Welcome! RSVP for an Upcoming Product Management Event Today!

HOW TO COMMUNICATE WITH DATA SCIENTISTS PODCAST WITH FORMER ARTHENA DATA SCIENCE MANAGER

July 16, 2018

HOW TO COMMUNICATE WITH DATA SCIENTISTS PODCAST WITH FORMER ARTHENA DATA SCIENCE MANAGER

 

Computer Science has been developing as a field in a rapid pace over the last decades. And even now, over 70 years from the invention of the computer, the number of computer science jobs far exceeds the number of computer scientists. This is especially true for the role of data scientists. As computers start invading more and more of our daily lives, it has been made clear that computer programs are becoming necessary for all industries in order to sustain competitive growth. Data Science, especially, provides companies with a competitive edge to stay relevant in the market.


What is Data Science?


The task of data scientists is to take masses of data and turn it into useful information. This field is becoming more relevant due to the total mass of data stored on the internet and its function in driving up revenue. For example, a fashion company can look at Google searches relevant to clothing and see what kind of trends are becoming prevalent and take action on it. Data science is used in this fashion of taking data, finding trends, and making decisions based on the retrieved information. Furthermore, the function of data science can be utilized in any other field of study and this makes it a powerful tool in any industry. Some examples of this are search engine optimization (SEO) in Information Technology, high-frequency trading algorithms in Finance, disease prevention in Genome Research, and more. Data science is inching into every field of study, but it has especially found a foothold in marketing for businesses.


How do Product Managers Work with Data Scientists?


Businesses can use data science in each part of a product’s lifecycle. Because of this, it is essential for Product Managers to understand the purpose of data science and to employ it to their benefit. Product Managers should work with Data Scientists in order to first find the features and product that people want. Based on Google searches, people often search up how to solve their problems. Using this data, a data scientist can find the most common problems found in a given community or society. Product Managers can use this information in order to develop a product that offers a solution to the community. With this, Product Managers can create and enter into the beginning of a product’s lifecycle, but the utilization of data science should not end there. Through the latter stages of a product’s lifecycle, the Product Manager should continue to employ data science in order to assess any possible improvements to the product. This is especially true for software and services, which are more straightforward in deploying changes compared to physical products. Finally, at the end of a product’s lifecycle, Product Managers can use information from data science to understand when a product has reached market maturity and has no room for growth or will induce losses with further investment.


The Importance of Data in Product Management

Throughout the stages of a product, Product Managers can, and should, utilize data science in order to optimize profit and customer satisfaction.

About Paul Warren:


Paul manages the data science team, products, and technical roadmap at Arthena, a YC-backed Art Hedge Fund. He is currently co-authoring a data science textbook with a Professor of Data Science in South Korea and has done several years of data science projects for companies, research labs, and competitions. He studied Computer Science at Stanford for three years before dropping out to travel the world.


Please schedule a call or attend one of our events to learn more about what steps you should take to begin your Product Management transition today.





Leave a comment

Comments will be approved before showing up.


Also in Product Management PM Blog

3 Reasons Why You Need to Stop Networking
3 Reasons Why You Need to Stop Networking

August 14, 2018

If networking is universally considered a positive activity that all people should engage in, then why are we telling you that it’s the opposite when it comes to finding a job? We have to first discuss the reasoning behind the motives of networking as a means of finding a job.

View full article →

How to Recover from a Rescinded Offer Podcast
How to Recover from a Rescinded Offer Podcast

August 13, 2018

There are other companies out there that have open positions. You probably have multiple offers other than this rescinded one right now. If that’s true, consider those other ones and move on from this experience! Some company will eventually share the belief of your value and offer you better pay and better work conditions.

View full article →

How to Cultivate an Abundance Mindset for More PM Offers
How to Cultivate an Abundance Mindset for More PM Offers

August 10, 2018

You are your own harshest critic because you care. You are competitive. You absolutely have to be if you are you in Product Management. This is where self-awareness becomes very necessary. You need to be able to articulate what you saying to yourself mentally that is causing you to not feel at your fighting best.

View full article →

Sign Up to Join Our Mailing List for Exclusive Content and Information