Product Management

Kapil Rawat | VP Liabilities Product | Citibank

What is Product Management?

There are many nuances of a Career in Product Management. Almost everyone seems to be talking about How to start a Career in Product Management, while one should first develop an understanding of What is a Career in Product Management. The most authoritative source of information on Product Management is someone with real experience in it.

VP Liabilities Product Kapil Rawat has 10 years of professional experience in Product Management. VP Liabilities Product Kapil Rawat describes Product Management as:

Product Management is an organizational lifecycle function within a company dealing with the planning, forecasting, and production, or marketing of a product or products at all stages of the product lifecycle.

How VP Liabilities Product Kapil Rawat got into Product Management?

After 2 years of financial management and 2 years of innovation management at Citibank, I took a transfer to India where I worked as the Liabilities Head for Citibank managing both the domestic as well as NRI market.

VP Liabilities Product Kapil Rawat's Talk on Product Management

The Journey of a Product Manager: Insights from Kapil Rawat's Experience in the Field In today’s fast-paced business environment, the role of a product manager has become increasingly pivotal. Kapil Rawat, a seasoned product manager with extensive international experience, provides an illuminating glimpse into this dynamic career. From his educational background to the daily demands and challenges of his role, Kapil’s journey underscores how product management blends innovation, strategy, and operational acumen. In this article, we will explore the essence of product management, the necessary educational foundation, requisite skills, and the array of responsibilities that shape a typical day in this vibrant profession. What Is Product Management? Product management is an integral function within a business that oversees the design, development, and marketing of products. A product manager acts as a mini CEO, assuming full responsibility for their product's success in the market. This involves collaborating across various departments to ensure that every aspect—from product design to pricing and user experience—is strategically executed. Kapil notes that product managers must navigate diverse challenges, adapting their strategies according to consumer demands and market trends, making it a central role in driving business growth and innovation. Education Marketing A foundational aspect of education in product management is marketing. Understanding marketing allows product managers to effectively position their products in the marketplace against competitors. Knowledge of market trends, pricing strategies, promotion tactics, and target demographics is crucial for developing products that meet consumer needs and priorities. Kapil emphasizes that a robust grasp of marketing enables product managers to craft strategies that resonate with customers and communicate value effectively. Finance Finance is another vital area of knowledge for aspiring product managers. With responsibility for sales and expenses, product managers need to comprehend corporate finance deeply. They often present financial reports in meetings, making it essential to understand budgeting, forecasting, and financial performance indicators. Kapil highlights how financial acumen equips product managers to make informed decisions and justify resource allocation, reinforcing the critical link between product development and financial success. Law & Compliance Familiarity with legal frameworks, compliance standards, and organizational policies is crucial for product managers. Kapil underscores that non-compliance can lead to significant repercussions, making it imperative for product managers to ensure their products adhere to all relevant laws and regulations. This understanding not only protects the organization but also builds trust with consumers and stakeholders. Statistics Statistical knowledge plays a pivotal role in product management. Product managers must analyze user data and market trends to make data-driven decisions. Proficiency in statistical analysis techniques allows them to interpret feedback effectively and adjust product strategies accordingly. Kapil points out that understanding statistical methodologies enhances the ability to evaluate product performance and identify areas for improvement or innovation. Marketing Research Engagement with marketing research further enriches a product manager's educational background. Product managers need to understand how to gather and interpret customer feedback, ensure market fit, and identify feature requirements. Kapil mentions that effective engagement with marketing research agencies can yield insights that directly inform the design and functionality of new products. Operations A solid comprehension of operations and process orientation is essential in product management. Kapil notes that product managers must oversee the operations that drive product development and execution. This includes managing timelines, coordinating cross-functional teams, and maintaining consistent communication throughout the product lifecycle to ensure efficiency and effectiveness. Skills Documentation Effective documentation skills are paramount for product managers. Given the complexity and longevity of product development, maintaining comprehensive records of changes, processes, and requirements is vital. Kapil highlights that good documentation facilitates smooth transitions between different product managers and ensures continuity in project workflows, minimizing disruptions. Teamwork Collaboration is at the heart of product management. As Kapil explains, product managers must foster teamwork by motivating colleagues across various departments to work towards a common goal. Strong interpersonal skills are crucial for building relationships and ensuring alignment on product vision and objectives, which ultimately drives the success of the product. Leadership Leadership skills are essential for product managers to guide their teams effectively and navigate the myriad challenges that arise. Kapil emphasizes that, despite often being in relatively junior roles, product managers must inspire confidence and rally support for changes or new initiatives. This ability to lead not only enhances team dynamics but also contributes to achieving product goals. Problem Solving & Analysis Problem-solving skills are critical in product management, impacting day-to-day operations. Kapil recounts instances where he faced complex challenges, requiring analytical thinking to devise solutions that address both immediate issues and broader strategic goals. The capacity to consider multiple perspectives and create actionable solutions is invaluable in this role. Forecasting Forecasting is another necessary skill for product managers. As Kapil points out, predicting market demand is essential for effective resource allocation and product planning. Product managers must utilize market insights and historical data to anticipate future trends, ensuring that the products they develop meet customer needs ahead of time. Feedback Finally, Kapil stresses the importance of feedback. Actively soliciting input from users and stakeholders helps product managers understand how their products perform in real-world scenarios. Establishing mechanisms for collecting feedback is vital for continuous improvement and alignment, allowing product managers to adapt their strategies effectively. Positives Understanding Business One of the most significant positives of product management is the holistic understanding of the business it fosters. Kapil shares that product managers are exposed to various functions—finance, marketing, technology, and more—giving them a well-rounded view of organizational dynamics. This multifaceted insight is crucial for those aspiring to move into higher executive roles later in their careers. High Responsibility Product management roles often come with substantial responsibilities and visibility, even at an early career stage. Kapil reflects on managing significant financial portfolios at a young age, illustrating how product managers are entrusted with vital business elements, which can lead to personal and professional growth and recognition within the organization. Growth Potential The potential for growth within product management is immense. As Kapil illustrates, the skills and experiences gained through this role often serve as a stepping stone to senior leadership positions. The comprehensive understanding gained through product management prepares individuals for broader responsibilities, making it a coveted career path for many professionals. Challenges Legacy Systems One of the significant challenges in product management is grappling with legacy systems. Kapil points out that transitioning to new technologies while managing outdated systems can create complexities in data integration and operational efficiency. This challenge necessitates a comprehensive understanding of both old and new systems to successfully navigate product development. Technological Dependency The dependence on technology can pose challenges for product managers. Changes to products typically require collaboration with technology teams, which can sometimes be a slow or complex process. Kapil emphasizes the need for product managers to develop negotiation and communication skills to effectively navigate these dependencies and ensure timely product updates. High Resolvability The visibility that comes with managing a product can be a double-edged sword. While it can lead to recognition, it can also create pressure during crises, as illustrated by Kapil's experience dealing with a significant compliance issue shortly after returning to India. This high resolvability means that product managers must be prepared to tackle challenges head-on, often under significant scrutiny. A Day Of Product Management A typical day in the life of a product manager, as described by Kapil, is both structured and dynamic. Mornings often begin with reviewing communications and data before meetings fill the schedule for the rest of the day. These meetings involve collaboration with various teams, from technology to senior leadership, addressing everything from product updates to problem-solving sessions. The role demands adaptability, as unexpected issues can arise, requiring product managers to pivot quickly and address multiple concerns simultaneously. Kapil also emphasizes the importance of analyzing performance metrics daily, reflecting on how outcomes can inform future actions. Managing such a varied workload, while dousing fires and developing strategies, showcases the multifaceted nature of product management. In conclusion, the journey of a product manager, as shared by Kapil Rawat, illustrates a career filled with learning, responsibility, and significant impact. From navigating complex challenges to working collaboratively across functions, product management is a profession that not only demands diverse skill sets but also offers immense personal and professional rewards. As businesses continue to evolve, the role of the product manager will remain vital in steering innovation and meeting the ever-changing needs of consumers.

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How to get into

Product Management?

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Links for this Talk

VP Liabilities Product Kapil Rawat's LifePage:

[LifePage]
https://www.lifepage.in/page/kapilrawat

LifePage Career Talk on Product Management

[Career]
https://www.lifepage.in/careers/product-management

[Full Talk]
https://lifepage.app.link/20180425-0008

[Trailer]
https://www.youtube.com/watch?v=Hu2z5_bb4QQ

(Product Management, Kapil Rawat, Citibank, VP Liabilities Product, Management, Product Development, Product Marketing, Product Operation)

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