What Is Product Management Software?

Product management software definition

What is product management software? Product management software helps companies plan, develop, and launch successful products.

It allows teams to plan product strategy, assign tasks, communicate in real-time, share product information, track bugs, and test results.

Deploying product management software also increases collaboration and engagement between multidisciplinary stakeholders.

Top features product management software should have

Here are some basic features that robust product management software should have:

• Serves as an idea management repository while creating a new product or optimizing an existing one
• Lets product teams streamline their work by prioritizing the product backlog and ideas
• Offers roadmapping capabilities to track product development progress
• Provides resource management capabilities to evaluate skills, availability, and staff competencies before assigning resources
• Enables product roadmap creation, idea testing, and product development
• Empowers teams to boost productivity and increase task completion rates using Agile strategies

What are the benefits of using product management software?

Let’s take a closer look at the benefits of deploying product management software.

Streamlines product management

Working with products can get challenging, irrespective of their scope and size. A dedicated product management software solution optimizes the work and eliminates unnecessary tasks, delivering an organized product experience.

Provides a single source of truth for product management

With a massive amount of data available, it is vital to have a single trusted source for key product information.

Product management software increases data validity and accessibility for all product stakeholders. Product teams can monitor user feedback, track bugs, and review individual and team progress from a single dashboard.

Increases process efficiency and transparency

Have a messy product development process? Product software will set it right by promoting process transparency and keeping stakeholders informed of product progress.

Whether you’re managing one or multiple products, product management software will simplify your journey from concept to market and help your teams stay on track. Accelerate your product launches and minimize potential delays with powerful product management software from Wrike. Get a free Wrike trial to see how you can automate Agile workflows and collaborate in real-time to create successful products faster.