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    EP 104: Product Management and AI: Insights from a Microsoft Product Manager

    en-usSeptember 19, 2023

    Podcast Summary

    • Discussing product management and AI advancementsGoogle updates BARD, Microsoft reveals new products, and AI writers emerge, transforming product management and our everyday lives

      The role of product managers is evolving rapidly due to advancements in AI technology. This was discussed on The Everyday AI Show, where Jordan Wilson welcomed Riley Seth, a senior product manager at Microsoft. In the news segment, Google updated its large language model BARD, connecting it to various products and adding a fact-check button. Microsoft is also expected to reveal new Surface models and AI features at an upcoming event. Additionally, AI writers like Writer Inc. and Ryder Inc. are emerging, capable of producing human-like written content. Riley shared insights into product management, a topic new to the show, and how it impacts our everyday lives. He joined the show live from the West Coast, earning a special award for his early morning appearance. These advancements in AI are transforming the way we work and interact with technology, making it an exciting time for product management and AI enthusiasts alike.

    • Exploring unmet needs and hidden user perceptionsProduct managers go beyond user feedback and market trends to discover unmet needs and hidden user perceptions, using tools like Gartner's hype cycle to anticipate future trends and create user-centric products.

      Product management goes beyond just looking at user feedback and market trends. Product managers wear different hats, exploring unmet needs and hidden user perceptions. With the rapid advancement of technology, especially AI, keeping up with changing customer expectations and the latest trends can be challenging. However, product managers play a crucial role in setting the vision and strategy for the future, using tools like Gartner's hype cycle to anticipate what's next. They must stay informed about emerging technologies and user needs, and be open to exploring multiple disciplines, including neurodiversity and neuroscience. By focusing on both the market and the hidden, product managers can create innovative and user-centric products that meet evolving customer needs.

    • Product managers in AI: Staying informed and focusedProduct managers in AI need to adapt to new technologies and approaches, with a focus on developing, customizing, or adopting AI tools. This shift towards an 'AI first' approach is expected to increase productivity and success rates by 25%.

      As AI continues to evolve and become more integrated into our daily lives, the role of product managers is also changing. No longer is it enough to simply stay on top of the latest AI tech – product managers must now filter and diversify their information intake to effectively consume and utilize it. The tech industry as a whole is shifting towards an "AI first" approach, and product managers are evolving alongside it. There are now three main types of product managers in AI: those who work on developing and optimizing large language models (LLMs), those who customize and engineer prompts for existing LLMs, and those who adopt AI tools for their own productivity. According to Harvard Business Review, in the next few years, product managers who adopt AI technology are expected to see a 25% increase in productivity and success rates. To keep up with these changes, product managers must be open to learning and adapting to new technologies and approaches. The industry is moving quickly, but by staying informed and focused on their specific areas of expertise, product managers can help drive innovation and success in the AI space.

    • Balancing AI focus with customer relationships and staying informedProduct managers should focus on prompt strategy to stay informed about AI tools and trends, adding value by exploring different prompt structures, personalization, and voices.

      Product managers need to balance an AI-first focus with maintaining a close relationship with customers and keeping updated with the latest AI tools and trends. While large companies like Microsoft may have direct access to advanced AI tools, smaller teams can still stay informed by focusing on prompt strategy. Prompt strategy refers to the way questions or instructions are given to AI models, and it's an area where product managers can add value. Product managers should explore different prompt structures, personalization, and voices to stay ahead of the curve. The future of work relies on the ability to effectively use and manipulate prompts, making it a crucial skill for everyone, regardless of their job title. To get started, focus on the basics of prompting and learn how to chain together multiple prompts to get the desired results. Remember, everyone is currently grappling with the concept of prompt engineering, and it's essential to understand that it's more than just typing out a query. It's about context, precision, and creativity. By mastering prompt engineering, product managers can unlock the full potential of AI and create innovative solutions for their customers.

    • Embracing AI in Product ManagementAI simplifies product management by improving processes and enabling cocreation, but it's important to understand when and how to use it effectively.

      Prompt engineering is a crucial skill in the evolving field of AI and product management. It goes beyond just specifying the desired output and involves manipulating the tone, style, and human values to generate the most effective and appropriate response. The industry is using AI to simplify and improve product management, not just through tools, but by embracing a cocreation process. This means understanding when to invoke AI and how to integrate it into the product life cycle. It's not about chatbots versus non-chatbots, but about finding the right places to plug in AI based on industry needs, confidence levels, and data requirements. Some favorite AI tools for Raleigh include ChatGPT and Hugging Face, which offer new models and testing opportunities without the need for extensive setup.

    • Revolutionizing product development and storytelling with AI toolsHugging Face and Figma are transforming product development and storytelling with AI, offering open-source platforms, prototyping, and co-creation. Nano learning helps communicate effectively with stakeholders amidst growing information.

      AI tools like Hugging Face and Figma are revolutionizing various aspects of product development and storytelling. Hugging Face, a well-funded AI company, is gaining popularity among developers and product managers for its open-source platforms. Figma, on the other hand, is leading the way in prototyping and co-creation with AI. As the amount of information available continues to grow, effective storytelling becomes increasingly important for stakeholder communication. This is where nano learning comes in, offering crisp, less than a minute-long information bites for quick consumption. AI is making it possible for more people to become storytellers, making it even more crucial to stand out with clear and concise messaging.

    • Leveraging AI for Compelling Product StorytellingProduct managers can use AI tools for virtual cinematography and storyboarding to create engaging, personalized stories for their products. However, as AI advances, roles may shift towards creative thinking and analysis, requiring a focus on problem-solving and building trust with the audience.

      Product managers need to leverage AI tools to tell compelling stories about their products in today's oversaturated marketing landscape. One example of this is virtual cinematography and storyboarding AI, which allows for the creation of scene-by-scene frames and concepts within a minute. Product managers can use these tools to control angles and speeds, creating a more engaging and personalized story for their product. However, as AI continues to advance, product management roles may shift towards more creative thinking and analysis. Gartner predicts that by 2030, at least 80% of product management and project jobs will be complemented by AI. Therefore, it's essential for product managers to focus on creative problem-solving and building trust with their audience through authentic and engaging storytelling. Additionally, exploring areas like AI simulations for predictive analysis and understanding the evolving concept of AI trust can help product managers stay ahead of the curve.

    • Stay Curious and Explore AI Tools in Product ManagementProduct managers should stay curious and experiment with AI tools to expand their knowledge and skills in the ever-evolving field of AI and product management.

      Learning from this discussion with Riley on The Everyday AI Show is the importance of staying curious and exploring the use of AI tools in product management. Riley, with his decade-plus experience at Microsoft, emphasized that the future of AI is not just about plugins and extensions, but about finding new ways to use it for different impacts. He encouraged product managers to keep up with the latest AI trends and experiment with new tools, even if they don't end up using them daily. Riley's advice is to always be curious and ask, "What was the last AI tool I experimented with?" By doing so, we can expand our knowledge and skills in the ever-evolving field of AI and product management. So, for those looking to grow their careers and keep up with the latest AI advancements, remember to stay curious and keep exploring.

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    33:50 Industry leader shared great insights on AI.

    Keywords:
    AI, Large Language Models, Jordan Wilson, Barak Turovsky, Cisco, Google Translate, Transformer Technology, Generative AI, Democratization of Access, Customer Satisfaction, Business Productivity, Business Disruption, Internet Search, Sales Decks, Scalable Businesses, Fluency-Accuracy Misconception, AI Use Cases, Data Privacy, Data Security, Model Distillation, Domain-Specific AI Models, Small AI Models, Gargantuan AI Models, Data Leverage, AI for Enterprises, Data Selling, Entertainment Use Case, Business Growth, Professional Upskilling, AI Newsletter.

    Get more out of ChatGPT by learning our PPP method in this live, interactive and free training! Sign up now: https://youreverydayai.com/ppp-registration/

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