Skills in analytics are becoming highly in-demand in the world of product management. Tech industry giants like Google and Pendo are increasingly looking for product managers (PMs) who know how to use data for a number of key developmental purposes. Through proper analytics, data can be leveraged for developing actionable insights, innovative new ideas, and better customer experiences. How can analytics do all this and more?
Analytics Simplifies Complex Data
“Following a year of unprecedented adoption of digital tools across industries globally, businesses are facing heightened pressure to pivot to new skills, processes, products and services to meet evolving customer preferences, protect their brand value and remain competitive in an increasingly complex and automated world,” details Dr. Mark Beasley, director of North Carolina State University’s Enterprise Risk Management Initiative. “One of the most important lessons that business leaders need to take away from 2020 is that they must prepare for a disruptive future by positioning their organizations to adapt and evolve with the speed of change.”
The key to doing this is the proper use of data analytics. Rather than getting bogged down by increasingly complex data, analytics enables product management teams to instead glean actionable insights from growing data points. As The Startup on Medium details, your need for a specialized analytics product manager depends on the complexity of the available product data and the current maturity of your organization in handling it. Data competency can allow you to pinpoint driving factors for customer satisfaction, which segments of the market will be crucial in the next months, and how decisions will affect your product’s life cycle down the line. In short, analytics makes data easier to read, which in turn makes it easier to scale and pivot in the digital age.
Analytics Training Creates Well-Rounded PMs
Devised as a way to leverage, rather than being held back by, tremendous amounts of data, the field of data analytics has use cases in virtually every scaling enterprise or product in development. This has led to a huge increase in demand for students from all types of universities. This is best observed in the career prospects for future business administrators in the age of remote working and digital transformation. Those who study the subject online are projected to have just as many career options as those who study traditionally. The career outlook for those pursuing the online business administration degree at Maryville University shows how the demand for data-driven business analysts and financial managers is growing at 27% and 19% respectively – far greater than the 7% average for most business careers. The business data and financial analytics skills that these specialists bring to the table are highly valuable for any enterprise or product development team looking to optimize data visualization, simplify complex data points, and reveal patterns to inform decision-making. And apart from Maryville University, many other prestigious institutions like Harvard University and North Carolina State are taking similar approaches to their business administration degrees. Any veteran PM with these aforementioned skills will have value in virtually every step of the development process, whatever the product may be.
Analytics And Product Management Need One Another
Given these capabilities, it’s obvious that product management can benefit from analytics. However, what’s less obvious is how data science and analytics need product management as well. For data analytics projects to be effective and worth the cost, they need to not only be aligned with specific product needs, but also be delivered with the utmost efficiency. And these are things that veteran PMs can help with. In fact, the bigger and more complex the data that your team needs to process, the more key product management principles will come in handy.
In short, analytics and product management go hand-in-hand. Integrated properly, these competencies not only go well together but enhance each other. Trained in analytics, a product management team can more efficiently leverage data towards creating the best products. Armed with product management tools, analytics teams can more easily turn raw data into actionable and useful business information. And in the current age of big data and digital transformation, the two disciplines are bound to intersect and improve each other even more.
Specially written for ProductGym.io
By: Ressie Joule