How product leaders can lead—and win—with generative AI

Software development is undergoing a major rethink thanks to the rapid rise of generative AI. Aside from developers themselves, the technology has ignited a sense of urgency among executives, who rely on their top product leaders to outpace the competition through faster iterations and better products.

But are product managers ready for the shift—and rapid pace—that gen AI innovation requires?

“Product managers are at the forefront of feeling two extreme emotions of excitement and a sense of fear of being outrun by the competition because they're the ones trying to figure out how the product should evolve to meet customer demands," said Siddhartha Agarwal, senior vice president of product strategy and operations at Freshworks, in a recent webinar hosted by Products That Count.

Agarwal discussed the major adjustments product managers must make to continue to thrive and innovate, including redefining their roles. Here are some key takeaways.

Reimagine the customer demand-and-supply equation

Agarwal emphasized the direct impact of customer demands on software development, reshaped by tools like generative AI. Across personas, customers expect simpler experiences and interfaces for their tasks, pushing product managers to reimagine how they deliver value—by focusing on simplicity and efficiency. “It’s no longer about providing information; customers want answers that add value to their work,” he added.

Stay current with AI innovation

“The product ideation process is changing with the ability to experiment and generate prototypes with gen AI rapidly,” said Agarwal. To stay abreast, product managers must rethink how customers use and find value using gen AI. This involves adapting new and existing product features and having a flexible structure that can grow as needs evolve. Finally, to make it easier for customers to switch technology, they need to become adept at delivering their product roadmaps quickly and fixing technical issues.

Shift to speed but rethink security

Gen AI is a realm of constant innovation, and there is an ever-present need to protect data from evolving security threats.

“Security is top of mind for everyone,” Agarwal says. “As a SaaS provider, we must help customers understand that their data is in our tenancy. It's crucial to clearly communicate to customers that their data is protected, and their personal information is not used to train large language models."

Read also: Next-gen challenges for generative AI

Quoting a Gartner prediction, Agarwal said that by 2026, organizations that operationalize AI transparency, trust, and security will see their AI models achieve a 50% improvement in terms of adoption, business goals, and user acceptance.

According to Agarwal, product managers must harness generative AI’s code generation capabilities—without needing to learn APIs—for faster integration between apps. However,  keeping security in mind is key. They must institute benchmarking and implement guardrails to prevent errors and inaccuracies. Addressing security, privacy, and data concerns is paramount when interacting with customers.

Future of the product manager role

Toward the end of the webinar, Agarwal addressed the lingering question: Will AI replace product managers? Short answer: no. 

“While AI may be responsible for technical aspects such as data, models, and algorithms, product managers will be responsible for the actual decision-making process, tailoring it for different industries, functions, and personas.”

The role may evolve, but concerns about product managers being edged out by AI are misplaced—they have their work cut out for them. 

Watch the full webinar here.

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