Few branches of modern business can do without product management. Members of this profession play a critical role in product development, from market analysis to prototyping and final release. The more experience, the more opportunities. So, a senior product manager is a complex role, with a high degree of responsibility, freedom and very extensive skills.
Collecting data is not necessary for the sake of obtaining some abstract information. During the collection, you need to build on the task that the product plans to solve using this data. For example: analyze the results of a product MVP or do a product research to evaluate the new functionality of this product. These are two different tasks, so the success metrics will be different.
Only by formulating them, it is possible to evaluate the set and amount of data that is needed to calculate the metrics. After that, you can proceed to the next step - the transition to the data collection settings. The task is complicated by the fact that you need to think about the immediate prospects, evaluating what information will be needed in a month, quarter, year.
A large number of tools are used for collection - from corporate products like Mixpanel, to a variety of applications from https://creabl.com/ , it is important to understand that the more data you need to collect, the more detailed and faster it is, the more expensive this task will be. As in all other cases, you need to strike a balance between the quality of data and their cost.
By the way, analytics has stepped forward very much over the past 10 years. Development is facilitated by the reduction in the cost of data storage, which enables companies to accumulate information on user interaction with the product and analyze it. With the increase in data volume, effective product analytics tools have also appeared, which made it possible to analyze most of the typical analyzes that were previously done manually. Now the process of analysis, which was previously available only to analysts, can be carried out by a product manager in a few clicks. Accordingly, analysts are engaged in more important and complex research needed to promote the product.
