With the rise of technology and IT companies, a profession that has been gaining popularity is product management. Product management is gradually earning much respect from both employers and employees, making the 'Product Manager' title as glorified as investment banker or software engineer. So, what is product management?
‘Product Manager’ has its roots back to 1931 when Procter & Gamble first coined the term. Back then, it was used as a justification to hire more people. However, in the last two decades, product management has emerged as a modern and productive field mostly due to technology companies whose products are highly sophisticated in the background, but very convenient and appealing to the masses at the same time.
So, what does a product manager do? According to Atlassian, a product manager is a person who identifies the customer's need and the larger business objectives that a product or feature will fulfill, articulates what success looks like for a product, and rallies a team to turn that vision into a reality.
Mckinsey & Company describes the importance of product managers in this order, "The product manager of today is practically the mini-CEO of the product. They wear many hats, using a broad knowledge base to make trade-off decisions, and bring together cross-functional teams, ensuring alignment between diverse functions. What's more, product management is emerging as the new training ground for future tech CEOs." In Bangladesh, telecom companies, mobile financial services (MFS), and tech companies have been employing product managers to cash in on success.
Product management is not an operational role. But the cycle of work of a product manager is pretty routine. Akib Moin Arka, general manager of Product Management in an MFS, sheds some light on this. "The job of product manager starts with the product vision. After deciding on a vision, they have to figure out the requirements to implement it. This involves working with the user research team, UI/UX team to figure out the user story. Then the product manager will get to the sprint planning stage, after which they will work with the development team and determine the best way to realise the product's vision."
"Furthermore, the typical product manager has to simultaneously work with the customer service team, quality assurance team, and basically every other relevant team to track the performance of the product and act accordingly. Another part of a product manager's job is to create a roadmap and strategy for future product developments."
When asked about the skills necessary to become a successful product manager, he replied, "Hard skills are not as necessary as soft skills, but they can be helpful. In terms of soft skills, a product manager must prioritise the users, they should be able to say no when a proposal does not benefit the users. They should also be able to coordinate with other teams in an organisation. Having a basic understanding of UI/UX, and the technology involved in the product can also go a long way. Good communication skills are a must. Agility and common sense are also essential for a successful product manager."
But the opportunities and benefits associated with product management come at a cost. "A product manager has to remain agile. During sprint planning and launching periods, the work can be highly pressurising and stressful."
Kidwa Arif, a product manager, and business analyst at Selise Digital Platforms, a Switzerland-based software firm, shares his inspiration behind pursuing this career path. "I want to pursue this career because it's really cool taking an idea or a solution to a problem and then managing a team to bring it to life."
The prestige, perks, and opportunities associated with product management are sure to attract a lot of young talents in the coming days. So, the time to hone their skills is today.
The writer is a second year BBA student at IBA, University of Dhaka.
rafidfayaz@gmail.com