The Importance of Product Management in a Modern-Day Business

How important exactly, is Product Management in a modern day-to-day business? Why are they such a crucial aspect to a functioning business? Read this article to find out more about the importance of Product Management!

Some people may be inquiring about why Product Management is such an important role in a business. Product Management, being a job with such a rich history, stemmed from Neil H. McElroy in 1931. This all began with his 800 word memo, which involved separating specializations within a business or organization amongst various persons. This tackled primarily in the marketing department; however, with the advancement of technology, Product Managers began delving further and further into the technological field, leading up towards modern day Product Managers, who require specializations in: UX (User Experience), Business, and Technology. However, some Product Managers don’t have a Business or Technological background. They come from such a wide range of backgrounds in this modern day and age. So, why exactly is a Product Manager, a person with such a diverse background, required in a large business?

Product Managers are essentially the backbone for a company, or business. Not only do they monitor every team, and ensure everything being completed on is track, from the initialization of a product to the release of the product, but they also present the products to the stakeholders, and executives. There’s a magnitude of how many different tasks and variables that a Product Manager could be responsible for. Listed here are albeit a few of the important tasks for a Product Manager:

  1. The creation of strategic plans, and strategies moving forwards in the life of a product. They oversee the creation of roadmaps, which you can read more about in our series discussing roadmaps. They communicate ideas and issues with the internal teams, such as the engineering team, through discussions such as the involvement of features, and how to prioritize UX (User Experience).
  2. Product Managers monitor the release of the products, and ensure that the launch goes safely and smoothly.
  3. Product Managers communicate with the executives and the stakeholders of a product, explaining the benefits and the pros of a product.

Product Managers manage large assets of a company in the form of the product being initiated. Not only are they crucial to the development of a product throughout the course of development, but they’re the initiators of a product initiative.

To learn more about Product Management, and what a Product Manager is specifically, be sure to read up on our blog: What is a Product Management?

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