Abstract

From its status of a simple supportive operational function in today’s business world, product management has grown into a strategic value creating activity. These changes are due to technological developments, and changes in consumer behavior and increased market competition. In analyzing the article, it considers the primary driving forces of this change with emphasis on the approaches under which organizations are adopting innovation in the dynamic and unpredictable market environment. At the core of this transformation are data-driven approaches, Agile development methodologies and customers’ orientated methodologies, which have now directed the whole product process and the decision-making process of the product cycles.

Based on examples from best practice in this area, as well as bibliographic research, this article identifies innovation streams that are recalibrating this profession: AI, cross-functional teaming, and sustainability. It also examines issues that organizations encounter, including resistance to change, absence of or inadequate skills, and the dual issue of innovation and productivity.

The outcomes revealed reveal the need to focus on managing changes and volatility, and lifelong learning to achieve sustainable competitiveness. Realizing that the business environment is rapidly changing, organizations identify product management to successfully navigate it, while specifying the directions for developing technological potential in line with market demand. Herein, we provide practical recommendations and side notes for organizations and product managers who intend to thrive in this dynamic field.