No one really knows. But, if we can learn anything from economics, it’s that job specialisation is how economies naturally evolve - leading to comparative advantages between entities trying to trade. Similarly, the PM role will likely undergo a series of splits into narrower role specialisations that will have to work together in networks to create value. That split could be based on functional expertise, such as data or partnerships, or it might be in based on sectors, such as consumer or financial technology.
Sooner rather than later, a lot of these specialisations and deductive thinking processes will become more frequent and predictable tasks, and they’ll be replaced by automation, robotics and AI. What will remain is the inductive thinking, creativity and human-centric aspect of Product Management. (Tip: make sure you pay attention during your organisational behaviour courses!)
The future of Product Management may be that the role itself disappears, as everyone will have become a PM, with the scope of work for this new dominant labour class focussing on being more humane. We will indeed resemble poets more than quants.
At Prodigy Finance, we see the need for this function every day as our international customer base expects, and rightly so, a customised personal relationship with the company and an increasingly rich user experience. It's no longer just about a loan; it's about getting help along the journey to your education and unlocking a new lifestyle. As customers prepare to start a new life in a new country, they are looking for expert advice on visas, foreign exchange, financial literacy and finding a job abroad.
The Product Games at INSEAD is a step in the right direction. It raises awareness about this new career track and helps students get a taste of the craftsmanship of product and its know-how, which evolves faster than any academic programme. It’s fresh to see leading institutions and students awaken to this new world of value creation.