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Product Development Trends in the Digital Era.

Open Innovation Academy Series

The rapidly changing of customers' need has resulted into the increase of demand for more sophisticated products. This encourages businesses to keep innovating to create products that should always be in line with consumer needs.

Here are some trends in the product development.

Ecosystem Integration

The emergence of IoT devices has made companies realizing that interconnectivity between different products has become necessity to deliver a holistic experiences for the consumers. It is important for companies to develop products that can be integrated with other services or products within their business or industry ecosystem.

For example, Apple, who built an ecosystem that delivers a holistic experience for their consumers by adopting Apple products into their lifestyle.

Optimization of Product Development Through Artificial Intelligence (AI)

In recent years, artificial intelligence (AI) technology has advanced various industries by bringing revolutionary products to market. AI can optimize product development processes by helping product teams in predicting consumer needs. AI studies consumer habits and demand patterns to produce accurate prediction.

The Demands for Product Manager Role

When developing product, companies need a product team that is proficient and able to bring their products to consumers, including the ability to optimize resources and management within the team. These abilities must be possessed by a Product Manager. The role of a product manager is now expanding. This makes the role of product manager increasingly sought after by companies. Based on the report 'Product Management Hiring Trends in the US—2019', it is stated that the demand for product managers has increased by 51% in the last two years.

For better understanding about trends in product development and become a good product manager sought by companies, you can increase product management capacity through Vanscoo. Vanscoo is an educational program from Open Innovation Academy by OiHub that focuses on building product management skillset.

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