Data Product Manager – who is it?
Data Product Manager: A specialist who manages information.
Data, if collected and analyzed correctly, is an extremely important resource for any company. And its importance is only increasing today as most organizations are focused on continuous growth. Creating and executing an effective data strategy is a significant step for a Data Product Manager. We tell you what key skills such a specialist requires and why this profession is becoming relevant in the modern IT world.
What is a data product
Typically, a data product is an improved version of company-owned data. It is clear, manageable, and accurate information that turns data into an asset that everyone in the organization can use to analyze it and then use it to make meaningful decisions. A data product manager must optimize the value of such information and be able to extract maximum value from it by masterfully developing and delivering the data product as a valuable asset.
The Role of the Data Product Manager
A data product manager is a multifaceted person. His main task is to oversee the development of a data management platform or set of tools that will help meet the needs of both internal and external customers.
However, such specialists do not simply act as outside observers. A data product manager is a person who is capable of performing many functions, from setting goals to overcoming obstacles that may arise in the delivery of a product. In this capacity, these specialists function as part of data science teams.
Required Skills
However, the skills of a data product manager must be different from those of other team members, such as Data Scientists and Data Engineers. These roles require technical expertise to build models for AI and machine learning, and a data product manager's job involves strategic planning and collaboration with other colleagues.
In other words, the data product manager highlights customer needs to colleagues. He also identifies possible difficulties, mitigates obstacles and is responsible for delivering the data product. Such a specialist understands the challenges of the business and actively works in a team to smooth out rough edges. The main “superpower” of a data product manager is his ability to recognize customer needs, guide cross-team collaboration, and deliver a functional data product.
Essential Skills for a Data Product Manager
Since this is a relatively new profession, it is critical that a senior executive in the form of a chief data officer (CDO) can recognize the ideal data product manager.
These are the skills he should have.
1. Understanding the specifics of the data
A data product manager does not have to be technically savvy, but must be able to effectively manage data sets and their uses. He clearly understands where exactly the data is concentrated in the company, how to obtain it and how to evaluate its quality and suitability for use.
2. Analytical skills
A data product manager must understand how data is used to make decisions, especially since data consumers interact with it specifically through analytics. And since a high-quality data product can be obtained using machine learning models, knowledge of ML and AI principles for subsequent product launch is also necessary.
3. Measuring value
Some organizations initially launch a minimum viable data product as part of a product strategy to demonstrate the value of the product internally. Over time, it stabilizes and evolves, gaining more function and securing its value. Therefore, data product managers must be aware of how to evaluate the use of data to demonstrate its full benefits.
Currently, the demand for data product managers around the world is growing. These specialists help companies from different sectors of the economy get the most out of available data. However, their integration into the usual ecosystem requires a review of the functionality of some team members. Data Product Managers are an integral part of data departments. And leaders who hire the right people with the right skills can stay ahead of the competition and deliver a high-quality product to the business, ensuring the right and logical conclusions are reached.
Do you think such a profession will be in demand in our business environment?
