Artificial intelligence is everywhere, from customer service chatbots to self-driving cars. The technology has transformed the landscape of many industries. But, have you ever wondered who’s behind these AI-powered tools? AI product managers. This role is becoming increasingly important as companies continue to embrace AI in their marketing and operational workflows. In this article, we’ll break down the role of an AI product manager, what skills you need to become one, a few examples of AI product management in different industries, and more. Let’s dive in.
What is an AI Product Manager?
An AI product manager is like a traditional product manager but with a small twist. The product in this case is powered by artificial intelligence technology, which makes the role a bit more sophisticated and technical. Think of an AI product manager as a bridge between an organization’s technical teams, such as engineers and data scientists. They deal with the unique challenges of AI products, such as handling uncertainty, managing complex data, and ensuring ethical guidelines.
Key Responsibilities of an AI Product Manager
What does an AI product manager do? Let’s break down their key roles and responsibilities in a company setting.
Defining AI Project Strategy and Vision
It all starts with the identification of a problem and leveraging AI to propose a solution. AI product managers may start by asking this simple question “How can AI solve this problem?” and then work with the stakeholders and relevant team members to define an AI product’s vision and strategy for the future. According to research, 87% of AI projects fail to make to the production stage because of poor alignment of business goals and technical execution.
Collaborating with Other Teams
AI is a complex field and to effectively manage an AI product, the role requires you to work closely with other professionals like data scientists, designers, and marketers. For instance, you may have to explain the technical limitations of an AI tool to marketers to help them promote the product effectively.
Managing Data and Models
AI-powered tools work on extensive data. You have to provide them with accurate, relevant data to expect the desired outputs. AI PMs manage data collection, cleaning, and labeling to make sure the tool gets high-quality inputs. Once the model is deployed, they monitor it and make the necessary tweaks when needed.
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Ethical AI Development
Unlike traditional product management, AI PMs have the added responsibility of making sure their model isn’t biased and unfair. For instance, if an AI hiring tool favors one demographic over another, it has been fed with a biased dataset. The product manager needs to fix this.
Skills Required to Become an AI Product Manager
74% of companies say they struggle to find the right talent with the right mix of technical and business skills for AI roles. If you’re considering a career in AI product management, you need a particular set of skills to perform the role effectively. Here are the most important skills.
Technical Skills
AI product managers don’t need to be data scientists, but a basic understanding of AI and ML is crucial. Knowing the differences between supervised and unsupervised learning and the know-how of tools like Python and PyTorch can help.
Communication Skills
Managers need to be good communicators, especially in a field like AI where there are a lot of technical terms and concepts. AI product managers explain technical terms to non-technical team members, making effective communication an important skill for them to have.
Problem-Solving and Creativity
When working with an evolving technology, you’re bound to face problems. Developing AI models and managing them effectively requires problem-solving. To come up with effective solutions, you need a creative mind since AI is mostly an uncharted territory.
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Examples of AI Product Management Positions
To understand how product managers manage AI in different industries, let’s look at a few examples.
AI in E-Commerce
In e-commerce, an AI agent could take in user data and understand their online behavior before offering personalized recommendations. A chatbot on an e-commerce website answering visitor’s queries is another use case.
AI in Healthcare
In healthcare, AI tools can help with the development of diagnosis tools that can help read medical images more effectively. A manager would ensure the tool is compliant with the regulations.
The Future of AI Product Development
AI technology is growing and becoming a part of different industries rapidly. Take digital marketing for example. Human-like AI voices, AI video makers, and custom chatbots are some shining examples. Other industries like agriculture, medicine, finance, and hiring are also leveraging this technology to automate tasks and make their processes more efficient. However, with power comes responsibility. Product managers will need to educate themselves about the laws, regulations, and best practices of using AI and stay compliant.
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The Role of an AI Product Manager: FAQs
Let’s address some frequently asked questions about the role of an AI product manager.
What is the Role of an AI Manager?
AI product managers oversee AI projects, communicate with relevant team members, and make sure everything is in line with the business goals.
What is the Salary of an AI Product Manager?
The salary of an AI product manager varies by location and experience. It typically ranges from $120k to $180k in the US.
How Do I Become an AI Product Manager?
Start by learning the basics of artificial intelligence and machine learning. Gain product management experience, specifically in the field of AI.
Conclusion
By 2030, AI could contribute up to $15.7T to the global economy. Artificial intelligence has paved the way for many job opportunities. An AI product manager is one of them. Most AI products require ongoing management and development. As a manager, you make sure the product aligns with the company’s goals and vision, performs well, and stays compliant. The role requires a set of technical and soft skills like knowledge of AI/ML, communication, and problem-solving. Moreover, since the industry is only going to grow in the future, more and more businesses will need AI product managers.
Resources:
https://www.datascience-pm.com/ai-product-manager/
https://venturebeat.com/ai/why-do-87-of-data-science-projects-never-make-it-into-production/