Product Management Software
What is product management software?
Product management software is an application that brings together product lifecycle management, product management and product operations functionality into one tool. Properly implemented, it can accelerate key steps such as product roadmapping, customer analytics, release planning and journey mapping.
Product managers in the B2B SaaS industry have to wear many hats and are responsible for managing the expectations of customers both today and tomorrow while also delivering for their internal stakeholders. These professionals also have to work closely with not only their product operations teams, but also cross-functional teams — ranging from customer success to sales and marketing — to share and build on each others’ work.
By using an integrated application that brings together product lifecycle management, product management and product operations functionality into one tool, product managers can accelerate and organize all of their workstreams. The software can also integrate with billing, marketing and customer satisfaction software. If successful, it is able to build loyal customers and drive product-led growth.
Why is product management software important?
Like most professionals in the SaaS industry, product managers have to make data-driven decisions to plan their roadmaps and deliver for customers. Product management software supports this process by consolidating user engagement data, customer information, and other input from sales, finance, and marketing databases to create a picture of how customers are adopting products. Armed with this information, product managers can better align their products with customer needs and company strategy.
Product management software then uses its built-in product and customer success features to help identify product insights, analyze customer trends, and plan and execute on their roadmaps. While similar to project management software in some ways — such as the ability to set up and manage portfolios and agile workflows — product management software is specifically designed for the creation, development and refinement of products throughout their lifecycle.
What types of product management tools are available?
While there are a lot of options on the market when it comes to product management software, it is key to select a solution that is designed to deliver the functionality that B2B SaaS product managers need.
In addition to the features mentioned above, some of the other key product management tools that are available in industry-leading solutions include:
- Idea management (i.e. prioritization and categorization of a backlog) to support product creation and improvement
- Product roadmapping, including product development tracking and release planning
- Resource allocation and communication tied to specific projects
- Product management KPI tracking and reporting
- Product data analysis capabilities
- Integration with other enterprise customer and business tools through APIs