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Best Product Management Software & Tools For Your Business

Finding the best Product Management Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

Table of Contents

What is a Product Manager For?

A product manager is responsible for formulating strategies, creating product roadmap and feature definition of the product. He is also responsible for the development of products for an organization and for mobilizing various activities associated with the delivery of the product. A product manager understands and defines the needs of consumers. He even comprehends the objectives of the business and translates them into innovative products. Every firm needs a product manager to leverage his product expertise and for making strategic product decisions that aim at creating successful products. The role combines both innovation and creativity in order to develop a concept to an actual product.

What is Product Management Software?

The ability to manage the products effectively is the most important task within any organization. There are so many tedious and time-consuming tasks from developing to the selling of the products in the cycle of product development, which is to be completed on a daily basis in the firm. Product management software comes as a boon in handling these tasks. It is a robust tool which helps in making all these tasks simpler by automating most of the tasks and reducing the hassles. It allows product managers to focus on other vital aspects of product development. Earlier, product managers had limited tools to help them in completing their tasks. With product management tools, the managers can get rid of other time-consuming tools and elevate their productivity. 

Must-Have Features in Product Management Software 

Product management is a process that includes business, technology, and user experience. Best product management software should have all the features that cover all the aspects of product development and makes them seamless as well as less time-consuming. Thes features include:

1. Facilitating in creating a high-level product roadmap

A product roadmap is a visual summary mapping the vision & direction of your product and the steps that you’d take to create the final product. A product map basically communicates why you are building a certain product and what exactly is the product. It provides a guiding document for implementing the strategy that is opted.

2. Idea Management

With tons of ideas around you, the system should help you to find the best ideas that most suitable for your business. It should allow your team members to submit their ideas in the software and you can review all the ideas and put them on workflow. You can translate these ideas into functional specs, user stories, and personas.  It’s very useful as it stores everything for you while you develop your ideas into a product, from customer feedback to users sharing their experiences. 

3. Customer feedbacks

Customer feedback is the most important aspect to be considered while making product decisions. While building your product idea, you should use the customer feedback you’ve been collecting across your business. The system should help you to link the feedback to an idea thereby making it easy for you and your team leader to refer back to customer comments while you develop the idea further.

4. Product portfolio

Picking the right idea and then implementing it in a right way along with the right resources and at the right time should be a very beneficial feature of a product management system. A product portfolio is the collection of all the products and services offered by a company. With the product portfolio, you can have a look at all your products or study a single product roadmap closely.

5. Task management

Better planning of tasks leads to a more productive product. Task management enables you to create a list of all the things you need to do so that you can easily delegate those tasks to the suitable team members and you can also easily track the status of these tasks. In order to ensure everything is carried according to your plan, you can even set deadlines and other particulars.

6. Collaboration

It is the most important feature of product management tools. In order to make a product better, it is very necessary to collaborate with the team in order to come up with a well-designed plan. An effective product management software should be able to support users to upload documents, images, comment on the tasks, share calendars and chat on groups. This eliminates the troubles of any mix-ups, saves time and helps to keep everything on track.

Comparison: Product Management Software Vs. Project Management Software

In many organizations, the concept of product management is often confused with project management. However, clearly defining the roles of a product manager as well as a project manager and understanding their responsibilities results in a high-performance organization. It also facilitates in setting appropriate expectations of goals and results.

The functions of project management and product management often overlap, which causes misconception about the results, values, and benefits that these functions bring.

In general, project and product management are two different aspects of a business. A product satisfies the needs of a consumer while the project is a one-time endeavor aiming towards creating a product or service right from its planning to its completion. 

A product manager is the one who sets the product direction, understands the needs of the users and then builds a product that meets those needs. The person needs to have a product sense- when to release a product when to remove a product or a part of it due to any reason. He is also responsible for the profit and loss of a product and hence he collaborates with different departments like sales, marketing, and customer experience in order to achieve the business goals. 

Product management is about ensuring whether a product or a service meets the needs of the customers. It includes monitoring and modifying the product and its features, elements of marketing mix, distribution channels, communication strategies, and budget.

The project, on the other hand, is a plan which has a series of activities having a defined outcome and a starting as well as an ending date. On accomplishment of the outcome, the project is completed. Project management includes organizing all the activities related to a project and its components. The main aim of project management is to ensure that all the project objectives are achieved. A project manager executes the strategies and works with a team having a diverse set of skills. He ensures timely completion of a project while keeping in mind the intended budget.

Both project and product managers have to work with the customers to define the scope. However, they focus on different aspects of the scope. The main focus of project manager lies on “how” work is oriented while the main focus of a product manager lies on “what” are the functional requirements. A product manager tries to add features whereas the project manager focuses on delivering the project on time and wants to keep the scope as small as possible. Then, both try to balance these two components and that’s how they work together. 

It’s true that both project and product management have some common responsibilities but both of them perform unique functions. When they collaborate together, they ensure higher productivity of the organization.

Product Road Map: The Real And The Ideal

A product roadmap is a tool that outlines how the product will be made to cater to stakeholder’s needs, how it will grow across different releases and how the capital to support the product will be acquired. The product roadmap needs to be tailored according to the needs of every organization. In most of the cases, the product manager struggles to balance the ideal and the real product map. 

At the most ideal level, your product roadmap shows a map of the entire territory that your product is covering. It contains a picture of what your product will consist of if the resources were unlimited.

However, while creating a product roadmap, you need to understand that product roadmap should be relevant and achievable. Everything that your product does today is the inner line and what you aimed for your product is the outer one. It is the task of a product manager to ensure that both the inner line as well as the outer line co-inside. The things that really create a difference between the two are the capabilities like internal development, partnerships or acquisitions added in your product. 

The understanding of the ideal and real roadmap helps you to bridge the gap between real and ideal roadmap. It gives a clear understanding of where you are, to where you want to go and helps you to identify the capabilities or steps you need to take in order to reach the ideal picture of your product.

Benefits of Product Management System

In this era of rapidly changing technology, innovative and robust products are launched in the market every now and then. The product managers also look out for the best product management tools in order to help them in carrying out their mundane task seamlessly and effectively.

Some of the advantages of the product management system are listed below:

  • The Product Management System facilitates easy collaboration between the team members and the managers as they can post their ideas on the system and even connect via group chats.
  • The product roadmap tool ensures better delivery of product meetings. Using tools to build your roadmap gives you more flexibility, so you can easily decide which ideas you’d like to keep or drop in a particular meeting. The details that you drop would still be there in the system. They’d be hidden from your view menu so that the executives can focus only on those details/ideas that you want them to see. You can also drop all the details or data on your roadmap and keep them hidden as long as you need them. Hence, you can present a systematic and uncluttered view of the roadmap and very easily use all the data that you have. 
  • Project Management System aims towards efficient sharing. You can avoid all the trouble that comes with multiple documents around your organization. You can store your product data in a central location and can give access to view it only to the members whom you trust. You can also keep a track on who is viewing the roadmap.
  • Product management tools help you in pulling data from various platforms and storing everything from customer feedbacks to user stories in order to translate them into stellar product ideas. It also encourages internal discussions thereby letting your team to help you in coming up with ideas in your product backlog. 
  • The product roadmap tool makes it easier to create a new roadmap which initially seems overwhelming if wrong tools are used. However, with a dedicated product roadmap software, you can create a new roadmap. You can update it anywhere and at anytime that too without any manual reformatting or other tiring and time-consuming design work. 
  • In order to be successful, considering customer feedback is very necessary because ultimately they are the ones who’ll use your product. Product management software makes it easier for you to create a list of customers whose requests were fulfilled or a feature they wanted was launched. You can then connect with such customers. The system helps you to extract feedback of such customers from various service platforms. 
  • Product management tools help you in coordinating strategic efforts across products. You can use your product portfolio in defining your goals, scope and success criteria for each product. 

Latest Market Trends in Product Management Tools

  • In their quest of exploring innovative ways to make the experience of existing users better, the companies are emphasizing on making project manager software tool modular. They are finding creative and innovative ways to make portions of their product available to the subsets of existing users.
  • More and more companies are using APIs with the best product management software. It helps the customers to integrate the company’s products into other commercial applications thereby making the software more useful in their actual workplace.
  • The companies are adding customer value by automating most of their tasks. It empowers the companies to solve the problems of their customers by scaling up their marketing efforts, saving their time and ensuring that they don’t miss opportunities just because they didn’t perform an action manually.
  • The companies are integrating business intelligence tools and cutting-edge technologies to manage large chunks of data that they’re compiling. This valuable data and information are related to the customers, product’s performance and the company’s market in general. These tools also help in finding new ways to turn old data into valuable insights.
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Nidhi RaghuvanshiBy Nidhi Raghuvanshi | Last Updated: October 20, 2020

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