Product management software is an organizational tool used to develop and improve a business’ products quickly and efficiently. These solutions enable product managers and their teams to collect new ideas and lay out specific plans to make the ideas into a finished product. While these tools are primarily used by product managers and product teams, they also provide increased transparency and insight into product development for other departments including marketing and sales.
Product management tools offer a number of features to organize and execute product plans. Roadmap features break down a workflow from ideation to product launch, continuously tracking a product team’s progress and allowing for adjustments to timelines. Prioritization is also a major aspect of roadmapping, where product managers can focus a team's efforts around the most critical tasks or backlog them for revisiting. Product management solutions also provide tools for resource allocation, product portfolio management, and agile workflows, such as sprint planning, user testing, and bug tracking, for development teams. Some product management software may offer collaboration features including chat or comment threads.
Product management software has some similar principles to project management software; however, it differs in the sense that it is used to create and improve products, as opposed to facilitating general project completion.
To qualify for inclusion in the Product Management category, a product must:
- Provide idea management for product creation and improvement
- Allow users to prioritize and backlog ideas for increased organization
- Offer roadmapping to track product development progress
- Allocate resources to specific projects based on employee strengths, skills, and availability
- Organize agile strategies for increased productivity and task completion
- Specifically enable the creation and development of products