Product Management Opportunities Beyond Tech Companies

When we think of product management, tech-first companies often come to mind. However, the role of a product manager extends far beyond the core tech sector. Opportunities abound in diverse industries such as charities, government agencies, public sectors, and universities.

Why Look Beyond Tech Companies?

Many industries are undergoing rapid digital transformation, driven by the need to modernize operations, enhance customer experiences, and stay competitive. Product managers can play a crucial role in these transformations, bringing their expertise to a wide range of sectors.

“Digital transformation is a series of deep and coordinated culture, workforce, and technology shifts that enable new educational and operating models and transform an institution’s business model, strategic directions, and value proposition.”

Brown et al. Digital Transformation Signals: Is Your Institution on the Journey? Enterprise Connections (blog), EDUCAUSE Review, May 12, 2020

Industries Undergoing Digital Transformation

1. Healthcare

   • Digital Transformation Impact: Revenue in the Digital Health market is projected to reach US$132.10bn in 2024. The market's largest market will be Digital Treatment & Care with a total revenue value of US$64.03bn in 2024. (Statista)

   • Opportunities for PMs: Implementing electronic health records (EHRs), telemedicine platforms, patient management systems etc.

   • Strategy: Focus on improving patient care, reducing operational costs, and enhancing data and health cyber security.

2. Financial Services

   • Digital Transformation Impact: The Global Fintech Market Size was Valued at USD 271.99 Billion in 2023 and the Worldwide Fintech Market Size is Expected to Reach USD 1009.10 Billion by 2033, according to a research report published by Spherical Insights & Consulting.

   • Some of the digital technologies utilized by modern fintech businesses are: Artificial Intelligence (AI), Big Data Analytics, Robotic Process Automation, Cybersecurity, RegTech etc.

   • Opportunities for PMs: Developing mobile banking apps, automated loan processing, and blockchain technologies.

   • Strategy: Enhance customer experience, ensure regulatory compliance, and leverage data analytics.

     

3. Retail

   • Digital Transformation Impact: Global E-commerce sales are forecast to hit $6.3 trillion in 2024 (Shopify). Some of the ideas shaping the digital transformation in the retail world are: Omni-channel retailing, data-driven decision-making, artificial intelligence, and the integration of emerging technologies

   • Opportunities for PMs: Building e-commerce platforms, implementing inventory management systems, and personalizing customer experiences.

   • Strategy: Focus on omnichannel strategies, optimize supply chains, and use AI for personalization.

4. Government and Public Sector

   • Digital Transformation Impact: Governments worldwide are investing heavily in digital services to improve efficiency and citizen engagement (Deloitte). Local councils and central government agencies are fast adopting digital initiatives as they have become necessities to enhance service delivery and meet citizens' evolving needs. According to the Observatory of Public Sector Innovation, some government and public sector typical digital transformation practices or methods include: Information architecture, Service design, User experience design, Agile Product management, Interaction design, Data science and Computer science & engineering

   • Opportunities for PMs: Modernizing public service portals, developing e-governance solutions, accessibility tools, enhancing data transparency etc.

   • Strategy: Streamline processes, improve accessibility, and ensure data privacy.

5. Higher Education:

   • Digital Transformation Impact: The impact of digital transformation in universities is one that has come to say. Universities are now adopting tech solutions to help them ehance their processes and services. These include customer facing and non-customer facing solutions. Universities are now shifting towards data integration, implementing AI and Machine Learning in Education, Cloud Integrations, Digital Accessibility etc.

   • Opportunities for PMs: Enhancing online learning platforms, integrating AI for personalized learning, and developing digital classroom tools, streamline campus and student services using technology etc.

   • Strategy: Improve engagement, provide flexible learning solutions, and enhance collaboration.

Digital transformation is a universal trend, and product managers are at the forefront of this evolution across various sectors. The healthcare, financial services, retail, government, and education industries are just a few examples of fields undergoing significant digital changes. These sectors offer exciting opportunities for product managers to make a meaningful impact.

Don’t limit yourself to only core tech companies. Explore the various industries that need your expertise and drive transformation on a broader scale.