Product management of machine learning (ML) is becoming increasingly important as more businesses are leveraging this sophisticated technology every day. With careful product management, organizations can take advantage of the immense potential benefits of ML, such as lower production costs, faster product delivery, and improved customer experiences.
However, there can be a steep learning curve when it comes to navigating the ML product management landscape. To help you make the most of ML product management, here are five tips to help you succeed.
1. Leverage the Right Resources
Making sense of the vast landscape of ML technologies can be overwhelming. However, there are resources available to simplify the process. From comprehensive research reports to industry analysts and even ML-specific consultants, there are multiple resources to help you understand and navigate the ML space.
When leveraging resources, it is also important to ensure that you are tapping into the right resource for the particular project you are tackling. For example, for guidance with market research and industry best practices, tapping into the vast knowledge of ML industry veterans can be a great source of guidance. However, when you need more technical insight, such as understanding the potential costs and timeframes associated with a specific ML project, a ML-focused data scientist or consultant may be the right resource.
2. Invest in Education and Training
Once you have an understanding of industry best practices and potential technologies, it is time to educate yourself and your team on the product management process. This can include attending workshops, studying industry literature, or even enrolling in product-specific classes. Having a shared understanding of all of the components associated with ML product management can set you and your team up for success.
It is also important to ensure that you and your team stay up to date as ML projects evolve. By investing in continuing education and training, your team will be prepared for the various product-related tasks associated with ML projects.
3. Identify Product Managers and Other Key Contacts
Identifying the right product managers and other contacts associated with ML can be the difference between a successful product launch and a complete disaster. Product managers should be knowledgeable in both technical and business aspects of ML and aligned with the company’s vision, goals, and objectives. Ideally, product managers should also have experience and a track record of successful ML project management.
Identifying the right contacts can go beyond just product managers. Depending on the scope of the project, you will also need to leverage contacts with ML expertise in areas such as data engineering, back end development, machine learning engineering, and research teams.
4. Set Measurable Goals and Milestones
Establishing measurable goals and milestones from the start can give you an accurate sense of progress and ensure that you are on track for success. When setting goals and milestones, it is important to keep the end product in mind — your goals and milestones should be tailored to achieve the desired product outcome.
It is also important to ensure that you and your team have a firm understanding of the different components of the project and the timeline associated with each component. That way, you can identify which tasks need to happen in order to achieve the desired outcomes and set appropriate goals and timelines.
5. Incorporate Feedback and Testing
Much like with any other product management process, feedback and testing can be incredibly important when it comes to ML product management. After launching the product or service, it is important to collect data-backed feedback in order to identify areas for improvement. This can come from customer surveys, product usage data, or even user testing.
Incorporating testing and feedback can help ensure that you are delivering a product or service that is aligned with customer or user needs. This can lead to higher user satisfaction and retention, ultimately resulting in a successful product launch.
Product management of machine learning projects can seem daunting, however if tackled strategically, it can result in a successful product launch. Leveraging the right resources, investing in education and training, and setting achievable goals and milestones will set your team up for success. Finally, don’t forget to incorporate feedback and testing to ensure that the end product is aligned with customer or user needs. With these tips in mind, you can confidently navigate the ML product management landscape and ultimately succeed.