In 2019, data is everywhere.
For product managers, it’s not about getting data, it’s about sorting through data for valuable insights. In fact, a majority of product managers surveyed said that with the right data they would be able to improve processes and revenue. Clearly, the right data can have a big impact.
“What was very clear from the survey was that, in almost a landslide response at 99% in both cases, process and revenue improvements were considered to be achievable when working with the right data at the right time,” says Emil Berthelsen, VP Analyst, Gartner. “This may not come as a surprise to technology product managers. However, it does remind us to remain focused on data-driven aspects of product management throughout all stages.”
Evaluate the data you have that may be valuable for business decisions, and identify gaps that exist. But think creatively. Data is valuable at all stages, and opportunities exist in all parts of product management, for example, in sizing the market and building compelling customer experiences during product planning and development.
Product marketers have been inundated with data, but must be careful to use the right data to guide, inform and direct functions.
“The priority for technology product managers has become leveraging available data, particularly data generated through digital technologies, and ensuring that it is the right data utilized at the right time,” says Berthelson.
Technology product managers should consider these steps:
- Adopt new ways to manage the growing amounts of data. Evaluate and implement available commercial software tools, and ensure timely and appropriate usage of the data. Ensure the data is shared with the right parties and integrated into software solutions.
- Allocate the time saved by automating routine data scanning and day-to-day management processes to innovative thinking.
- Set a goal of process improvements in the range of 6% to 12% through the adoption and management of data-driven processes.
Implement a financial objective of 3% to 8% improvement in revenue as an associated benefit of these new processes.