July 2, 2023
"AI is more than a product. It will change how we do synthesis and who gets involved."
AI and ML are becoming integral to our lives. This is especially true in product management, where AI are offering opportunities for growth and innovation.
IBM research shows that product managers are among the top ten users of AI in organizations, with 21% using AI daily.
Statistics from Snaplogic show that 61 percent of workers say that their adoption of AI within the workplace has led to a boost in productivity.
In fact, employees are so pleased with how AI has supported them in their work that more than two-thirds (68 percent) of them want more AI-based technology to be introduced in the workplace.
Snipp is a great example of how AI can improve productivity when it comes to research synthesis
The Benefits of AI in Product Management
Time Saving: One of the major benefits of AI integration in product management is the significant time savings it provides. AI technologies can automate numerous manual, repetitive, and time-consuming tasks, such as data entry, analysis, and sifting through user feedback. This efficiency frees up product managers' schedules (as we already know how tight it is).
Improving Decision Making: AI's ability to process massive amounts of data aids in making informed decisions. It's particularly useful when dealing with user feedback data, which can be overwhelming when sifted through manually. AI's fact-based nature helps eliminate biases from the decision-making process.
Increasing Efficiency in Product Development: AI technologies can automate numerous manual tasks such as data entry and analysis, freeing up product managers to focus on more strategic tasks.
Analysis & Predication: AI aids in gathering and examining vast amounts of data, enabling a deeper understanding of consumer behaviour, market trends, and company growth trajectories. AI-powered predictive modeling uses past data to forecast future customer demands and behaviour, assisting product managers in making data-driven decisions.
An example of AI in automated task creation by source (monday.com)
The Changing Landscape of Roles in Product Management
In the era of AI, we anticipate significant changes in the roles and collaborations within product management. We predict a shift towards more strategic decision-making roles and believe that with the help of AI, product managers will be able to innovate and deliver more ambitious projects.
One way to conceptualize this is by considering the entire sphere of product management as having a zenith and a base: The zenith represents the peak of what a product manager can achieve, which is limited by the tools at their disposal; the base symbolizes the minimum skill required for someone to participate in product management. AI will elevate this zenith, paving the way for more innovative outputs enabled by more potent tools; it will also lower the base, making it simpler for anyone to participate in product management and strategic collaboration.
The result? A unified space where everyone is truly working together. This aligns well with our belief in real-time collaboration, where the boundaries between roles are blurred and product development becomes a shared task.
"The zenith represents the peak of what a product manager can achieve, which is limited by the tools at their disposal"
Closing thoughts & takeaways
Rather than avoiding AI, it is necessary to establish where they can be used to provide your company and yourself with an edge. AI and are here to remain and will keep changing the manner in which we communicate and interact with each other and the world around us.
AI PMs must leverage AI and ML to deepen their understanding of customers.
PMs should begin their AI initiatives by analyzing data in order to evaluate and validate potential business opportunities.