Article: Harnessing the Power of Analytics in Product Management
by Harry Chang • 3 December 2023
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In this article, Harry shares his take on how analytics plays an important role in product management, as well as how his prior relevant experiences has influenced him to co-found NUS Product Club despite his lack of proper product experience.
Introduction
Introduction
In the rapidly evolving world of product management, staying ahead of the curve is not only about innovation, but also about making informed decisions. This is where analytics comes into play - serving as the compass that guides product managers through the complex maze of market demands, customer preferences, and competitive landscapes.
The Role of Analytics in Product Management
The Role of Analytics in Product Management
Data-Driven Decision Making: Analytics provide product managers with concrete data, eliminating guesswork. This data-driven approach leads to more accurate and effective decisions regarding product development, marketing strategies, and customer engagement.
Understanding Customer Needs: Analytics tools can gather and analyse customer feedback, usage patterns, and buying behaviours. This information is crucial for product managers to understand what customers really want and need, allowing them to tailor products that meet these expectations.
Competitive Analysis: In a crowded market, understanding your competitors is vital. Analytics helps in monitoring competitors’ performance, market position, and strategies. This knowledge enables product managers to make strategic decisions to stay competitive.
Performance Tracking: Analytics allows for the continuous tracking of a product’s performance. Metrics such as user engagement, retention rates, and conversion rates provide insight into the product's success and areas for improvement.
Predictive Analytics: Advanced analytics can predict trends and consumer behaviours. This predictive power enables product managers to anticipate market changes and adapt their strategies accordingly.
Harry’s Interactions with Analytics and Product
Harry’s Interactions with Analytics and Product
As a data science and analytics undergraduate exploring different career options in my fifth semester, I was privileged to be able to work concurrently on many projects and side hustles besides my academics - including organising an 850-participant Data Analytics Competition for university students and working as a (product) data analyst intern at Quest, a HR-tech startup incubated in the Institute of Innovation & Entrepreneurship at Singapore Management University (SMU IIE).
During this internship, I was fortunate to be able to work closely with the company’s Product Team, consisting of the company’s Chief Product Officer (Matthew Wu), as well as UI/UX designers. Back then, my role consisted of drafting weekly dashboards to the company’s management, as well as making suggestions to improve the user acquisition and retention strategies of Quest’s mobile application with the company data I was working with.
A photo with the UI/UX designers that I got to work with in Quest’s Product Team!
Through my close interactions with Matthew, I had the first-hand opportunity to learn bits of concepts about product management, including agile methodology and acceptance testing, both which are vital in software development - especially in a start-up environment. Given the constant demand for new and improved features in a software application, I slowly got interested in learning how his thought process worked, which I thought would be vital to my future career, regardless of whether I would pursue data or product in the near future. In fact, the idea of task management using a kanban board, which I scoffed at initially while working with him, turned out to be an essential tool especially in software development, as I quickly discovered during my latest internship in a data science role.
Fast forward to later that year, where I had the opportunity to oversee a technical interview workshop centred on the usage of PowerBI organised by my juniors. Working closely with fresh graduates from BIPO - a HR consulting company, I got to learn first hand on how analytics could be used in different industries and roles. No matter what the use case was, I slowly understood the real-world applications of what I’ve learnt in school, especially how data storytelling can greatly assist working professionals on improving their business goals.
A group photo with BIPO employees, Emily Tan (Career Advisor from NUS CFG) and Emelyne Yeoh (Events Director, NUS SDS AY22/23)
Tan Xue Ying (Data Scientist, BIPO)
Henry Liew (Global Innovation Director, BIPO - also the lead instructor of the workshop)
This experience, along with my internship with Quest, inspired me to explore both data and product as a whole, including following the activities of similar student clubs such as SMU Product Club and SMU Business Intelligence & Analytics Club (SMU BIA) to learn more about improving my future career prospects.
Most recently, with our club’s first iteration of PM1101E: Exposure to Product Management, we were fortunate enough to learn first-hand from Hazel Teng, who is presently working as a Product Manager at Foodpanda. Through her coverage on drafting a Product Requirements Document (PRD), along with the importance of product metrics using the AARRR framework, this has reaffirmed my interest in product analytics as a plausible career choice upon graduation, given its fine balance between technical know-how and business sense within the realm of the tech industry. In addition, this would hopefully be a good pivot towards an actual product management career in the future.
Hazel Teng, one of our instructors covering PRDs and metrics in PM1101E: Exposure to Product Management (AY23/24 Semester 1)
Conclusion
Conclusion
In my opinion, analytics is no longer a luxury, but a necessity in product management. It empowers product managers to make more informed decisions, understand their customers and market better, and ultimately create products that resonate with their target audience. Embracing analytics is embracing the future of effective product management, which is what I intend to leverage my background on to pursue a prospective career in this field.
In our second semester, NUS Product Club will be collaborating with NUS Statistics and Data Science Society (NUS SDS) to co-organise a product analytics workshop using Tableau - targeted at students with non-technical backgrounds such as business and economics. Should you be interested in such a workshop, do follow our socials for our latest updates!
About the Author
About the Author
#7: Harry Chang
#7: Harry Chang
Given his prior experiences in multiple data science and analytics internships, Harry is seeking to explore his career options beyond the conventional data analyst role, including product management and HR analytics. Beyond his academics, Harry has also contributed vibrantly to student life activities, including his previous leadership roles as President of NUS Statistics and Data Science Society, as well as Deputy Head of Finance in Google Developer Student Clubs NUS. Concurrently, he actively contributes blog articles and infographics as a Research & Strategy Executive at NUS Human Capital Society. He is also a (UI/UX) Design Manager in NUS Fintech Society. As our club’s President, Harry oversees the efforts of our Partnerships and Publicity Teams, establishing a strong foundation of our club’s outreach and marketing strategies in the long run.
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