In the fast-paced world of digital transformation, product management has emerged as a critical function for businesses seeking to stay competitive and innovative. However, the role comes with its own set of challenges, from aligning stakeholders to leveraging emerging technologies. To gain insights into these challenges and how businesses can overcome them, we spoke with Janak Bhawani, a seasoned product executive with a track record of driving transformative innovations at companies like Twitch Interactive, TikTok and Walmart Connect.
The Evolving Role of Product Management
Product management has evolved significantly over the years, shifting from a purely tactical role to a strategic one. Today's product managers are expected to be visionaries, data analysts, and cross-functional leaders all rolled into one. Bhawani, who has led product teams at some of the world's most influential companies, believes that this evolution is a reflection of the increasing complexity of the business landscape. "Product management today is about more than just delivering features," Bhawani says. "It's about understanding the market, the customer, and the competitive landscape, and then translating that understanding into a compelling product vision that drives business growth."
Aligning Stakeholders: A Critical Challenge
One of the biggest challenges faced by product managers today is aligning stakeholders around a unified product vision. With multiple departments, each with its own priorities and objectives, achieving consensus can be a daunting task. Bhawani, who has successfully led cross-functional teams at companies like Amazon and Walmart, emphasizes the importance of communication and data-driven decision-making in overcoming this challenge. "Aligning stakeholders requires a combination of strong communication skills and a data-driven approach," Bhawani explains. "You need to be able to articulate the product vision in a way that resonates with different stakeholders and back it up with data that demonstrates the potential impact on the business."
At Twitch Interactive, Bhawani led a team of product managers, engineers, and data scientists to define the global product strategy for monetization and advertising solutions. His ability to align stakeholders around a shared vision was a key driver for ad revenue growth at Twitch and an income avenue for millions of streamers through revenue sharing with Twitch.
Leveraging Emerging Technologies
Another significant challenge faced by product managers is keeping up with the rapid pace of technological change. From AI and machine learning to blockchain and IoT, emerging technologies are disrupting industries and creating new opportunities for innovation. Bhawani, who has leveraged AI to drive monetization at companies like TikTok, Walmart, and Twitch, believes that staying ahead of the technology curve is crucial for product managers.
"Emerging technologies like AI and machine learning are transforming the way we build and monetize products," Bhawani says. "Product managers need to stay ahead of these trends and understand how they can be leveraged to create value for customers and drive business growth."
At TikTok, Bhawani led the development of an AI-driven vertical ads especially e-commerce ads that connected businesses of all sizes with their consumers, achieving multiple fold increase in sales and conversion rates. His innovative use of AI not only unlocked over billions in revenue but also transformed the way businesses engage with their customers on the platform.
Balancing Innovation and Execution
Balancing the need for innovation with the demands of execution is another challenge that product managers face. While innovation is essential for staying competitive, the pressure to deliver results can often lead to a focus on short-term gains at the expense of long-term growth. Bhawani, who has successfully balanced these competing priorities throughout his career, stresses the importance of a structured approach to innovation. "Innovation is not about chasing the next shiny object," Bhawani explains. "It's about having a structured approach to identifying and validating new opportunities, and then executing on them in a way that balances short-term gains with long-term growth."
At Walmart Connect, Bhawani spearheaded the development of advertiser/merchant-facing capabilities for campaign management and ML-driven ad personalization. His leadership was pivotal in the launch of Walmart DSP, a partnership with The TradeDesk that was a strategic win for Walmart in the retail media landscape. Walmart's omni-channel ad platform, supporting over 4,000 stores in US, demonstrated strong revenue growth, demonstrating Bhawani's ability to balance innovation with execution.
The Future of Product Management
Looking ahead, Bhawani believes that the future of product management lies in the ability to adapt to change and embrace a customer-centric approach. As businesses continue to navigate the complexities of the digital age, product managers will need to be agile, data-driven, and focused on delivering value to customers.
"The future of product management is about being customer-centric, data-driven, and adaptable," Bhawani says. "Product managers who can embrace these principles and stay ahead of the technology curve will be well-positioned to drive innovation and business growth in the years to come."
In an industry where change is the only constant, Janak Bhawani stands out as a beacon of innovation and leadership. His journey serves as an inspiration for aspiring product managers and a testament to the power of vision, dedication, and relentless pursuit of excellence. As businesses continue to grapple with the challenges of product management, they would do well to heed the insights and lessons learned from industry experts like Janak Bhawani.
