Why Predictive Modelling is the ‘killer app’ of product management
by Leica Ison
Across industries, the importance of product management is growing remarkably. Product management is now a coveted role as evidenced by a report in The Wall Street Journal. Additionally, a global survey found that 74% of product managers plan to make an investment in AI within the next three years to help them be more successful.
The right Ai tool can help product teams of all sizes and maturity.
It has significant potential to help in an organisation where product managers are continually battling a lack of process and fighting fires when they would rather be responsive to change and shift the dial on their product revenue growth and profit metrics. Ai is set to revolutionise product lifecycle management and in the process multiply your product team’s capability significantly.
We have built Skyjed Ai product health rating at precisely the time that product leaders need it most – to predict the future success of product strategy and imagine the growth with automation.
Here are four on our list of how AI is changing product managers daily lives for the better in all types of organisational cultures – agile, bureaucratic, start-up or chaotic.
- Smarter decision-making based on analysing your product and market
- Confidence in making the commercial trade-offs in your budgets, forecasting and pricing
- Predict the future state of your product and course-correct quickly
- Take action faster than before based on automated strategies and risk actions
"Don't recycle past lifecycle data - predict and imagine the future" - Skyjed Ai
Because product managers are a busy lot, we have created a software platform that does all the heavy-lifting for you. Skyjed uses AI to help plan, analyse, act, review and report in record time. According to a recent survey of product managers globally, only 10% reported that they had spent any time on product vision and strategy work in past 8 weeks. A lot of otherwise valuable time was spent on tactics, adhoc requests and firefighting. The Skyjed product health rating draws on a broad range of over 200 unique data inputs, to detect opportunities for growth and identify areas for improvement automatically using advanced AI.
"Future of product lifecycle management lies in making dynamic decisions, being responsive to change – thinking and doing". - Leica Ison
Product managers today talk a lot about the difficulty of making decisions, getting overruled by management, or the fact that it's taking too long to line everyone up to get a common understanding of their product strategy. Skyjed’s health rating is an ideal strategic reporting tool that allows you to influence management on the crucial decisions and resources you need for your product vision and plans. Ai makes it possible to take decisions at the strategic level as you can track the movement of the health-rating over time and compare it with other products in the portfolio.
When product lifecycle managers have the right tools they can work smarter, not harder and also have some fun along the way. What are you waiting for - what are your plans for Ai?
Skyjed has developed artificial intelligence powered algorithms that generate real-time product health, growth and risk metrics. In the current COVID-19 affected markets, our platform’s predictive modelling helps you set product budgets, forecast and plan for regaining product growth quickly.
Check out our more detailed guide on solving product strategy adjustment and virtual team alignment. How to re-evaluate product strategy and forecast the COVID effect as you respond and adapt.