Evolution of Analytics in Product Management for Data-driven Feature Prioritization

Data is the building block for any business. From Product Development to managing the workforce, the reliance on data has powered systems to integrations with multiple data sources. The data-driven approach based on a mix of Master Data and Transactional data can affect a company’s success. This paper talks about Data-Driven Decision Making as a mindset and explores various means of analytics used by organizations to better fuel strategic and business decisions. It also explores the roles of Product Management in an organization and how analytics helps make conscious product strategy choices. A sample survey data highlights various Data Analysis techniques using SPSS Software. This study also delves into the specific issue of Autonomous Analytics, propelled by AI/ML principles, to give a data-driven parallel towards Industry 4.0 and the direction of a manufacturing environment. This paper provides a good study on how Analytics is helping current businesses and also talks about challenges for the future.