The Impact of AI on the Future of Product Management and Strategy by Shweta Agrawal

Shweta Agrawal
Chief Product Officer

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The Impact of AI on the Future of Product Management and Strategy

Welcome to the exciting world where AI intersects with product management! In a recent talk, Shweta Grewal, Chief Product Officer, shared valuable insights into how artificial intelligence (AI) is revolutionizing product management and strategy. Let’s explore the key takeaways that can help you navigate this evolving landscape.

Understanding the Role of AI in Product Management

AI is becoming an indispensable tool for product managers. As Shweta pointed out, the emergence of AI tools like ChatGPT, Copilot, and others is not about replacing product managers but enhancing their capabilities. Here’s how AI is reshaping the role:

  • Streamlining Daily Activities: Product managers can use AI tools to create Product Requirement Documents (PRDs), user stories, and collaborate with cross-functional teams more efficiently.
  • Brainstorming and Prioritization: AI can assist in generating ideas and help in feature prioritization based on revenue potential and customer satisfaction.
  • Rapid Market Discovery: Leveraging AI for market research enables product managers to gather insights efficiently, analyze trends, and understand the competitive landscape.

Tools to Supercharge Your Product Management Skills

Shweta introduced several AI-powered tools that can significantly enhance product management processes:

  • Julius AI: This tool allows you to upload your data files (Excel, CSV) and generate insightful data visualizations without coding skills.
  • Notion AI: A one-stop shop for creating user stories, note-taking, and document sharing, making team collaboration seamless.
  • Lovable: Ideal for testing product ideas quickly through rapid prototyping without needing a technical background.
  • Perplexity: An excellent tool for market research that allows product managers to analyze data and trends effectively.

The Human Element in AI-Driven Product Management

Despite the efficiency that AI brings, it’s crucial to remember that human intuition and understanding remain vital in product management:

  • Data Interpretation: AI provides valuable insights, but product managers must interpret this data and apply it to real-world situations.
  • Customer Engagement: Engaging with customers to validate AI-generated insights ensures that the products meet actual market needs.
  • Decision-Making: Ultimately, product managers must leverage AI insights while integrating their unique perspectives and experiences into decision-making.

Developing Strategic Skills for Future Product Leaders

As AI continues to evolve, so must the skills of product leaders. Here are some key areas to focus on:

  • Prompt Engineering: Understanding how to craft effective prompts for AI tools can significantly enhance productivity.
  • Adaptability: Being open to new tools and technologies will be crucial for keeping up with advancements in AI.
  • Strategic Vision: A successful product manager must balance AI insights with a long-term vision for the product and company.

Conclusion: Embrace AI, Elevate Your Role

As outlined by Shweta Grewal, AI is not only an assistant but a partner in your product management journey. By embracing AI tools, product managers can free up time to focus on strategic initiatives, enhance customer engagement, and ultimately drive the success of their products.

Don't fear AI; instead, play with it, explore its capabilities, and leverage it to become a more effective product manager!

For further learning and resources, feel free to connect with industry experts and continuously update yourself on the latest AI tools and trends in product management.


Video Transcription

So, to kick start hello, everyone. I'm so glad we are here. I'm from Boston. I'm Shweta Grewal, chief product officer.Today, I'm gonna talk about the impact of AI on the future of product management and strategy. So really excited to be here, in Women in Tech Conference because I feel like everyone can share their experiences from different regions. Little bit about me. I'm just gonna share here. This is me. You can scan the QR code to stay in touch with me. I have been in the product management industry for fifteen plus years. Worked in different industries from health tech to video platforms to many other industries. So that really gave me a good idea of, like, what as a product manager means when we would work in different industries.

I'm also a startup adviser, mentor to many founders, early stage to mid stage. I, my expertise are go to market, product market fit, product development, and product strategy, and I'm also an investor. So really excited to share my journey and what it even means, for us as a product manager, in the age of, AI. So just to click kick start our product managers. So let me know in the chat. Are you guys using, are you folks using AI, like, in daily activities for your work? Meaning, creating PRDs if you're working with PRDs, stories, working with engineers, working with the UI UX teams. Are you guys using any tools daily? Just put in the chat.

Let me know. I'm just gonna wait for, a couple of not much. Chat, GPT, Copilot, and Cloud. Not much at all. Yes. Copilot, Gemini. Mostly Copilot. So I I do see the trend here, Claude, perplexity. Awesome. So that's great that we have, you know, somewhere we have started using some AI tools, and that's great. So AI and product managers, the new PowerDue. The reason why I wanted to bring this AI so we think like, oh, what should I be doing with AI? Since last year, AI came into the picture. Before that, as product managers, I used to write all the PRDs, product requirement documents, the user stories, work with the engineers, work with marketing and sales. But, here's the thing. AI is there. There are so many tools. You know, folks talk about cloud and perplexity and chat g p t.

Think about it's not to replace, the product manager's role. As product managers, we wear so many different hats. Right? We talk to different customers. We talk to different team members internally. We also think about our road maps, our strategies. Right? So we should be thinking about how I can use the AI tools to help make my job easy. Given, some of the product managers work with the data a lot, that will help you to make decisions. Some of them, they work with the customers a lot. I mean, every product managers work with the customers, but how we can use those insights, use AI tools, and make our job easy. We should be focusing on why, and AI will handle how. And I'll tell you about more the tools and how you can use it.

Smaller teams, bigger impact, meaning as product managers, I know some of you mentioned you work with the UI UX team, with the technical team. Sometimes they're working with the data teams. How you can use all those tools and AI to make your life easy. So moving on, here are some, chat GPTs we are using. For example, as a product manager, when I sit down, I brainstorm. Right? I have so many ideas. And then I'm like, okay. I have, like, five features now. How do I even prioritize those? Right? That's one of our as a product managers, we have to think about which feature, which product should I launch first that will give me revenue generation, that will give me customer satisfaction, satisfaction, and we can use AI to make that decision. So brainstorm anytime time with Gen AI. There are chat GPTs, and there are so many variations we can talk about.

There are LLMs which will help you unlock the perspectives and blind spot. And when I'm what I mean by that is how many of you have, you know, 10 different ideas? You know, some of the competitors are launching some features or some products, and you're thinking, like, should I launch that feature? Should I launch that product? Would that even make sense how much time it's gonna take, like, six months, eight months? Do you have that like, how do you decide? Have you guys came across that challenge that I'm not sure if I should be launching these features, which will take me six months to eight months? I don't have enough of engineering, team that will help me support launch all the time. Yeah. Sometimes, even as product managers, we have to share.

I mean, most of the time, we share the resources. Right? Even if I want to test my idea, is it gonna even work? I don't know. Like so here's the thing. I'll give you a quick example. As a PM, I want to test my idea before even I ask my dev team to work on it. Right? With the use of AI, you can test it by yourself. Within minutes, you can test your idea before you go full fledged in the development mode. So I'll tell tell you how as we move on. There are a couple of tools which I'll talk about as well. And another phase is rapid market discovery. This ties back into as a product manager, sometimes I'm thinking about, like, I want to focus on my market research, my competitors, my customer research, who are my target audiences are.

As a product manager, it's not one time done and dusted. I have to always thinking, okay, what my competitors are doing. If I'm not doing, how do I stand out? Right? In that case, AI will help your, be your buddy as a research analyst. Right? For example, perplexity, I think you've, if you have not used it, I would highly suggest, to use Perplexity and see the trends. What I do is I use different, ChargeGPTs. For example, I use Perplexity Cloud and OpenAI ChargeGPT, and I try to compare my data. And I see which one makes more sense to me for a specific problem. So for example, to research my, market, my customers' perplexity, I love that. So I try to use that. The market sizing, customer insights, and TAM. TAM is nothing but total addressable market.

If you're a product manager in health space, in a fintech space, in AI, edtech, which is not just, you know, one region specific, but it's global. Right? If you're thinking, like, I want to my product is in health care. I want to create a product that will be able and help, you know, different, health care industries. That's your total addressable market. You can think about how you can narrow it down. And as you all know, you have to validate your idea first. And with the tools like, Livable, I think you might have heard about it. If not, we'll talk in a minute. Where you can create as a product manager, you don't have to have, technical experience. Okay. Let me ask this question. How many of you are yeah. Ina. Great.

You're, aware of Lovable. Just tell me, like, how many, of you have, like, a technical experience, you are technical product manager, or you always think like, oh, I don't have a technical background. Can I still be an effective product manager? So just let me know if you have any technical background, as a product manager. If not, we're gonna talk about as well in a minute. Yes. Karen has tech background. That's awesome. Engineer turned product manager here. That's great. Tech background. Me too. No tech background. That's so we have a good mix of that's Helen. That's amazing. So psychological background instead. I don't have to this is great. So, the reason I was asking is you don't have to have tech background. And if you have, that's great. That's a plus. Like, that that's a bonus sign.

So the reason why with the AI, think about, you know, sometimes we look for jobs. Sometimes we try to change our domain, and we think like, oh, do I need to have a technical experience? Because I'm gonna be talking to tech lead and engineers, data scientist. In this era, in AI, you don't need to know everything about technical. You can even create your own website. You can create so no code and less effort. And let me take you to that, and we'll talk about how, as a product manager, you don't have to have, technical experience, and now you can learn as well. Given with the AI, there are easy ways to create your own websites, to create your to even, like, analyze your data using, the tools like Julius AI.

If you have heard about the tool, Julius, where you can put your data Excel file in it, ask it to summarize, ask it to create, the data visualizations, and it will show you and give you the trends. The other part is, like, the PRD is not dead. So how much time we have spent on creating product requirement documents. Right? People say like, oh, you know, like, it's written like this. Is it written Aina, can you elaborate? Is it written like this, Julius? So Julius is, quick question AI is about. Quick question, Shritha. How do you balance AI treatment insights? Okay. Let me answer both. So, Ayanna, Julius AI is a tool for, data insights. So if you have an Excel file, CSV file, and and if you want to analyze that data, I have, like, a, you know, data for customers in, restaurant industries.

I want to see the trend. What you can do is yeah. Julius AI. Yes. Thank you, Amit. Yeah. Julius dot AI. That's the one. You put your document in there, ask couple of you don't even have to. You just give some prompts. Like, analyze the data, give it to me, tell me the revenue growth, whatever you want. It will show you all the without even having to code. No. You got there. And Dorcas had a question. Let me see what question it was. AI is a buddy. Quick question, Shweta. How do you balance AI driven insights with human intuition and product management? That's a wonderful question, Dorcas. So, even though AI is there, you know, I'll use AI, the tools to create the baseline. Right?

So for example, ChatBRD, Craftful, Onocean, or Julius AI, which is a tool I'll use. I'll put my prompts in, and I'll get the baseline. But it will something more like human in the loop. We are as a product managers, we are the ones who'll be still making the decisions. We will be telling, like last thing, it will it cannot add those sentiments. It cannot understand what exactly the customers want. It will give me the data what has been inputted in. So as a PM, take the insights of you know, from AI, and you validate. As a product manager, again, I want you guys to think about how you guys still validate as a product. Go and talk to the customers. Even there are tools which will talk to the customers, give you the data. But see the data. You know, data is data. You have to go and validate.

Talk to the customers. Talk to your teams, tech teams, your marketing and sales team. Make sure you're talking and understanding because that's where the product managers will be still required. The AI, you can just think like how we have been using, Google, right, for search, as a search engine. But it did not replace anything. Right? Think about AI as similar to that. I know we have, seven minutes left, so I'll try to cover, certain topics, here, which I wanted to. These are certain tools, chat PRD, Craftful, Notion AI, and Linear. This is, heavily used by pro product managers. If you have not tried any of those, I would highly suggest. This will give you the templates.

Notion AI, it will be one stop shop for you for all the tools, AI meeting notes to create your user stories, sharing the documents. It's one place. I I love that tool. Another is no code AI. As I was talking about, you don't have to have engineering background. If you have engineering background, that's great because you can talk and communicate with your teams, dev teams, engineers. And these are couple of tools, that I've used, and I really love it. So if you have an idea and if you want to launch, which is your, you know, MVP, minimum viable product within days, And you wanna test your idea before you even go to the dev team engineers like, hey. Can you, you know, create this product for me? You can test it out. So Lovable, just put your prompt. It'll give you full fledged website. Test it out.

Boldbuilder.io, and Alton as well. No coding within minutes. It's a full stack back end, front end. Everything will be done. So you can play around with those. I really love it. Will you be I'll have to check, sir. I'm not sure, like, how does that work? But, yeah, that's a great question. We can check with the team, if you can share the slide deck later on. And then moving on, AI powered go to market strategy. So as a product manager, I usually work I mean, we all usually work with so many different stakeholders. Right? And we keep keep an eye on the competitors. We keep an eye on our customers. And one of the things we have to really focus on, which is go to market. Right? Even if we have our product ready, we always have to think about what's next. What can I add on my product? And these are couple of things.

Most of you might have used it already. These tools are nothing but the meeting notes. But I remember when I used to go, you know, before AI came into the picture, I used to go and I used to take notes, manually. I think we have all done that. Now using these tools, what it happens when you're talking to your customers, when you're talking to your internal teams, it not only just summarizes the meeting notes, but also gives you the trend and the sentiments and how people are feeling in the you know, if if you're on the call, if you're talking to your, product teams, if you're so you get to know not just about the meeting notes and the summaries and action items, but you get to know, like, how people are feeling on the call.

Right? So for example, I have spent couple of hours after the meeting just summarizing and putting the action items. So use these tools. I'm pretty sure and just write it down if you have used any of these, AI powered, tools, which is Otter Fireflies, Google Meet. Google Meet yesterday, they came out with, in Google Meet, you can have the voice translations. So Google, IO yesterday, they said, like, if you're talking different languages, it will translate, in real time. So that was pretty cool. Summary all the time. Looking ahead, 10 what strategic skill sets do you believe will define the next generation of exceptional product leaders and the AI first generation? I'll cover that question, Darkas. It's great. Let me do the quick, summary, and then I will cover that, point.

This is, I want you to take away from this call is supercharge your product management skills. AI will you know? There are so many tools will come in. The it will define the processes sometimes. It will help you to think about, you know, you as a product manager. It will give you more time to think strategically. What I mean by that, the tasks you have been spending time as a product manager, I've spent couple of hours going to different meetings, summarizing my notes, summarizing my user stories, creating my PRDs, creating my strategies. Think about AI will be taking you know, helping you to take all the task, and you can, as a product manager, I can focus on my, strategy, what I really wanna develop. Your empathy plus AI insights is a winning strategy. So think about AI is your buddy. You know, you can rely on it. You can tell, like, hey. Can you do this for me? And we'll do for you. You want to in this I would say this, don't be afraid of AI.

Think of, like, if you don't if you have not used AI, go and try to play with the tools. Don't be afraid. Put an hour every day or hour a couple of days. Like, just play around with certain tools, you know, the tools that I mentioned or something that you're really interested in. Get to know about those tools. Because as a product manager, what would happen is you will know that, okay. This tool is helping me in this way. Because even though there are hundreds of tools, you don't have to use hundreds of tools. You need to think like, oh, I'll really love this tool. I should be using this.

Pick four to five tools that will make your life easy on the data side, on the PRD side, customer, customer discovery, which will give you some inputs, which is Craftful is one of the tools I spoke about. Yes. Organizations are not open to using different tools except for that's a great point, Rina. The reason why, I'll tell you, because of the data security and safety. Right? I know certain companies, enterprises, they create their own in house, they're creating their in house, chat GPDs or their AI tools. So if your organization if they have the the technical knowledge, technical staff, they're creating their own inbuilt, tools. I believe the key will be to know how to use the tools that are available to us, and that is why human intelligence come into play. That's a great point, Megha.

So knowing what tools even the organizations are saying like, hey, you know, there are tools to use it, but you need to understand, as a product manager, we need to understand what tools will be really beneficial for us, which ones we should be using. Right? Because we don't wanna go and use hundreds of tools just because we got to know. Right? The other next step, I want you guys to take away, like, start small, scale, use the tools that you think will help you. Again, don't use all the teams, all the tools that you come across, and human critic. As a product manager, you still are on the front seat. You define the strategy. You define the products. AI is only your buddy. And with that being said, I know we are on time. You can stay in touch with me, and I'll try to Dorcas, can I take questions, or are we on time? How do you keep up with the latest tools?

So, I do have, like, couple of and I can share connect with me. I can share how do I keep updated myself with AI tools, AI news. There are a couple of different articles. There are a couple of different newsletters. I also have my own substack I can share with you guys, later on as well. And then there's one comment. I have heard that creating custom GPTs is another good alternative. That's a good point, Megha. Yes. If the organizations or the teams can create those, that's a great way to keep yourself updated and use those. Are there any tools you don't recommend? That's a good point. I, so what I do, I know, especially, I try to use, I don't have oh, I would say, one tool that I used, which was not, it was just 70% okay.

Crisp is another tool. It did not transcribe properly, so I was struggling to understand. There are, like gosh. I that's a good question. I don't know which ones I don't like because what how I select is I try to use four tools, and out of four tools, I try to see which one I like the best. I mean, there are so many tools. Every tool have so many different features, right now. So for example, Craftful and, Julius, there are is another one which where you can create your own. It's a faster and cheaper compared to, like, you know, bold and lovable. So it's hard to, like, select which ones I don't like. Multiple and compare the results, especially the more exactly, Ayanna. Cursor. Yes. Cursor is another one. That's a good one too. Oh, you don't like cursors? That's what you're saying.

Let's see. Dorcas, do we have time? I know we are should I go over the questions in the chat? Or, thank you so much for the information packed session. Thank you for joining. Let me see if I can these tools are great, but my company is locking down most air tool except Copilot. Do you have any tips on how to best leverage Copilot if you cannot use all these other tools? Let me see. She cannot use all this. So I would say, one more important thing. Let's say if the organizations are not, you know, comfortable using different tools, I would suggest, the most important thing, and this is in general, think about what AI prompts you can create. So even if you're using one or two tools, it can be any, like, chat PRDs or chat GPTs or Copilots or Gemini.

Think about, how you can put a prompt. And as a product manager, just putting one prompt, including everything together, instead of doing that, just try to go and have a conversation like you're having with your friend. Put one prompt, see what results it's give, if it even if it makes sense. If not, try another prompt. I would suggest understanding what prompt you need, asking like, oh, I need a bullet point. I need a PRD with, you know, for the technical folks. I need a PRD for, my user stories. Having more specific, prompting will help. Thank you for the great talk. Very look forward to some of the tools you mentioned, didn't know before. That's great, Helen. I'm glad that you learned new tools.

Sometimes I want to write a prompt for another one. I have one tool, write prompt for another. Oh, okay. See. There you see, you're you're learning how to exact see, that's the best thing. You are playing with different tools, and now you know, like, okay. I'm gonna use this tool to find my prompt so I can use for another one. That's the smart way. So this brings another good point. Be smart. You know? Don't work hard. Like, be I mean, this is cliche, but try to see which tools will help you to get where you want to go. Right? Play Yeah. I guess exactly. There you go. Awesome. And I'm gonna see, if I can cover some of the questions. Let's see. I'm gonna go over. I'm just scrolling. So, there was one question from Karen. Product managers will always be needed to tell the story behind the AI data analysis and PPTs and graphs. That's true, Karen.

As a product managers, even if you're using those tools, you'll be required to tell the stories. It's like you we can't, like, copy and paste, but people are like, how do you even derive? Sometimes, what we put in for example, if you're putting in the data, it's an Excel file or whatever data you have, AI will just use that data to derive the information. Right? But as a product manager, we are the ones to make sense of the data, to make sense like, okay. I have this report now. Does it even make sense for my customers, for the product, for my strategy? If the AI tool says like, hey. You know, launch this feature within two months in this region, would it even make sense?

It would not know what that regions look like, what the data points are, what the customers are. Yes. If we can put in, it will know. But as a product manager, I will know. For example, in summer, people like to go out. So if I'm a restaurant owner, or if I'm a res product manager in the restaurant industry, I will know that, okay. I should focus on some drinks, you know, something, that people like to go out on picnic. But as AI person would not know, they'll be just like, hey. In two months, launch this feature. Right? So the human element is gonna be still there to make those final calls and final decisions. Dorcas had the question, looking ahead five to ten years, what strategic skill sets do you believe will define the next generation of exceptional product leaders in AI first generations?

Many companies nowadays are thinking about the AI agents, models. So to be effective and to be a smart product manager, I would highly suggest you folks to think about the prompts, how you can write the prompts, what tools you should be knowing and learning. Because if you're looking for another job or you're switching your careers in product management, they're gonna ask you, tell me what prompts are you gonna write? Tell me, what tools have you used as a product manager, how it has helped you in daily workflow, in your research, in your, working with the teams. So it's very important for you to know the tools that you're using. Even though if if you're not using the companies, go and play around with other tools. So when you go out and, you know, look for AI nowadays, there's a role called AI product management. They want to know that, have you used AI?

Do you know how to use AI? Do you have a basic knowledge about the AI tools and how it works? So don't be afraid. Go and play around with those tools to keep yourself updated. And I'm happy to share some of the resources to know how to keep yourself updated as a product manager in AI, what tools to use. I didn't go in deep, but I did do account you know, a talk two weeks ago where I went over 10 to different, 10 to 11 tools that as a product managers I can use. And then let me see, if there are another question. Awesome. I think we have covered all the questions, folks. Thank you so much for joining. Feel free to connect with me. Feel free to share any questions, any insights you have. It was great to have you on board. I really enjoyed.

It was very interactive session. Thank you, everyone.