The role of data is turning every job role on its head. One of the most prosperous roles in the industry is that of a Product Manager. The modern-day project managers are skilled at handling many things at a time, and with a product management certification program, they also become very well versed with the technology that could improve the conception, execution, and designing of project management. In this article, we will discuss the modern project management plan and how new technologies are required to be understood with specific standards in product development.
AI-based Product Management
AI-based product management or AIPM is one of the fastest growing domains in the industry. It is pretty evident now that AI can solve many challenges that help Product management teams realize outcomes with great precision with minimal deviations. Today, there are some top-class Product management certification programs also focused on training graduates and EMBA students in AI, Deep Learning (DL), and machine learning (ML). These techniques can be applied to many aspects of product management to foresee how different factors influence the way PMs manage resources, time, and resources in response to demands from various circles of quality, supply chain, risk management, and customer service.
So, why is AI really for product management and how much would it cost in time and money to acquire new AI skills? And, is it really worth the effort to have AI skills when you already have a strong technical background?
We have tried to answer these questions here.
According to a recent survey of Product management teams, nearly 60 per cent of the respondents mentioned they have some knowledge of Artificial Intelligence capabilities and 90% of these respondents are willing to explore new AI ways to improve the overall product management plans and outcomes. However, these PMs were also hesitant if they would be allowed to continue with the product development plans if the AI is unable to solve any of the existing challenges. PMs often look up to leading Product-driven companies that use AI in an innovative manner. These include Apple, Amazon, Baidu, Samsung, Salesforce, VOLVO, Netflix, Airbnb, Facebook, Google, Microsoft, etc.
In terms of cost and time, you could deploy AI models in your existing models in 24 months provided you have met the all ethical and responsible standards of using data to train these algorithms for product management. In terms of training costs, companies could be spending $10 million and above to hire and promote PMs from EMBA or Product management courses with AI degrees to sustain results in a consistent manner.
And, to answer the second part of the question – yes, PMs definitely need an AI degree to meet the global standards that have become a benchmark for all AI leaders irrespective of their technical background and industrial experience.
Big Data Intelligence
Data is everything and you can find data everywhere spilling over, and that’s why marketers and product managers think it’s best to derive analysis out of data. But, did you know only 1 per cent of the Product managers get a chance to work with data analysis based on big data intelligence?
If look around, big data is everywhere, and one of the fastest growing domains here has to be that of the Internet of Things or IoT. In the last five years, the number of product managers working on IoT platforms has grown by 500 per cent. There are more IoT engineers and product managers in 2022 than AI engineers! Enterprise data management for IoT now ranks among the top 5 business intelligence destinations where execution and designing concepts are widely used. There are many critical aspects of working with big data in product management. The biggest challenge that product management teams have to tackle every day is less to do with data collection and more to do with data storage and data analysis. If you want to excel with IoT and Product management projects in 2022, you should develop a habit to crunch numbers and doing analyses using big data tools.
Data reporting and mini-CEOs
To get started with product management certification, you can chat with PMs online on LinkedIn. They will tell why product managers as the best influencers of data strategy in the company. Everything is great with AI, the promise of automation, and the kind of things data can do with product management plans. But, the real magic lies in reporting the outcomes in a dashboard, using a technique called data visualization or data reporting. Many product managers who have certification in big data analysis, AI and data visualization are rated as the successors to becoming the next CEOs. They are already trained to become mini CEOs when they start training with the leading EMBA and product management courses in Bangalore.