Much of a company’s success—whether that’s a driving force behind a complete turn-around or simply a shot in the arm—hinges on new product releases and updates. A product manager’s role, then, is vital to driving revenue. But they have to get it right, and that’s not always an easy task.
An article by Eric Nguyen on ProjectTimes.com lays out the 3 main challenges for product managers. The first is planning an accurate product roadmap. Many of the challenges that come with creating one stem from a lack of information, leading to discord within the team and/or products that don’t drive real value for customers. Having a solution that would allow the PM to track and receive updates on what the customer is saying in the marketplace about a solution like theirs, as well as understanding market trends and competitive activity, will help them understand how the market is trending and what the customer really wants and needs—creating a better product and a more accurate timeline. If their team has the same information as they do, they will have to spend less time dealing with conflict from the different business groups and get down to business.
The second problem is embracing change to speed product development and delivery. Product managers—and other business stakeholders, for that matter—are used to seeing a detailed plan and timeline. But by having insight into the changing market and competition, they can be more agile and take advantage, knowing what to develop and when to release it. They can get ahead of the market and claim innovator status—putting them in front of the competition and driving revenue.
Lastly, the project manager needs to be able to align all of his teams and facilitate communication between them. Giving everyone access to the same information is one thing, but they also need to be able to collaborate and communicate key information they find. Once they can, the process will run much more smoothly, driving innovation in products and a more agile approach to the market.
A product manager has to juggle a lot of different viewpoints and input—from sales to marketing to the customer—in order to develop a product that will move the needle. By having relevant, real-time information, his team will be able to stay ahead of the market and create great value for both his company and his customers. See how Rambus is using FirstRain to identify strategic opportunities in new markets.