A survey by London-based Tesseract Academy found that product managers believe the future of their profession lies in data science.
—Dr. Stylianos Kampakis
LONDON, UK, July 5, 2022 /EINPresswire.com/ — In its first version 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 play in the world of management and product development. They asked 27 product experts to share their views and opinions.
The report revealed some interesting findings. A staggering 100% of product managers believe that some understanding of data analytics is useful for product management, whether it’s basic data analysis, statistical modeling, or SQL .
Additionally, 88.5% of product managers believed that improving existing products with data-driven insights was where data science would benefit product management the most.
dr. Stylianos Kamakis, data scientist and CEO of Tesseract Academy, said, “We’re getting more and more product managers and product developers contacting us for advice on how they can make data-driven decisions. and integrate AI into their projects. It’s clear that the future of product management and development is data.”
Information is one of a company’s most important assets for promoting business. Properly using this data or information to guide decision-making is a great benefit of being data-driven. But that’s not all. To understand the benefits, it is mandatory to understand the importance of data-driven product management. Data-driven decision making provides businesses with the capabilities to generate real-time insights and predictions to optimize their performance.
The report states that becoming a data-driven organization through the use of this technology enables not only the business but also the team to use information to improve the decision-making process. This allows them to double down on their basic skills and avoid mistakes that could derail your digital transformation and business growth.
Good product management ensures that any new features, products, or incremental ideas released address quantifiable market issues that are aligned with business goals. While customer focus is paramount, product management provides balance. It ensures that new products encompass both customer and business value to meet external and internal requirements.
If product development does not meet or achieve business goals, even if there is an opportunity, good product management should deprioritize or reject it.
It is clear from the report that the majority of 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 is available here:
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