There is one burning question in the tech world today and that is: “How can you strategize AI in your product?”
This applies especially to product managers because we manage the day to day decisions on our core products and we can understand how to apply technology and other functions to these products. As a PM, when we think about strategy and business, in essence, we look at five different aspects.
5 Aspect Worth Considering
The first one is the people, the people aspect of the business. Next, is the Practice aspect of a business, then the Social aspect and the last two would be Environment and Partnership. So if the company, the product manager, the CEO, do not have a strategy in mind to implement the automated processes and artificial intelligence in existing products, the company is going to die in the future because there’s a huge competition who are definitely going to implement it and cut costs and improve margins.
If you look at the numbers, for example, healthcare companies who have about 15 to 20% competitive advantage over other companies and these margins.
It’s interesting because most of the industry’s margins are at 8%. So we’re talking about here a couple percent of margin, but one that makes a big difference, especially in areas like tourism or retail.
So basically, you need to evolve and your company can utilize AI technologies to gain a competitive advantage even become a market leader.
In order to do this, one has to specifically understand the evolution of the product lifecycle and the knowledge base required to carry out this execution. That is about strategy. And first and foremost, you have to be a good product manager, one who has core product management skills as well as industry-specific domain expertise. This is especially important in order to actually bring those solutions to market and this is usually something either you learn or you study about your industry-specific domain.
AI Product Management Today
Now you might ask, why do we need a product manager to do this?
Well, because technology is different today. You might have engineering managers and AI developers who will actually code the solution but you need someone who understands technology and at the same time can communicate with other teams to make sure the solutions are exactly what the market needs.
And that’s exactly why we’ve launched a course to help Product Managers understand this very skill. In our case, we’re talking about teaching competence to do something instead of telling the computer what to do. It’s a totally different mindset, especially from the engineering side and that requires a new understanding for the product managers to be able to use the new methodology to drive solutions.
We’re going to go a little deeper into the requirements and the business processes required for these solutions. We’ll walk you through the different decision systems as well as technologies.
The frameworks for your decision-making system will be unique. In the long run, businesses will have to adapt and that’s why you see today’s businesses in this process of changing. There’s a lot going on about AI and security and privacy notices on most popular devices. And that’s why as product managers, the decisions you take will drive a lot of things.
We know that today there’s a huge shortcoming on quality product resources. 10 years ago, a product manager was probably the guy who would take a decision on what colors, or size a product should be but today product management is about decisions that big products technology companies are producing like search engines driving for self-driving cars.
There is no collection of resources that can help you, and that’s where we fit in. Companies need folks who understand these technologies, from a business perspective and build solutions for the future. Check out the new product offering here, would love to hear your feedback!