The Product Management function comes in various forms and shapes across the industry. It may be tech-heavy, business oriented, strategic or down-to-earth. Young and old. A diverse crowd, usually quite good people. Many years in the same place.
Ever wondered how good they are? Things do happen and the products are somehow taken care of, but how good are they? How much can we trust the motley crew with matters relating to the company future, what if we had to rely heavily on them?
Speculate no more! There´s a perfect tool at your disposal!
It will challenge the PM function at the intersection of products and services. It will require new business models. It has a built-in disregard for the old and established solutions, and it introduces a whole bunch of very capable global external players diversifying into your areas.
Fueled by the easy connectivity, low-cost devices, cloud-based processing and storage, SW production anywhere and huge economies of scale, it is the IoT pandemic. (How to develop product strategies for IoT business)
A simple suggestion is to put a question to your PM, expecting an answer.
What the question is not: What is IoT for us? Or: What are the best partners? Or: What is the tech maturity?
The simple question is: How will we make good and sustainable money in IoT?
This is the true test of the PM function.
- A PM who can develop good products is not good enough.
- A PM who knows the technology neither.
- Nor a PM who can juggle the various models SaaS, PaaS, etc.
- Excellent life-cycle handling? No.
- Great Value Proposition? No.
- Great Marketing stuff? No.
- Agile and Lean? No.
All of the above and more.
How do we make money sustainably in IoT? It is the mother of all questions this side of Internet and Mobile telephony, because it affects virtually all companies.
This is hopefully the test of the PM function you were looking for?
Actually, it is probably more than a test. It happens to be the very question many competitors and soon-to-be-competitors are asking themselves.
It will soon be clear how good PM functions you all have. Whether you pop the question or not.
The proof is in the pudding, let the games begin, trial-by-IoT!
Want to learn more? Check out Product Strategy Knowledge Hub, where you can find other product strategy resources.