Innovation is Product Management

Innovation and product management share commonalities that make them more alike than they might initially seem. While they can be distinct disciplines, their similarities can be seen everywhere in today's new product development marketplace. Innovation and product management share a symbiotic relationship that is crucial for the success of any organization. Let's look at how product management and innovation are intrinsically linked and why they should be considered two sides of the same coin.

• Shared Objectives

At their core, innovation and product management aim to create value for the customer and the organization. Innovation seeks to develop new solutions, processes, or technologies to meet changing customer needs and market demands. Product management focuses on defining, building, and delivering products that address these needs and demands. Product management defines the ‘what’. The common thread here is the customer and their evolving requirements. Both innovation and product management revolve around understanding and serving these needs effectively.

• Customer-Centricity

Innovation and product management are inherently customer-centric. Successful innovation starts with a deep understanding of the customer, their pain points, and their unmet needs. Product management follows suit, continually monitoring customer feedback and market data to guide product development. In this way, both disciplines put the customer at the center of their processes, driving the creation of products and solutions that truly resonate with the target audience.

• Iteration and Continuous Improvement

Innovation and product management share the same commitment to iteration and continuous improvement. Innovation often involves experimentation, trial and error, and learning from failure to refine and optimize new ideas. Product management similarly employs iterative processes to enhance products, taking into account customer feedback and evolving market conditions. The cycle of learning, adapting, and iterating is common to both domains.

• Cross-Functional Collaboration

Effective innovation and product management both require cross-functional collaboration. Innovation teams often consist of a mix of professionals from various backgrounds, such as engineers, designers, marketers, and data analysts. Product management teams work closely with engineering, marketing, sales, and customer support teams. This cross-functional collaboration is essential for the successful development and launch of new products and features.

• Risk Management

Both innovation and product management involve risk management. Innovation carries the inherent risk of investing time and resources into unproven ideas. Product management, on the other hand, is tasked with minimizing risk by delivering products that meet customer expectations. These two aspects of risk are inherently linked; innovation carries the risk, while product management aims to mitigate it through careful planning, validation, and execution. Both have frameworks and tools to make better decisions, prioritize decisions, and mitigate risks by leaning into opportunities, whether for incremental efforts or disruptive. ?

• Timing and Market Fit

Innovation and product management are deeply connected in terms of timing and market fit. Innovation often begins with ideation and experimentation, and its success depends on recognizing the right time to introduce a new product or feature into the market. Product management is responsible for identifying the optimal time to release a product that aligns with market demands and customer needs. This synchronization is vital for the success of both innovation and product management.

• Tools, frameworks, processes, and more

Innovation and product management are dominated by the same frameworks, the same processes, and the same methodologies. Especially as digital product management has taken over and software has eaten the world. And for those paying attention, the same software tools used by product managers are now invading the traditional innovation software management marketplace. At my company's kick-off just a couple of years ago, the chief innovation officer of a major consumer products goods (CPG) held up a copy of Eric Ries' 'The Lean Startup' and called it the bible of modern innovation. Atlassian's JIRA, originally an issue-tracking tool for software developers, has made its way into innovation and product management organizations as a tool to allow them plan, track and work faster. With JIRA Align, product people and innovators can submit innovations, discuss them, take part in innovation tournaments, and earn points to become a a top innovator. Agile as a methodology is everywhere with instances of scrum or SAFe. Tools for roadmapping, such as Aha! and ProductPlan, are widely used by innovators. Finally, general-purpose workplace automation tools like Monday.com and Smarthseets have templated capabilities to allow many companies to manage and track their innovation efforts. It's all crossing over and intertwined.

Innovation is product management. They are two sides of the same coin, working hand in hand to bring valuable solutions to customers and drive the growth of organizations. While they may have distinct focuses and responsibilities, the common threads of customer-centricity, iterative processes, cross-functional collaboration, risk management, and timing underscore their symbiotic relationship.

To thrive in today's competitive business environment, organizations should recognize the interconnectedness of innovation and product management. When these two disciplines are aligned and work cohesively, they can deliver products and services that not only meet customer needs but also drive innovation and growth within the organization. By understanding the shared objectives and principles of these functions, businesses can unlock their full potential and remain adaptable and responsive in an ever-changing marketplace.

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