with the ideation of a product and ends after it is removed from the market. A group of skilled professionals and product managers work toward making successful product management strategies that embrace change and evolve with time.
In the complex business environment, where companies are trying hard to survive, the project management process makes it easy for firms to function. In the succeeding part of the article, we will be looking at the importance of product management in the software industry.
What Is The Importance Of Product Management In The Software Industry?
Here are some reasons for the growing importance of product management in the software industry:
● It Helps Understand Customer Requirement
Product management helps in understanding the requirements of the customers. It uses different methods and strategies to gauge the needs and wants of the customers and then implement them into the company’s products or services.
Businesses primarily use project management while launching new software or applications in the market to monitor their performance. Moreover, to collect feedback and initiate future research and development.
● Creating Product Roadmap
A roadmap is a blueprint traversing through the journey of a software product. Therefore, product managers create a product roadmap at the start of software development. Software product roadmap helps attain the business objectives through the product’s life cycle.
● Provides Timely Support Services
Innovation and creativity in the software industry are sparked by customer feedback. Therefore, the industry runs on the fundamental principle of developing customer-oriented products, and product management provides them with timely support services.
Product managers take feedback from the users and communicate the same to the research and development department of the company. After evaluating the feedback, the team decides whether to implement it or not, which leads to efficiency and customer satisfaction.
● Aid Business Model Development
A business model refers to a business’s plan to make a profit through various sources like selling, purchasing, investments, and others. Product managers play an important role while developing a business model. They collaborate with different departments like sales, marketing, and manufacturing to make a go-to-market strategy that will help companies churn out profits throughout the product’s life cycle.
● Developing Training Programmes
The software industry is a complex field, and professionals need to be well-versed and equipped with the latest trends. Product managers play a significant role in helping them stay relevant in the current market scenario. They devise training programmes to keep the sales, marketing, and manufacturing professionals about the latest trends sprouting in the field.
What Does A Software Product Manager Do?
Software product managers perform a varied set of roles to achieve business goals. They perform roles like-
- Heading and managing the software product management department
- Planning and monitoring software development process
- Overseeing that the final product aligns with the company’s mission
- Ideating new product development
- Devise various marketing and sales strategies
Like, product managers, software product managers also share similar roles and responsibilities. They also share the same stature in the software industry. Since various brands realize the importance of product management, the demand for a skilled software product manager is on the rise. Below are some software product management skills:
- Monitor and offer support during the software’s life cycle
- Collaborate with different departments during the ideation stage of the software development
- Analyze the market condition and competitor’s marketing strategy to understand the market trends, and pricing strategies, among other
- Supervise the software development phase
- Manage the workflow in different departments like marketing, sales, etc.
Suppose you want to make a career in software product management, then it is significant that you expand your knowledge, and Emeritus India’s certification courses are the best way for that.
Emeritus India has various product management certification courses offered by renowned Indian and international education institutes. Below, we have enlisted some of Emeritus’ popular product management certifications.
● Certification Program in Product Management
The Indian Institute of Technology, Bombay, offers a certification course for product managers to expand their knowledge on product ideation, development, and testing. The course equips candidates with crucial skills to make strategic and tactical decisions during product management.
Duration of course: 6 months
● Course in Product Strategy
The Indian Institute of Management, Kozhikode, has joined hands with Emeritus India to offer a certification course in product strategy. The course’s curriculum includes people management, agile product strategy techniques, product life cycle, etc.
Duration of course: 5 months
We offer many more product management courses in association with various Indian and international institutes.