Create a Money Receipt Design for Product Management that Simplifies Your Workflow

Money receipt design for Product Management

Hi, my name is Tamer, I am CPO at Project A Ventures and in this video you will learn what product management is, why it is important, and how we think about it here at Project A. So let's dive right in. A common way to define product management is to describe it as the process of finding the sweet spot between customer needs, business requirements and product's technical feasibilities. with the ultimate goal to build products customers love. Product managers need to know what customers or users want, what they like and what they dislike, and even what they might like but can't picture themselves. So product managers need to be in dialog with the product's users to asses and prioritize which needs and expectations translates into which product features. But most products are also commercial and need to be financially worthwhile, so we need to ensure that the return on investment is part of a creation process. So we need to understand and drive how value is being created for the business. Maybe with a growing customer base, gathering data, or simply driving revenue. But, usability and viability should not contradict each other but enable each other and finding the harmony is not always that easy. On top of that, product managers should have a clear understanding of its underlying technology because this is the basis for serving customer and business needs. Technology can be a restriction, so we need to know where the limits are, how it works, and the way we can actually change it. So not everything we want can actually be built in a feasible way, but technology can also unfold huge potential. So all the innovation in that field might going to drive our next big thing. So while this definition makes a lot of sense and depicts the core dimensions of product management the actual product management tasks will differ depending on the environment, meaning the industry, the maturity or the business model we are in. So let me give you an example. For a B2C e-commerce company, you might be using analytics data to drive decisions while in a B2B SaaS scenario, this might be useless due to insignificant data. The point is that product management will look and feel different in each of these environments. but still, in essence, we are all interested in the same things and have a unified goal. We aim for serving people needs by using digital information to make a business. This definition makes clear that we all need to understand who we build the product for. We need to understand the potential and complexity of the underlying technology, and we need to base this on a solid business model. This sounds simple, but it's inherently complex, as you might imagine first hand. And this complexity is exactly one reason why you need product management. Well, you could argue, can just the people talk to each other? The truth is that usually cross-departmental knowledge as well as time is missing within the tech or business teams alike. And the product manager is an advocate for both and manages this emerging complexities. In doing so, product managers need to be exceptionally good at navigating through the organizational landscape, from business units to tech to design and other departments. So different perspectives, requirements and goals need to be brought together into an overarching approach. So product managers could be seen as the mediator or translator of some sort. Without or with poor quality product management. You might end up building exciting features your customers don't need, or just like not profitable. now that we have a rough understanding of what product management is in general and why you need it, let's briefly talk about how to go about it so we can explain product management with a framework. We use at Project A that includes four key disciplines. So as a product manager, we need to generate insights. We need to design the collaboration, we need to give direction, and ultimately we need to create the product. The field of generating insight is all about gathering information and interpreting it. All these insights are required for product managers to make informed decisions about the features we want to build or the strategy that we want to define. Design collaboration is about creating an environment in which all the stakeholders can actually work together efficiently. We need to organize the teams. We need to shape the way we talk with stakeholders about strategy, insights, and the processes in which the ideas are actually turned into real products. And all this to put just good products and do this fast. Giving direction groups all activities that we need to steer the teams and the product in the right direction. The activities in this area help us to find out where we want to go with the product and how to get there. And this includes topics such as defining a product vision, strategy and mission, goals, roadmaps and initiatives to just like name a couple of them. Finally, we need to create the product and this is mainly about shaping concepts out of ideas, building prototypes, and making sure that the actual code is being written that we can finally ship to the user. So let's sum it up. We aim to serve people needs by using digital information to make a business. And in order to do so, we need to gather and process information, defining where we want to go and how to get there, defining the structure of how we work together and finally validate and conceptualize the features we want to get created. So if you like what you see, please leave us a comment in the comments section and feel free to check out our project a podcast. Thanks a lot. I hope you enjoyed it. Bye