The role of the CPO is more important than ever as businesses navigate the increasing demands of digital transformation and product led growth.
The CEO of Products that Count gave valuable insights on the future of business at the conference.
She shared two findings from the research conducted by the organization. A variety of industries and company sizes were surveyed.
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Depending on the company they work for.
Digital native companies are more likely to have zeroed-in on product growth. Their culture and products are built for digital.
Legacy banking, media, and manufacturing are some of the industries where CPOs are leading their companies. It is less about the product for them.
She said that as she elaborated.
When you look at the skills required, in the case of a digital native CPO, they’re all about growth and people. And when it comes to digital transformation, it’s really all about being able to transform a company with a very, very strong vision.
The focus is on the customer journey. User engagement, customer happiness, and product adoption are all measures of success.
Business metrics include revenue, time to revenue, and the rate of return.
The soft skills are what differentiates a successful CPO.
The most successful CPOs have a seat at the c-suite table and they communicate their vision very well. They know what to build and how to do it correctly.
According to the study, the current emerging number of CPOs, as well as those that will become an important part of every company, are highlighted.
Right now about 15% of Fortune 5,000 companies currently have a CPO as part of their C-suite.
The best businesses tend to be 2.3 times more likely to involve product in their large vision decisions.
Our prediction is that in five years 70% of the Fortune 5,000 will be product-led. And that’s because you have to go digital or you will become irrelevant.
The study can be found here.
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