Product Management Software and Tools

What is product management software?

Product management software can be defined as any platform or computer application designed to help in the development, storage, launch, monitoring, and management of a product.

Ideally, product management software will act as a unified hub that centralizes all product-related information and helps teams collaborate in the product life cycle management process.

Product software can help you manage everything from lead generation and sales funnel processes to vendor relationships, marketing efforts, customer service issues, and other key areas from one core dashboard.

What are the benefits of product management software and tools?

When teams have suitable product management tools at their disposal, they can deliver successful products without using clunky spreadsheets or keeping track of numerous email chains. Here are some more benefits of product management software:

1. Improved collaboration

The best thing about product management software is that it creates a collaborative environment where all team members can work together to iterate, develop, maintain, and release a product.

Product management tools also enable teams to set up diverse user access roles and permissions that make it easier for them to seamlessly work together.

2. Enhanced visibility

Product management software gives you access to in-depth management tools. For example, a robust product management tool can generate a powerful array of statistical reports, pre-made templates that reflect product development metrics, and progress KPIs for easy stakeholder decision-making.

This kind of visibility allows teams to pivot quickly and facilitates stakeholder decision-making. User requests for features can be also communicated in real-time to the software development team without any time lags.

3. Better quality stakeholder decision-making

Struggling with a product feature, or wondering how end-users may react to a specific functionality? 

Product management software can produce compelling analytical reports designed for different stakeholders in the project team and organization. These robust reports provide accurate and clear information within minutes, allowing for faster, better quality decision-making.

4. Accelerates collaboration and communication

Product management software stores product-relevant data, product maturity models, and other relevant information in one centralized database. It’s essential that different organizational stakeholders can access and update this data in real-time.

Data validity is maintained since multiple data versioning does not occur. Easier data access leads to greater team and individual productivity, improving the likelihood of achieving future goals.

5. Boosts team productivity

Good product management software should contain the following features:

• Project planning
• Task management
• Collaboration tools
• Resource planning

All these elements will improve your product management toolbox.

What type of product management tools should you use?

Creating a competitive advantage takes more than business acumen. It's about being able to track every step in the development process.

In product management, you've got a lot of ground to cover, from market research and gathering customer insights to development and release. When you’re juggling so many product elements, how do you keep track of everything? This is where product management software comes in.

Let’s review the four types of product management tools that will help take your company's products to market faster. 

Business planning tools

For any company, business planning software is one of the best places to start when it comes to product development. Business planning tools are great for gaining competitor intelligence insights while also reviewing internal strengths, weaknesses, and process gaps.

Avoid "launch and learn" mistakes that are so common in startups and small businesses. Deploying business planning tools helps you minimize unprofitable decisions and avoid unrealistic sales goals. Keep everyone on the same page and remove confusion about launch dates and budgets.

Product roadmapping software

If a clear goal is absent, it doesn’t really matter which direction the team takes. For a successful product launch, a product roadmap is a must-have in your toolkit.

Product roadmapping software lets teams plan out the entire product life cycle, from concept all the way through to retirement or discontinuation.

It helps track milestones while setting goals for every stage of your product's development. With each milestone, teams can update the roadmap, keeping everyone in sync about the progress.

Typically, companies use different road maps for every product created. Product road maps allow you to learn from each new product launch. All stakeholders are aware of short- and long-term goals, eliminating much of the guesswork in launching a new product.

Collaborative work management tools like Wrike

When bringing a product to life, it's crucial that your team can communicate effectively. For example, teams need to share information — from big picture planning to resource management to staff scheduling. 

Collaboration tools help teams work together in real-time. Many can be seamlessly integrated with third-party tools you already use. With a collaborative work management platform like Wrike, your teams have greater flexibility and visibility at every stage of the product life cycle.

Competitive analysis tools

Any product coming to market has to deal with similar products already catering to the end-user. While completely avoiding competition is not possible, understanding your competitors helps companies develop unique strategies for success.

Competitive analysis tools allow teams to stay on top of trends in your industry (such as new technologies or demographic information) and track competitor market share.

Quick Search is a competitor intelligence tool that generates an online brand snapshot. Monitor competitor brands across social media, news sites, forums, and blogs to stay updated on what’s happening.

Having diverse competitor information doesn’t mean anything until actionable insights are derived from it. Teams may find it difficult to distinguish between what's fact and what's just plain hearsay. By using competitive analysis tools, you can gain the necessary insights needed to make smarter decisions.

How to choose the right product management software

When searching for the right product management software, ask yourself what you need to manage and who will use the platform.

Make sure that the software is accessible from anywhere through an internet connection. Worried about upfront payments for the tool? Not sure if a tool is right for your business? Start with a free trial to see how the program works for you.

Product management is a critical activity for any organization wanting to grow its customer base, increase revenues, and stay relevant. Product management software can fill the gap between your company's business needs and product development capabilities.

The best product management software will help you manage and promote new and existing products while discovering and nurturing future product ideas. Here’s how to choose the best product management software for your needs:

Identify your needs before making a decision

There is no one-size-fits-all product management tool that works for all situations and needs. Since every company and product has its own requirements, it's crucial that you clearly define what your organization needs from the software.

Define the core features

Outline the core features you require from a product management tool by making a list of must-have and nice-to-have functionalities. Request a demo or free trial to see the product management software in action.

Determine whether your staff can easily use the product management software

Is your chosen software simple and intuitive to use? Think this through and ensure that the tool is easy to adopt and integrate into everyday workflows. Consider any possible training and development that the team may require before they start using it.

The right product management software and tools are essential to successful product launches. There are many factors that go into building an effective PM toolkit, but remember that no single solution will work for every company or team. Choose wisely!