When it comes to prioritizing tech initiatives, more than half of companies worldwide – 54 percent – say they’re prioritizing digital transformation. In this article, we’ll look at the types of companies that benefit the most from Digital Product Management (DPM) and the steps that need to be taken for an organization to begin its DPM journey.
What Companies Should Consider DPM?
Digital product management is a principled approach to making technology investments. As such, DPM is beneficial for any company that heavily invests in technology. This doesn’t mean that a company’s products or services need to be high-tech; indeed, banks, investment firms and government organizations have some of the heaviest investments in technology but aren’t necessarily considered high-tech companies.
DPM is becoming a significant part of every business – from the smallest mom-and-pop shop to the largest corporations in the world – because every company now has to wrestle with digital offerings and the ability to interact digitally. Furthermore, companies of any size can benefit from DPM. In most cases, it works best for companies that have more than one product. Likewise, companies that don’t traditionally deal with software as a primary focus of their business benefit tremendously from DPM.
Steps To Begin The Journey
It’s also important to understand that using DPM is not difficult from a technical perspective; indeed, the most challenging part of digital product management is navigating the culture change that’s required for people to stop thinking in terms of projects and, instead, think in terms of products.
Product management is an actual discipline that requires strategic thinking to determine why a product has value and how the value of that product will increase or decrease over time. This is something that project management just doesn’t have because projects are chartered to accomplish something specific. Once that’s done, the project is over. This complete shift in thinking is why culture change is so vital to the success of DPM.
There are several steps vital to the success of culture change, including:
If you’ve come to the realization that DPM is a good move for your company, don't be afraid of the transition. Having gone through the transition to DPM myself, making the change from project management to product management, there’s no question that it was tough to do. But once we got through it, everyone realized that we should have been doing things this way from the beginning. The decision itself is harder than actually making the journey. Be courageous. Take the jump. You’ll be glad you did.