Digital Product Management (DPM) results in benefits across the enterprise, with 94% stating their DPM initiative is successful, according to a report entitled To Meet 2022 Business Objectives – Digital Product Management Adoption Is Accelerating, sponsored by Broadcom Software and conducted by Dimensional Research.
Broadcom defines DPM in the following way: "Instead of one-off projects, you now continuously manage — with persistent teams — all underlying components comprising the digital product. A digital product is a sustained asset with an extended lifecycle, like an online retail site, warehouse app or business services."
Other survey findings include:
■ 9 out of 10 surveyed say that DPM was instrumental in helping the shift to a product philosophy at their company.
■ 86% say DPM is creating better alignment between business objectives and customer needs, which is also driving innovation.
■ 91% say DPM is facilitating better communication between business stakeholders and developers.
■ 89% say DPM makes digital transformation easier.
■ 89% plan on increasing DPM solution utilization over the next 18 months.
■ Half of those surveyed say integrating DPM with other applications and systems was challenging
The report explains: "Digital Product Management (DPM) addresses the shifts occurring in technology management brought about by digital transformation. As part of Value Stream Management, DPM allows organizations to fund their most-valuable investments and prove the ROI to the business. DPM also provides a way for the Project Management Office (PMO) to evolve with the business, connecting it to enterprise value streams."
The report concludes: "There are challenges to DPM but digital product experts represent them as manageable and indicate the benefits far outweigh the hurdles and effort. The 93% who state digital products are a substantial part of, if not their entire, role directly reflect the value of digital products to the business."
Methodology: Individuals with digital product responsibilities at enterprise companies representing all seniority levels were invited to participate in a survey on their company’s DPM and digital transformation initiative’s progress, benefits received, and challenges encountered. A total of 303 qualified participants completed the global survey. All participants had digital product or leadership responsibilities. Participants represented numerous countries from 5 continents representing a global viewpoint. The survey was administered electronically, and participants were offered a token compensation for their participation.