A recent research reveals the impact of COVID-19 on product management as well as the necessity to identify new ways for collaboration around the product.
According to the report “Product First: A New Era of Product Management” by airfocus, product managers in the UK and US admit that the need for product teams to become more outcome-oriented. They state that the adoption of product-led growth models is the biggest challenges in the enterprise world. The report delves into the continuously changing landscape of the industry in the post-pandemic environment and whether enterprises are equipped with tools to meet the growing demands for innovative products. The respondents added that a solid and well-communicated product strategy was the biggest challenge they faced.
COVID-19 has significantly influenced the industry it is today. Around 50% of the respondents stated that it is difficult to collaborate with stakeholders working in a remote setup. As the market continues to witness rapid transformation, 45% cited an ever-changing market. 44% of respondents said they felt under constant pressure while launching new features quickly.
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The research observed that product managers under pressure have to do their tasks often without the assistance of a product management platform. The strategic and monetary aims of a business around product-centric growth models that align product development are becoming a norm. However, this increases the stress of product managers, most of which lack the necessary tools they need to perform their job effectively. Therefore, it is critical that businesses rely on a product to prioritize its importance.
The respondents of the airfocus study said they utilize most technologies such as Excel, Slack, and PowerPoint, with 30% using post-it notes on the wall and dedicated product management technology (31%). This results in product managers investing significant time on essential but functional tasks.
The respondents said they spend most of their time collecting and centralizing customer feedback and day-to-day liaison with internal stakeholders. Around 28% of the respondents said that developing a product strategy was the task they spent most of their time on.
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Half of respondents agreed that the failure behind the adoption of the product management platform is because they are not tailored to their unique team needs. Hence, enterprises must adopt a dedicated product management platform to make it easier for enterprises to become more innovative.
“Product-led growth models and the increasing demand for product teams to focus on business outcomes are the biggest challenges enterprises face right now. In an increasingly competitive digital economy, product management teams need a dedicated product management platform that allows them to prioritize and build dynamic and lean roadmaps that put them ahead of the competition,” Malte Scholz, CEO, airfocus.
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Vishal Muktewar is a Senior Correspondent at On Dot Media. He reports news that focuses on the latest trends and innovations happening in the B2B industry. An IT engineer by profession, Vishal has worked at Insights Success before joining Ondot. His love for stories has driven him to take up a career in enterprise journalism. He effectively uses his knowledge of technology and flair for writing, for crafting features, articles and interactions for technology enterprise media platforms.
