Updated: Jun 10, 2022
During the industrial age, we saw manufacturing innovations like the ‘car assembly line’ by Ford Motors or ‘Just in time’ & ‘Kanban’ by Toyota. Now in the information age, where the world economy is driven by software, technology-driven organizations are innovating newer ways to deliver software more efficiently.
A couple of such outstanding evaluations are moving from -
1. Waterfall to Agile methodology, and,
2. Project management to Product management.
Organizations that are able to leverage these two techniques (Agile & Product Management) have managed to experience strong growth and competitive advantages over their competition. These companies have successfully been able to implement agile software development in product development to deliver software that customers love and have led to the massive growth of these tech organizations. In turn, they have done wonders for their owners, investors, stakeholders, and customers.
So the question is how these companies have managed to crack the formula of success and left the traditional company far behind in the race? How do they develop software that customers love? Why do some companies manage to build brands while others struggle to find customers? The answer to these questions lies in how these companies manage to satisfy their customers’ needs through the software they build using principles of product management and agile.
Today, the world’s top 5 tech companies, Google, Apple, Facebook, Amazon, and Microsoft (commonly called GAFAM), each one has a market value more than the GDP of most countries of the world. These companies keep customers at the center of product development. What has led to the growth of these companies is the culture of product mindset. The product mindset has led to the discovery and development of products that have made them extremely successful. They are able to blend technology innovation, agile and, a product mindset that has fuelled their growth.
For instance, within five years from 2017 to 2022, Microsoft, Amazon, and Apple have
seen their market cap multiply 5 times and Google and Facebook's market cap has grown 3 times. And per-minute revenue by the first quarter of 2021 is in hundred thousand USD.