Data as a guide: New white paper shows how data-based product management makes companies fit for the future
In a dynamic market characterized by rapid changes and increasing competitive pressure, data-based product management is becoming a decisive success factor. The it’s OWL project product.intelligence has taken on this challenge. The project team has now published the first key results in a comprehensive white paper.
Product managers are often caught between two stools: They have to keep an eye on market trends, understand customer requirements and coordinate internal departments. However, many decisions have so far been based on experience rather than reliable data. The white paper ‘Data as a guide – redefining the future of product management’ shows how data-driven processes help to develop products in a targeted manner, identify risks at an early stage and ensure long-term competitiveness.
16 roles, clear structure: Why product management is more than just product planning
A central component of the white paper is the systematic analysis of product management roles. From the strategic visionary to the operational market analyst, 16 key roles are described, which show that product management is a real multi-talent: Product management is a real all-rounder. The more clearly these roles are assigned, the better the collaboration – and the better data from the market, from customers and from your own organization flows together.
Digitalization as a lever: product management in the data age
Digital tools, smart sensors and data platforms create completely new possibilities for collecting and analyzing market and product data. The white paper provides practical examples of how companies can combine data from product usage, market observation and customer feedback to make well-founded decisions. The goal: a seamless data chain along the entire product life cycle – from the idea to further development.
The vision: Product management becomes a data conductor
What will product management look like in the future? According to the white paper, it will be data-driven, proactive and networked. Decisions are no longer based on the gut feeling of individuals, but on the continuous evaluation of real-time data. This makes product management the control center for innovative strength and market success.
Learning from the best: Industrial companies provide insights
Particularly exciting: the five industrial companies involved in the project provide insights into their practical work. Whether WAGO, Diebold Nixdorf, Schmitz Cargobull, DMG MORI or Isringhausen – all of them are already implementing initial data-based approaches.
WAGO relies on community feedback as a basis for product innovation, while Diebold Nixdorf uses data analysis to forecast its service costs more accurately. Schmitz Cargobull classifies customers based on data in order to make well-founded decisions. DMG MORI uses automated customer feedback analysis to improve training and products, while Isringhausen implements a digital equipment matrix to provide product information more efficiently. These examples illustrate how data analysis creates added value in different areas of product management. The examples show how differently companies approach the topic – and what concrete added value results from this.
Download now free of charge: Inspiration for product managers and managers
The white paper is aimed at anyone who wants to make product management in their company fit for the future. Product managers, innovation managers and executives receive practical impulses and directly implementable approaches on how they can make data-based decisions the new normal.
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