How Is AI Used in Product Management, and What’s Its Importance? 

Introduction 

Product Management and AI are increasingly intertwined due to the trend of incorporating AI into products across many industries. Organizations worldwide are now exploring artificial intelligence, once primarily the domain of well-funded tech companies. While adoption levels vary across sectors, 61% of high-performing organizations are increasing their AI adoption amid the COVID-19 pandemic. This progress also brings a new level of complexity. 

It’s a hectic time for companies as they attempt to experiment, prove a concept, develop AI products, evolve infrastructure, and compete effectively. Building the perfect AI team structure is integral to all of this. Experienced Product Managers have plenty of opportunities in data and AI. The demand for AI Product Managers nearly doubled in 2022 as companies sought expertise to develop AI-enabled solutions. Demand for these services will only increase. 

What Is Product Management? 

As an organizational function, Product Management is responsible for guiding the development, positioning, and pricing of a product by focusing first and foremost on the product and its customers. As Product Managers, you must ensure that the voice of the market is heard and heeded within the organization to deliver the best possible product. 

Product teams often ship better-designed, higher-performing products thanks to this customer focus. A deep understanding of customers and the ability to create tailored solutions for them is more important than ever in tech, where newer, better solutions quickly uproot entrenched products. The role of Product Management is to make sure that happens. 

What is an AI Product Manager? 

AI Product Managers can be compared to a cross between Data scientists and designers. In addition to strong design skills, AI Product Managers must know about Machine Learning, algorithms, and other methods for enhancing businesses through AI. The knowledge of these cutting-edge techniques allows them to utilize these tools in ways that are accessible to everyone. 

70% of global business leaders have begun taking AI initiatives, according to a recent survey. Managing AI initiatives is a relatively new field, and AI Product Managers ensure that customers’ needs are met. 

A Product Manager who manages AI products has many responsibilities as a Product Manager who manages everyday products. Artificial intelligence Product Management focuses on enhancing, improving, or creating products using AI, deep learning, or machine learning. 

How AI and ML are Changing Product Management? 

AI and ML are changing Product Management in the following ways: 

1. Transforms User Feedback 

In the current system, curation is done manually based on support tickets and feature requests from sales reps. Artificial Intelligence is an excellent application for this. The data can generate a list of active items consumers want to rectify or add to the product every seven days. 

You can also reduce the time and resources involved in your user feedback process by automating it. AI and ML reduce human eros, which is a hindrance to working on feedback from users. You can improve your product life cycle using AI and ML-based Product Management tools. 

2. Enhances Your Meetings 

AI integrations can improve your idea management system. AI can be used to collect, analyze, and generate ideas both internally and externally. 

AI and ML can also enhance your Scrum meetings (Product roadmap tool)! You can prepare for your Scrum meetings and get updates and agendas before you begin by integrating AI into your system. Additionally, AI allows you to avoid the time-consuming practice of frequent scrum meetings. You can work on your Scrum team without waiting until your next meeting because it gives you constant updates in real time. 

3. Improves Usability Testing 

Additionally, AI and ML help improve usability testing. Integrating Al into software testing will only simplify software testers’ jobs. In the end, your team will save countless hours of manual testing. 

Enhances the agility and efficiency of testing. Testing may still require some human oversight, however. 

In recent years, Al has made its way into the digital world. Designers can integrate their applications into websites, improving user experience and functionality. Using HTML markup code, Al converted a handwritten user interface design. 

4. Helps In Writing More Detailed Product Specifications 

The process of writing product specifications can take a considerable amount of time. It could be helpful to have an algorithm that understands how to read different use cases from mock-ups. 

By simply comprehending a button’s design, an AI can generate several use cases and then be verified by a supervisor. It is in the term itself that machine learning finds its beauty. The system learns. 

You can automatically generate high-quality and detailed product specifications when you frequently feed portions of your product specs or user personas to AI tools. 

Additionally, you can also use AI to create product content. It is usually possible for machine learning algorithms to create unique and meaningful descriptions from start to finish. Generally, AI/ML practitioners use templates that include accurate attributes. 

In addition, they use natural language programming (NLP) to create full descriptions or auto-complete half-written descriptions. 

5. Enhances Your Market Intelligence 

Product Managers must have a solid understanding of the market they operate in. Without market knowledge, you’re unlikely to create something users want. AI-powered systems can analyze thousands of words in real time, providing real-time data about trends and sentiment. 

6. Gives You a Competitive Advantage 

AI has the potential to revolutionize business operations. Companies can harness the power of data and create predictive models to gain a competitive edge. 

So how can AI help you gain a competitive edge? You can do this in three ways: 

  • Assist you in making better decisions 
  • Can help personalize your offerings 
  • Can automate tasks 

AI Product Management: Why Product Managers Need to Understand AI and Machine Learning? 

Technology giants aren’t the only ones using AI. Across industries, from automotive to retail to education and healthcare, AI initiatives are taking root. 

Seegene, a Korean biotech company, developed a test kit using AI technology to detect the novel Coronavirus. According to the company, AI has shortened the development process from months to just a few weeks. In response to a fast-moving outbreak, South Korea provided free testing to its citizens and helped stem the spread of the virus through the rapid deployment of much-needed test kits. 

Your product or company may not be in the thick of AI initiatives or discussions. You can, however, be sure that AI is coming your way. To remain competitive in their product roles and ensure their companies maintain a competitive advantage, PMs of every stripe must understand the powerful influence of AI. 

Role of an AI Product Manager 

The role of AI Product Management includes the following aspects in addition to traditional Product Management responsibilities: 

  • Additional Input: In addition to working with traditional product teams and stakeholders, AI PMs work with data scientists and engineers. Providing AI-powered specifications to data science teams requires AI PMs to be skillful at delivering them.
  • Problem Mapping: Traditionally, Product Management also includes this component. Despite AI, PMs must remain customer-centric. The potential of AI is fascinating, but a PM’s primary goal is still to solve the customer’s problem. Artificial Intelligence does not solve all problems; AI PMs must maintain a strong customer focus.
  • Data Literacy: PMs need to learn how to ask the right questions about customer data. Experts consider hands-on experience with data and models as an essential skill for AI PMs.
  • Communication: All Product Managers must be excellent communicators to be successful. This is not unique to AI PMs. AI-focused Product Management relies heavily on effective communication. AI PMs are often described as translators since they bridge the gap between data science and product development.
  • Acceptance Criteria: AI accuracy is the new metric to focus on (as opposed to open bugs, for example) for AI PMs.
  • Explainability: For a business to succeed, it is crucial to build a trusting relationship with its customers and retain them. Customers gain insight into AI decisions with explainable AI. The AI PM’s role is to ensure a product’s explainability and trustworthiness.
  • Ethics: AI PMs must constantly consider and deeply care about the ethical application of AI. ML and AI are powerful tools, so it is up to an AI PM to remember (and remind others) that great power comes with great responsibility.
  • Evangelism: In addition to evangelizing the product, PMs should focus on other aspects of the business. They must also understand and promote AI adoption to remain competitive in a brave, new AI world.

Tips for AI Product Managers 

  • Artificial Intelligence and Machine Learning are here to stay and will continue to transform how we interact and engage with each other and the world. Instead of ducking and covering, figure out how AI and machine learning can benefit your business. 
  • AI project managers should approach AI initiatives differently by identifying and vetting business opportunities based on data. To be an effective AI PM, you need to know how to ask the right questions to your customers. Data collection must also be continued to fine-tune ongoing AI initiatives. 
  • AI initiatives are brought to life through effective collaboration between cross-functional teams. Take time to listen to one another. Share your knowledge. 
  • ML and AI can help AI PMs better understand their customers. 
  • AI PMs must prepare for failure, perhaps more than anything else. There is no doubt that AI initiatives are more uncertain. The most important thing is to continue learning and to use that knowledge to improve your skills. 

Conclusion 

In Product Management, Artificial Intelligence is the present and the future. Using it, you can streamline processes, optimize resources, and make data-driven decisions. AI is increasingly important in Product Management, and Product Managers can utilize it to improve everything from ideation to execution. However, the key to getting the most out of AI is to use it in conjunction with other methods. 

UNext Jigsaw offers the exclusive and exhaustive Executive PG Diploma in Management & Artificial Intelligence in collaboration with IIM Indore to aid enthusiastic AI experts in enhancing their career trajectories. 

Related Articles

} }
Request Callback