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The Power of Data in Product Management: Harnessing Predictive Modelling and Insights
By Akintunde Opawole – Product Management Expert.
Data is an essential component of product management in the digital age. Product managers must understand the role of data in product development and management due to the increasing availability of data and the growing emphasis on data-driven decision-making. In this article, we will examine the role of data in product management, with an emphasis on the application of data to predictive modelling and insights.
Data’s Role in Product Management
Data is indispensable to product managers in multiple ways. First, data assist product managers in comprehending their customers’ wants and desires. Product managers can gain insights into customer behaviour, preferences, and pain points by analyzing customer data, which can inform product development and marketing strategies. Product managers can also use data to identify market trends, competitive threats, and growth opportunities.
Data can also assist product managers in measuring the success of their products. By monitoring key performance indicators (KPIs) like revenue, user engagement, and retention, product managers can determine if their products are meeting business objectives and adjust their strategies accordingly.
Data can also assist product managers in making informed decisions. Product managers can make decisions that are more likely to result in favourable outcomes by analyzing data and generating insights. This is crucial in today’s fast-paced business environment, where decisions must be made quickly and with limited data.
Utilization of Data in Predictive Modeling
Product managers can utilize predictive modelling as a potent instrument for making data-driven decisions. Using statistical algorithms and machine learning techniques to analyze data and predict future events is predictive modelling. Predictive modelling can be utilized by product managers to forecast future sales, identify emerging trends, and predict customer behaviour.
Predicting customer churn is one application of predictive modelling within product management. Churn is a significant issue for many companies, especially those with subscription-based business models. Product managers can identify factors associated with churns, such as low usage or poor customer satisfaction, by analyzing customer data. Using predictive modelling, product managers can determine which customers are most likely to churn and take proactive measures to retain them.
Predicting product demand is a second example of using predictive modelling. By analyzing historical sales data, product managers can recognize demand patterns and trends. Product managers can then forecast future demand and adjust production and inventory levels accordingly using predictive modelling. This can assist businesses in avoiding stockouts and overstocking, resulting in cost savings and enhanced customer satisfaction.
Data-Driven Insights
In addition to predictive modelling, data can also be used to generate product management decisions-informing insights. Insights are the result of data analysis that identifies patterns, trends, and relationships that are not immediately apparent. Insights can assist product managers in comprehending customer behaviour, market trends, and competitive threats, thereby facilitating more informed decision-making.
Analyzing customer feedback is one example of using data for insights. Product managers can identify common themes and trends in customer feedback, such as frequently requested product features or customer pain points that need to be addressed, by analyzing customer feedback data. Product managers can use these insights to make informed decisions regarding product development and prioritization.
Analyzing website and app usage data is another example of utilizing data for insight. Product managers can gain insights into customer behaviour and preferences by analyzing how customers interact with websites and apps. This can inform decisions regarding product development, such as which features to prioritize or how to enhance the user experience.
Data Utilization Challenges in Product Management
While data is a potent resource for product managers, there are several obstacles associated with its effective use. One difficulty is data quality. Data quality refers to the precision, exhaustiveness, and uniformity of data. Inaccurate, insufficient, or inconsistent data can lead to erroneous conclusions and choices.
Data privacy and security is a further obstacle. In light of the growing emphasis on data privacy and security, product managers must use data in a responsible and ethical manner. This includes complying with regulations such as the General Data Protection Regulation (GDPR), and the Nigeria Data Protection Regulation (NDPR), protecting customer data from unauthorized access and use.
The final obstacle is the analysis and interpretation of data. The increasing volume and complexity of data necessitate that product managers have the skills and tools to effectively analyze and interpret data. This includes data visualization, statistical analysis, and machine learning expertise.
Product managers must fully understand the role of data in product development and management in today’s data-driven business environment. Product managers can make better-informed decisions that are more likely to result in favourable outcomes by using data for predictive modelling and insights.
However, as earlier stated, there are obstacles associated with the effective use of data, including data quality, privacy and security, data analysis and interpretation. Product managers who can overcome these obstacles and utilize data effectively in their decision-making processes will be better positioned for success in today’s competitive market.
Akintunde Opawole is an exceptional data product management expert that has built an impressive career with over 10 years in the technology industry. As a certified Product Manager and an experienced Product Owner, he is noted for leading, managing and collaborating with high-performing teams of developers, scrum masters and business analysts to deliver highly cutting-edge technologies/products. His team is currently developing the biggest Data Analytics product in West Africa. He is currently building an Omnichannel – AI solution for the retail sector in Europe.
The Nigerian Copyright Commission (NCC) in collaboration with Musical CopyrightSociety of Nigeria (MCSN) organised a stakeholders’ engagement and awareness event in Kaduna on November 20, 2024.
The event, themed “Enjoy Music, Respect Copyright, Protect your Business,” according to the State Coordinator, NCC Kaduna office Mrs Rukayya Yeldu was aimed at educating music users about copyright laws and the importance of paying royalties to support musicians in the creative industry.
Mrs. Yeldu in her address at the event noted that copyright laws help protect the livelihood of musicians and other stakeholders while emphasising that paying royalties is both a legal and moral duty for business operators in the creative sector.
Director-General, MCSN Mr. Mayowa Ayilaran in his presentation spoke about MCSN’s role in the creative sector and encouraged business owners to obtain proper licences for the music they use.
Public trust in government has been lagging for years but new Salesforce research reveals AI agents could help rebuild it.
Constituents around the world agree there’s room for improvement when it comes to government service. Forty percent struggle with government interactions, and over a third are unsure of available programs. However, the research indicates overwhelming public support for AI solutions — with 90% of global constituents saying they’d use an AI agent to engage with their government.
The arrival of AI agents presents governments with an exciting opportunity to strengthen public trust by streamlining services and speeding up response times. And in the face of tightening budgets, agents can augment public servants and better serve their constituents — without having to add headcount.
“It is clear from our research that there is a need for AI solutions like Salesforce’s Agentforce that help governments streamline and scale services to better meet the needs of their constituents,” said Nasi Jazayeri, EVP and GM of Public Sector at Salesforce.
“As global leaders gather in Davos, we have a tremendous opportunity for the public and private sectors to come together and explore how major advancements in technology like AI agents can improve how governments support citizens.”
Public calls for improved government service
40% say it’s difficult to interact with the government when they have questions or need help.
Less than half of survey respondents find it easy to understand what public services (42%) and public assistance programs (46%) are available to them.
Top service delivery improvements desired by global constituents include:
Reducing the number of steps to address needs
Responding to their needs faster
Constituents eager to engage with agents
90% of global respondents said they’d use an AI agent to interact with the public sector.
Constituents in Brazil, Spain, Singapore, and Italy are among the most willing to use AI agents to interact with the public sector, providing these countries with the opportunity to be trailblazers in the agentic AI era.
20% of German and American respondents say they’re very likely to use an AI agent to help fill out government forms (e.g. filing taxes, completing applications).
Three factors global respondents said they prioritised when considering using AI agents in the public sector:
24/7 access to information and services (47%)
Helping them efficiently access government resources (44%)
Reducing the number of websites and steps needed to address their needs (40%)
The National Board for Technical Education (NBTE) has expressed its commitment to partner with the Nigerian Copyright Commission (NCC) for the creation of a robust Intellectual Property (IP) Policy tailored for Polytechnics and Technical Institutions across Nigeria.
This collaboration was agreed upon during a courtesy visit by the Director-General, NCC, Dr. John O. Asein to the Executive Secretary NBTE, Prof. Idris Muhammad Bugaje, in Abuja. The visit aimed to enlighten NBTE on the mandate of Commission and areas of possible collaboration.
Dr. Asein, represented at the meeting by Director Nigerian Copyright Academy (NCA), Mrs. Funmi Adewale and Director Planning Research and Statistics (PRS), Mr. Collins Nweke, emphasised the importance of a functional IP Policy and the need to incorporate Copyright Education into the curriculum of Technical Institutions.
The ES-NBTE who was represented by the Director, Abuja Liaison Office, Dr. Yahaya Bande gave assurances that the proposed partnership will yield results and lauded NCC’s initiatives of raising public awareness about IP and Copyright, emphasising that such efforts are crucial for enhancing the nation’s economic development.
The Commission’s representatives presented copies of the Commission’s publication “What Is Copyright” and “Copyright Act 2022” to the Executive Secretary, NBTE.
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