Product management and analytics: Hand in hand

Product enhancement is critical to product management, and analytics provide valuable insights for making informed decisions. Without analytics, product development becomes a series of blind shots, leading to sub-optimal outcomes. Data-driven decision-making is becoming increasingly important in product management, and analytics is a crucial component of this approach

- Dr. Mayank Mathur

Why should a product manager worry about product analytics? How does it matter what the past data indicate about the new product features? Is it necessary for product managers to know about the basics of analytics?

Well, to start with, product enhancement is a fundamental reason why analytics are essential to product management. Product teams would not know how effectively their products meet user expectations without analytics, and product development would become a series of blind shots.Product teams can make educated judgements about enhancing product functionality or introducing new capabilities thanks to the measurements obtained by metrics and the insights offered by analytics. They would be operating in the dark if they didn’t measure and analyze the results to determine whether the adjustments they performed were valuable or essential.

DR. MAYANK MATHUR, Academic Director, ISB Institute of Data Science (IIDS)

Whether product managers like it or not, product management is becoming increasingly data-driven. They might not enjoy sorting through enormous amounts of data, yet it is a fact that data are necessary for efficient product management.

Analytics

The word analytics comes from the Greek analytika, which means “science of analysis.” It frequently examines massive commercial data using mathematical, statistical, and technological methods. Some claim that the term was created by fusing “analysis of data” and “statistics.” The word “analytics” conjures up images of numbers (and crunching them).