In the product management AI era

It is already known that Artificial Intelligence has forever changed the perception of the technological world, as Stephen Hawking said:"It's either the best thing that ever happened to us, or the worst." The growing popularity of AI means that it will soon be available in every area of life, from mining to medicine to the food industry.

AI is opening the floodgates to infinite possibilities for its use, and we will look at applying it in terms of product management. The integration of AI with product management is not surprising. Effective product management is the art of extracting valuable data and using it creatively to design innovative products that will attract customers. But what does it really mean?

What areas of product management can be done with the help of AI?

A good example of the use of AI in the work of a Project Manager would be to show on the different phases of the product management cycle, in this way it will not only be a practical approach but also show in a nutshell what the work in this area is about.

Risks of using AI

Artificial intelligence is a human creation, so it has its limitations:

• It can lead to over dependence

The impressive capabilities of artificial intelligence can make it too easy to use it for virtually every aspect of work. This is a trap that many product managers unwittingly fall into, wanting to apply its capabilities to every aspect of their work.

• It can provide inaccurate information

Have you ever asked a question to a tool like ChatGPT, but found that it provided a completely wrong answer? You weren't the only one. Chat can generate inaccurate or outdated information, so it's worth doing more extensive research rather than relying on data available only through chat.

• Lack of uniqueness

Relying on artificial intelligence to make critical decisions can result in the product you create looking very similar to hundreds of others on the market, without offering a unique and original selling proposition or added value.

The future of AI product management

• Explainable artificial intelligence

As artificial intelligence becomes more prevalent in product management, the need for transparency and understandability is growing. Explainable artificial intelligence refers to the ability to understand how an artificial intelligence algorithm makes decisions and provides clear explanations to stakeholders. This emerging trend will become increasingly important as companies seek to build trust with their customers and comply with regulations.

• Integration with IoT

The Internet of Things refers to a network of connected devices that collect and transmit data over the Internet. As more and more products become connected, AI product managers have the opportunity to use this data to improve product performance and optimize the customer experience.

• Natural Language Processing (NLP)

NLP refers to the ability of computers to understand human language in spoken or written form. As technology continues to evolve, it will become easier for customers to interact with products using natural language interfaces, such as voice assistants or chatbots.

Summary

The era of Artificial Intelligence in product management promises incredible opportunities. Alan Kay's words: "The best way to predict the future is to invent it" become extremely relevant in this case. However, it is important to remember that humans are still the key element in the product management process. Technology can provide us with powerful tools to analyze data, identify trends and personalize products, but it is human vision, creativity and the ability to understand the social context that are still irreplaceable.