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Any product manager will tell you how important it is to track innovations actively and also how hard it is to do with everything else on their plate.
FREMONT, CA: Product managers are expected to be updated with the latest technology available for product offerings and internal use among teams. Along with minimal resources and time, a product manager's role is quite challenging in an organization.
Here are three main issues that hinder product managers from doing their jobs effectively.
Along with time and resources limitations, if the right tools are not in place to assist product managers and their team, it could hinder product development and innovation. Without any technology to support the product team, there is no way to effectively track market disruption and changes if the company depends on them for market intelligence, product management, and day-to-day sales and marketing support.
Tracking Competitor Activities and Market Changes
Product managers have very little time to track and analyze competitive intelligence because, within the 24 hours, they are juggling between managing current offerings, developing new ones, and all the other things in between. Thus, leaving no time to look up and research for actionable intelligence.
Developing Product Roadmaps without Customer Feedback or Market Research
Product managers are always under pressure to create the right products at the right time. Still, without enough time and resources to analyze product priorities based on customer feedback and market research, it isn't easy to develop anything worthwhile or even to know when the right time is to laugh a new product.
Challenges to Opportunities
It is essential to consider what the customers want and what the market needs to develop better products. Product teams are forced to do more guesswork without the right tools to help in market research. With market intelligence tools and resources, a product manager can track key intelligence topics, competitors, and stay ahead of the curve on the latest advancement and innovations in the market.