AI Impact on Product Management - 5 Key Takeaways

Writing this article was necessary. It's born out of curiosity, fear of missing out, and, quite honestly, fear of the unknown. AI has been a hot topic for the past couple of years. Elon Musk famously said, "AI is going to change the world more than anything in the history of civilization." But how? How will the world change? And when? How will our job change and our industry? So many questions; it's really not a surprise that people find them intimidating. We are on the doorstep of the new digital AI economy. According to Ginni Rometty, the former CEO of IBM - "Artificial intelligence will be the key factor in differentiating winners from losers in the new digital economy."

Therefore, one question at a time. Today, I will address how AI may impact Product Management and how we can prepare for it. I strongly believe AI will serve as a catalyst for the next era of Product Management. Here is how. 

1. AI will improve customer insights and will help us understand customer needs in a better and faster way. We will be able to make more data-driven decisions and prioritize features based on customer feedback and market trends in a constant loop. We are talking about the anytime/anywhere accessible comprehensive view of customer behavior. 
2. AI will allow us to expedite and automate some decision-making processes. Artificial intelligent engines will bring automated recommendations based on data analysis. This will expedite the process of handling routine tasks, which will enable Product Managers to focus on what matters the most - strategic initiatives to support our innovative roadmaps. 
3. AI will transform the way we approach our product-to-market strategies. A couple of reasons here. First, artificial intelligence will undoubtedly enhance product development by utilizing AI-generated code. Second, AI will allow the fastest-ever prototyping and testing, regression included. Third, product managers will now have their fingertips on immense amounts of sorted and analyzed data in real time - creating an opportunity to take more calculated risks. 
4. AI will change the way we think about user experience and interface. Fei-Fei Li, former Chief Scientist at Google AI, said, "AI is the new UI." User expectations are changing as AI allows real-time access to information through conversational interfaces and the Internet of Things Devices. Therefore, we must ensure our products are part of this new ecosystem of AI interfaces. We are still at the inception of the AI-driven economy, and AI can already create engaging conversations that lead users on a journey to their desired destination. Let me explain this in a practical way. I asked Alexa this morning to order my favorite coffee and to send my sister a present for International women's day. All this while taking a shower. It's here, and it's here to stay. It will get much better - faster than most of us are anticipating. 
5. AI will also transform how we approach our marketing strategies. Thanks to the streamlined real-data analysis, we will be able to execute hyper-personalization and much-improved targeting. On top of that, customer service is also getting a makeover as chatbots, and other AI-powered tools are already being used to improve it. As with all of the above points, AI will drastically improve efficiency. From a creative standpoint, AI-generated art is a rapidly growing field that has garnered much attention recently. AI algorithms have been used to generate various art styles, from photorealistic images to abstract digital creations. This AI-generated art is already being utilized in several ways, including product design, packaging, and advertising. 

John Giannandrea, the former CTO of apple, said that "AI has the potential to create more value for business than the Internet did." Similarly, Eric Schmidt, the former CEO of Google, believes that "AI is not going to take over the world. It is going to change the world and change it in ways we can't even imagine." I attempted to predict how AI will change product management in the upcoming years. We are witnessing some of the transformations above today, at least in the early stages. Change is inevitable. It's the only constant in life. AI will serve as a catalyst for the next era of evolution in product management. 

So, where from here? Educate yourself to the best of your abilities. Stay informed of industry trends. This will help you understand and identify potential opportunities and risks as well. Don't do this in a silo, and engage your extended team. Together, understand your product's AI potential and vulnerability. This will not guarantee that you will cope with the changes AI will bring, but it will give you the best chance to take advantage of the opportunities it presents.

And always remember, YOU got this!