The use of AI is on the rise day by day in today’s rapidly paced environment. Product managers can take advantage of AI to make their work simpler, more efficient, and more accurate. AI can take care of simple and repetitive tasks, like organizing data and checking information. Using AI for different purposes can help save time and effort. AI can help to analyze bulk data and figure out different trends and patterns that product managers might miss. 

This assists managers in knowing the market trends as well as the customers’ demand. Artificial intelligence can assist with market research by analyzing ‌competitor data and clients’ requirements. With different AI tools, product managers can easily write product details and plans without missing important data. It also makes sure that everything is clear and complete. AI helps product managers to make informed decisions based on facts. This results in faster and more efficient product development. So, artificial intelligence is a powerful tool that saves time, enhances work quality, and develops products according to customer demand. 

Why is it necessary to understand AI and ML

There are not only big tech companies that use AI, but many small businesses, schools, and hospitals also switch to the use of AI. 

For example, one of the Korean companies, Seegene, utilized AI to develop a test kit for the new coronavirus. Through AI, they can make kits much faster within a few weeks instead of months. In this way, they can offer free tests to people and slow down the virus’s spread. 

Most ‌companies across the world prefer to use AI. Product managers must learn about artificial intelligence and machine learning. This is because it affects how products are made and sold. Knowing how to use AI can keep product managers ahead of others. Before getting into the details of how product managers use AI, it is important to learn about AI product management. Below, we have explained in a detailed manner what AI product management means and how it is changing the way ‌product managers work. 

What is AI product management?

AI product management involves implementing smart computer software technologies like artificial intelligence, machine learning, and deep learning into existing products or developing new products. We are becoming familiar with the idea of transforming our business with AI, and the consumption of AI by everyday consumers is evident everywhere – Google Search, Alexa, Amazon product recommendations, and Tesla’s Autopilot all deal with machine learning to function properly.

As Babar Bhatti, an authority on AI, has said, 70% of business leaders around the world have an AI project underway. Many products that consumers and businesses use today involve some level of AI. However, that does not mean many businesses are successful with their AI; many businesses still are trying to figure out how to properly and successfully engage with AI. 

Kevin Dewalt, a specialist in the field of AI, argued that the real key to achieving success is to integrate AI with your data and with how you do business.  Having AI alone will not produce success; the key is properly locating and using data to inform and develop a product that consumers want to buy over and over again.

How can product managers use AI?

Product managers can use AI in many ways. Some of them are mentioned below:

1. For data analysis and insights

By using AI, product managers analyze ‌bulk data and find important trends and connections that people might miss. AI can make predictions about what customers want in the future by analyzing ‌past behavior. In this way, product managers can build products according to customer requirements. Artificial intelligence also analyzes each customer’s likes and needs to create personalized products and marketing. It can turn complicated data into simple reports and advice that help product managers make smart choices based on real information. This makes managing products easier and more effective.

2. To enhance product development

AI helps product managers prioritize features by analyzing customer reviews, market forces, and competitors to find the best feature for both user engagement and business expansion. AI also provides insights into how users interact with the product and what they enjoy about the product, so that ‌product managers can deliver tailored functionality to each user that makes the product more enjoyable and productive for each. AI also finds product issues, like bugs, and helps product managers rapidly resolve them for better product performance and productivity. AI provides applied ideation by identifying what customers need and what products are currently in demand in the market to help teams develop new value-added products. Overall, AI helps teams make better decisions, improve quality, and create products that users love.

3. To streamline decision-making and prioritization

AI aids product managers in making important decisions. It searches through vast volumes of data for patterns and trends that the human eye might otherwise miss. AI thereby assists managers in setting priorities for their product roadmap, resource allocation, and feature backlog. For instance, AI-powered solutions like ProductBoard examine market data and customer feedback to assist product managers in determining which features are most important to customers and which function best in the given market. Using objectives grounded in data and factual information instead of analogs helps product managers make informed decisions. AI reduces the ambiguity of product management by providing observable facts from data.

4. To accelerate innovation

Through AI, product managers can do boring and repetitive tasks automatically. This saves time and effort as people spend by doing these tasks by hand. So, product managers have enough time to focus on other important things. For example, Tara, one of the AI tools, can handle project planning, assign work to all team members, and keep track of progress. This allows product managers to spend more time on bigger and more valuable work instead of small routine work. 

How to deal with problems in AI-based product management?

• Learning proper skills is what it takes to handle AI products effectively.
• Non-tech individuals ought to know the essentials of AI concepts, tools, and how to work with them.
• Online courses and certificates from Coursera, Udacity, and Product School close the skills gap.
• AI only functions well if the data used is good and just.
• Product managers need to collaborate with data professionals to audit data quality and detect any unjust bias.
• Tools like IBM’s AI Fairness 360 can help identify and mitigate bias in AI models.
• When we think about responsibility, it is critical to keep in mind that AI has increased in the amount of use in products.
• Product managers must consider the effect of AI on the user, as well as try to keep it safe, clear, and equitable according to safe AI guidelines.
• Various organizations like OpenAI and Partnership on AI provide responsible approaches and recommendations to consider when building trustworthy decisions for AI.

Useful tips for AI-driven product management

• In order to get the best results, always try to put the customer’s demand as a priority. Use different AI tools to know about customers’ requirements, expectations, and needs.
• You can better map out the customer’s journey by using AI-powered tools such as Auryc. This assists in finding complications, delays, and opportunities to make the experience better.  
• Always encourage collaboration between product managers, data experts, engineers, and designers. Good communication and sharing work ideas help AI to fit smoothly into product work. 
• You can use many collaboration tools, such as Miro or Trello, to share ideas between teams, track progress, and stay connected throughout the project. 
• Always try new things and prefer to make changes according to AI technology and customers’ demand.
• Keep learning and adapting to make sure products stay useful and enjoyable for customers.
• Remember, AI is a helpful tool, but understanding people is the key to success.

If you want to become an expert in product management then enroll at Oxford Training Centre. We offer comprehensive Product Management Training Courses, covering product development, market strategies, AI integration, and leadership skills to help professionals excel and drive successful product launches.