How Generative AI Can Benefit Product Management Teams
One of the most novel product development trends is the integration of AI technologies in the development process; product managers are among the top ten user groups of artificial intelligence systems in organizations today, with a recent study by IBM highlighting that 21% of product managers use this technology on a daily basis. The benefits of AI and machine learning are that product managers and development teams can use them to fuel growth and gain a competitive advantage.
The Ford GT Story + 50th Anniversary Win at Le Mans - Innovate to Success
In 2019, the movie Ford vs. Ferarri (starring Matt Damon, Christian Bale, and Catriona Balfe) relaunched the tale of the iconic win by Ford over Ferrari on the Le Man racetrack in 1966 back into the minds of racing fans. The equally impressive feat is how Ford came back to defeat Ferrari yet again in 2016, fifty years after the original win. How did they do it, and why does it matter? Here's a rundown of the significance of the Le Mans race to the automotive industry and the tenacity of the Ford development teams to pull off stunning wins against the odds.
Products as Platforms and When to Start One
What comes first, the product or the platform? Asking the question of what should come first, the product or the platform, is similar to asking whether the egg came before the chicken. There is no cut-and-dry answer as to which order is better; companies have tried both to varying results. While the answer to the chicken and egg question is more philosophical, the question about products and platforms is best answered based on a company's structure, goals, and resources.
What Is Market Saturation and Why Does It Happen?
Delivering products to your market is exciting as it helps your company build your customer base, drives your revenue, and improves the lives of your customers. But markets don’t have unlimited room for growth. There is a saturation point in every market for every product or service. How do you reach this point, and what can you do about it? We’ll explore some options in this post.
How to Use Your Product Roadmap to Make Product Line Projections & Stay Aligned With Product Goals
It’s rare for a company to grow with a product that doesn’t change or innovate. There may be success and significant market share following a release date, but over time, that share and popularity will decrease as the competition continues to introduce new features, software upgrades, or improvements in design. The reality is that companies must continuously improve their products to keep and grow their market share.
What Characteristics Make An Effective Product Roadmap?
Product roadmaps are crucial for communicating the product vision, guiding product development, aligning development teams, and communicating with various stakeholders. The failure to use a product roadmap effectively will often lead to confusion, misalignment, and possible failure of the product. This article focuses on what makes a good product roadmap and how to use it to ensure success.
Navigating Product Initiative Approval: Agile vs. Stage-Gate
Developing a new product is a complex process that demands the cooperation of various product teams, the collection of resources, and a significant budget. But before development can begin, there needs to be a product plan and approval from senior executives.
Why Company Goals Need to Extend Beyond the Product: Building Sustainable Success
Success in manufacturing relies on the ability of the product team to create products that resonate with the consumer. Traditionally, companies have focused on product-centric goals, investing heavily to identify products and features that meet the customer's needs.
How to Use Product Segmentation to Enter New Markets
Every product manager knows they must meet their target audience's needs to succeed. However, they also know that while consumers may ask for a laptop computer, not all their needs will be the same. For example, a customer who loves to play online games will value a powerful CPU and pay more for a smooth experience, while a college student majoring in the arts will value a lightweight model that doesn't add bulk to their stuffed bag. They only need their laptop for general use, and they will not pay more for additional speed or memory.
5 Mindset Shifts to Make When Adapting to Lean-Agile Approaches
With the increasing number of products introducing software components and the constant appetite for new customer features, many companies are looking to adopt Lean-Agile approaches for product development to stay competitive. Many resources out there help lead companies towards Lean-Agile approaches, such as the SAFe Framework, which helps companies of all sizes make Lean-Agile methods work for them, no matter the scale of production. But adopting any new method also requires a shift in mindset. Here are five mindset shifts to help product managers confidently make the switch.
When Should Your Organization Adopt a Hybrid Approach to Product Development?
Developing new products that customers love is a challenge but a rewarding one when your team gets it right. Moving from the initial idea to the production and release of the product requires strategy and some type of framework. In product development, a company can take choose from a handful of approaches to build and develop new products. The most commonly used approaches include stage-gate, agile, and hybrid systems. This article will delve into these three methods and determine where they are most suitable.
Is a Product Roadmap Contrary to Agile Philosophy?
In the product development world, there are various opinions on Agile Philosophy. Should organizations use it? Does it work for manufacturing complex products? Is it scalable for large companies?