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In today’s digital-first world where Product-as-a-Service dominates almost every industry, Product Management has become one of the cornerstones of businesses. Product Managers bind cross-functional teams through a strategic product lifecycle and streamline the planning, production, marketing, and other tasks related to the development and distribution of a product.
Because of the fourth Industrial Revolution and the adoption of Big Data and emerging technologies across industries, the demand for Product Managers has been on the rise. This year, companies around the world have seen extraordinary challenges, and only a few were able to convert them into opportunities.
COVID-19 changed consumer needs drastically, driving companies to modify their products and services in order to remain relevant and sustain in the competitive market. Product Managers play a huge role in bringing successful business transformation during these uncertain times. One such example is ‘Uber Reserve,’ a new feature launched by Uber, an American company that offers vehicles for hire. Due to the COVID-19 pandemic, Uber saw a change in their consumers’ behaviour towards their product. In order to bridge the gap between their existing product and their users’ needs, Uber launched its latest feature that allows users to reserve rides up to 30 days in advance and pick their favourite driver for the trip.
The factors that were driving the rise in demand for Product Managers before the pandemic are only increasing now. A McKinsey report shows that the pandemic has accelerated digital adoption by major firms by as much as five years. Organisations require Product Managers to help them navigate this change and help successfully transition. As of today, there are 20,000 Product Managers positions vacant in India. But the fact that Product Managers are currently in high demand is not the only reason why you should consider a career in Product Management.
Here are a few more reasons why a career in Product Management is a great choice:
● Flexibility: A career as a Product Manager offers you the flexibility to define your role. It also gives you the liberty of choosing between working with a corporation or a start-up or even freelancing.
● Deeply fulfilling: Being a Product Manager means that the product is your responsibility. You’ll experience the thrill and satisfaction of seeing a product come to life, all the way from a mere idea to reality. Along with this ownership, being a Product Manager gives you the chance to work and interact with a dynamic team. According to Glassdoor, Product Management is ranked as #4 on the list of best jobs for 2020.
● Gain vast industry knowledge: A Product Manager does not require to be an expert in every aspect of creating a product. But they need to have some understanding of areas like coding, design, marketing, and finance. Being a Product Manager allows you to collaborate with various teams and while this is challenging, it also enables you to learn tons of new things all the time.
● Exposure to leadership & entrepreneurship: A career as a Product Manager enables you to develop leadership skills and apply them in a fast-paced, real-world environment, which many career-driven professionals strive for. This knowledge will also help you in becoming a successful entrepreneur. Susan Wojcicki (CEO, YouTube), Stewart Butterfield (CEO, Slack) and Sundar Pichai (CEO, Google and Alphabet) are a few of the many successful Product Managers-turned-CEOs.
● High compensation: Gone are the days when engineers and software developers used to be the only highly paid employees in Silicon Valley. Today, Product Management offers some of the highest paying job roles. As per Payscales.com’s salary survey, an early career Product Manager earns an average total compensation of INR 10 to INR 13 lakhs annually.
Along with the abovementioned perks of building a career in the Product Management domain, the demand for Product Managers has never been greater. Companies are now embracing the fact that their product may face uncertainty at any stage of its lifecycle and are increasingly relying on expert Product Managers to manage the change and put new technologies to use. If you are looking for a challenging but rewarding new career direction, then a career in Product Management would be a worthwhile option to explore.