Challenges in digital product management 2021
The digital revolution is still in full swing. There is a pervasive sense that digital product management is defined by new challenges and uncertainties. A digital product manager needs to know not only how to manage the digital design process for digital products, but also has to be able to take on the role of a business analyst or project manager as well as a digital designer or developer. In this blog, you will find Challenges in digital product management
This presents a real challenge for those who choose a career in digital product management: they need to master new skills without losing familiarity with their old ones. This article explores digital product management from the perspective of international digital companies.
Case studies from Spotify, Apple Music and Netflix illustrate what makes these companies tick and offer valuable lessons for anyone looking to transition into this exciting industry.
Some of the challenges in digital product management are:
1. Digital has radically changed the business world, digital products can be updated at any time. Some digital products like games or digital tickets often have a very short development cycle from one version to another.
2. High rate of change in technology forces product managers to adapt quickly and continuously learn digital skills without losing their old ones as traditional skills in marketing, product ownership, and management.
3. There are many different stakeholders involved in digital product management, traditional product managers are likely to have relationships with functional teams such as marketing, finance, IT etc. With a digital product manager, there can also be agencies/vendors who work on specific parts of a digital project and then the end user, so it’s vital that digital product managers must have a good understanding about all aspects of a digital product that they manage
Digital technology is ever evolving and digital product managers must continue their education by learning new digital skills as they transition into this field
5. Digital product management can be seen as a career path as well as a digital skill that one ‘tackles’ on the side, there are many places to learn digital skills from universities, in-house training programs etc. There are also currently no professional associations/trade unions specifically for digital product managers so it can be difficult to find peer support when in need
6. Digital product management is a relatively a newer discipline within business and there is little formalized training or educational paths so it’s possible that even if one has been working in the field for 10 years, they may not have had any formal digital product management training
Digital product management requires digital skills as well as business acumen and the ability to understand both the big picture strategy of digital transformations but also the details of maintenance costs for existing digital products
8. Digital product managers are responsible for understanding market dynamics, user needs, digital analytics data etc., in order ensure that their digital products are meeting business objectives whilst being profitable
9. Digital product managers implement digital strategies used by companies to further grow/engage with customers through technology-enabled channels
10. In digital product management, the digital component can be anything from digital goods or digital media to digital versions of physical products. For consumer space, digital goods include music, movies and video games while digital media includes streaming services such as Netflix and Spotify. In business-to-business, digital products might consist of a licensing agreement for a piece of digital technology, such as a web service.
11. The digital industry is an umbrella term for any company that deals with digital goods and services. Digital goods might include digital media, while digital services might involve websites. Both digital products and digital services require the involvement of product managers to ensure that they meet customer requirements
This digital technology presents a need for digital product managers to be able to constantly adapt to the changes not only of digital tools but also digital culture and digital transformation.
13. Product managers need digital skills, digital strategy and digital marketing to understand digital products. New roles emerge in digital businesses: data-driven product manager, AI product manager, growth hacker. Different sources of information create lack of transparency over best practices.
14. Managing digital products in a very dynamic global digital environment without having digital skills such as coding, digital marketing and digital product ownership.
15. Depends on the digital maturity of an organization – how far along they are in their digital product journey. Can range from traditional companies who have never ventured into digital, to medium-sized businesses with young teams and digital knowledge, to digital-first enterprises with digital savvy employees.
To overcome these challenges digital product managers requires:
1. Firstly, Digital skillset, digital product manager, digital strategy, digital transformation, digital marketing digital skills, digital technologies
2. Secondly, Digital product management responsibilities, digital business management
3. Thirdly, Digital skills needed for the future of work , digital marketing careers, best practices in product management , digital literacies required by 2020, customer love for your company
4. Digital transformation journey, new forms of content marketing , understanding evolution of technology environment through 2020
5. Digital Product Manager job description.
6. Career path for a Digital Product Manager.
7. What are some emerging trends in the areas of big data and internet enabled devices? How about rapid technological advancements on aspects like Cloud Computing and Internet Of Things.