Survey Finds that Data-driven Product Management is the 2022 Trend for Product Managers

LONDON, UNITED KINGDOM, July 5: In its first released report titled ‘Tesseract Report: Data-driven product management is the 2022 trend for product managers (at https://tesseract.academy/data-driven-product-management-is-the-2022-trend-for-product-managers), The Tesseract Academy examined the role that data science and AI is playing in the world of product management and product development. They asked 27 product experts to share their views and opinions. The report revealed some interesting results. A staggering 100 per cent of product managers feel that some understanding of data analytics is useful for product management, whether it is basic data analytics, statistical modelling or SQL. Additionally, 88.5 per-cent of product managers believed that improving existing products through data-driven insights is where data science would most benefit product management. Dr. Stylianos Kampakis, an expert data scientist and CEO of The Tesseract Academy said, “We are getting an increasing number of product managers and product developers approach us for advice on how they can make data-driven decisions and incorporate AI into their projects. It is clear that the future of product management and development lies in data." Information is one of a company's most important assets to promote business. Using this data or information properly to guide decision-making is a great advantage of being data-driven. But that's not all. To understand the benefits, it is compulsory to understand the importance of data-driven product management. Data-based decision-making provides businesses with the capabilities to generate real-time insights and predictions to optimize their performance. The report indicates that becoming a data-driven organization with the use of this technology empowers not only the business but also the team to use insights to improve decision-making process. It allows them double down core competencies and avoids mistakes that could derail your digital transformation and business growth. Good product management ensures that any new incremental features, products, or ideas that are launched solve quantifiable market problems which are aligned with business objectives. Whilst a focus on the customer is paramount, product management brings balance. It ensures that new products encompass both customer and business value to meet external and internal requirements. If the development of the product does not satisfy or meet the business objectives, even if there is an opportunity to be had, good product management should de-prioritize or discard it. It’s clear from the report that the majority product managers believe that data science has an important role to play in product management, which will become more apparent over the next few years. The full report can be found here: https://tesseract.academy/data-driven-product-management-is-the-2022-trend-for-product-managers