Product Management in the age of Artificial Intelligence

The tech industry and the products we’ve used for decades are about to become much smarter and productive, thanks to the Generative AI revolution that’s playing out as we speak. As a result, decision makers must now consider AI as a crucial element in their strategies and carefully define its role in their products and services. Some, products and companies, will get it right and others will learn from their mistakes.

In this blog post, we’ll explore how AI is changing product management and what product managers can do to stay ahead of the curve. So if you’re ready to get started, keep reading.

TLDR: The fundamental principles of product management have not changed with the introduction of AI, but the tools available to product managers have. Customers now expect new AI capabilities to be added to products and for product managers to take AI into account when planning for the future. Product managers should stay endlessly curious and familiarize themselves with different types of AI technologies and their capabilities and limitations. When introducing AI into products, product managers should start small or leave room for evolution to avoid disrupting the customer experience. It is important for product managers to identify the unique value that AI brings to their product and to regularly reassess the role of AI in their strategy.

Fundamentals: Spoiler alert! Everything has changed, but nothing has changed! Despite the significant changes brought about by AI, the fundamentals of product management remain unchanged. The same frameworks and techniques that have always been used still apply, and experimentation and customer feedback remain essential. However, product teams now have access to AI tools that didn’t exist a year ago. These tools, when applied correctly, can enhance product experience significantly and turn non/casual-users into fans and power-users. I personally pay hundreds of dollars in yearly subscription for products that didn’t exist couple of years ago but are now an essential part of making me more productive and effective

While foundational approach to Product Management in the age of AI remains the same, expectations for Product Manager/Leader have changed. As AI tools become widely available, users will not only expect simplification of existing products but also expect new AI capabilities to be added. Similarly, leadership will expect product managers to take AI into account when planning for the future and defining a roadmap for products and services. Staying on the sidelines for too long could mean losing your customer base to more forward-thinking products and companies.

Mission: This is not the first time and it definitely wont be the last time you have access to new tools that can help you achieve your goals. What I said earlier about everything changing but nothing changing very much applies here too. While the tools available to product managers may change, the mission and purpose of the product, as well as the target users and personas, remain unchanged. It is important for product managers to keep these factors at the center of their product planning and strategy.

Intuition: Great product leaders have great intuition, and great intuition comes from experience and knowledge. Stay endlessly curious and practice growth mindset to learn as much as you can to give yourself the best chance of success.

Learn about different types of AI technologies, invest in understanding how AGI works, use competing products, get familiar with products that may not be relevant to the space you are operating in but are doing a great job of solving problems or enhancing user experience through AI, signup for Newsletters (like ThisWeek AI), do whatever it take to get deeply familiar with capabilities and limitations the current AI tech, join a group of AI enthusiasts that you can use as a sounding board to validate your opinions and ideas.

Developing product intuition further was one of the main reasons I started ThisWeek in AI newsletter. The research that goes into publishing weekly updates help me learn and keep up with the latest and greatest in this space. The connections I’m building through these updates is my go-to group for validating my opinions and ideas. We are all learning together. So, if you haven’t already subscribed to the newsletter, please do so here :)

Approach: The impressively powerful Generative AI tools we’ve used in the past year are just scratching the surface, we are at the starting line and there is a lot to come. So as you think about introducing AI into your existing products, don’t paint yourself into a corner. Start small or leave enough room to be able to evolve these features with changing capabilities of AI without causing disruption which could result in customer churn.

It is also important for product managers to consider the ethical implications of AI and prioritize user trust and privacy. Balancing the use of AI with traditional product management principles and values is key to successfully integrating AI into the existing products and services.