3 Important Factors in Product Management
Product management is one of those business functions that can be difficult to describe. This is because the technology you utilize within your business, the way your business is set up, and the types of customers you are targeting all play a part in what product management looks like in your specific enterprise. Each of these factors is important because they affect the way a product moves from being an item in your inventory to being an item that needs to be restocked because it sells well.
The Technology You Choose To Use
If your business relies on paper reports handed out at a meeting to bring everyone up to date on what is happening, the decisions being made are reactions to the past instead of responses to the reality of today. Product managers need to be able to see what is happening in real time or they are hindered from doing the job effectively.
Software that utilizes centralized data management and sophisticated tools with user-defined attributes gives your team the ability to handle their responsibilities professionally. The technology you choose to use in your business has a direct effect on everything you do.
The Way You Set Up Your Business
Most retailers today are selling their products on more than one channel. Online sales, third-party ecommerce marketplaces, brick-and-mortar locations, and other channels need to be able to share information. When data is siloed in isolation, extra steps are needed to locate that data and compile it before management can see an accurate picture of what is happening.
Product managers who operate in a business that integrates their various channels have a definite advantage over those who keep channel data isolated.
The Connections You Make With Customers
Even when product managers have no contact with customers, their job affects the connections that customers have with the business. Product descriptions affect online sales because that’s how shoppers find what they are looking for. Inventory status that is updated once a day will not reflect the availability of a product in another store.
Each of these factors in Product Management is optimized when ChainDrive Product Management software is used. The flexibility and comprehensive functionality of this professional integrated retail management platform need to be seen to be appreciated so there is a free live or online demo available. See how you can make these three factors in your approach to product management work together profitably.