Announcing a new report from the world's only original research on the Chief Product Officer; quantitative and qualitative study draws on data from more than 500 product executives.
SAN FRANCISCO, May 3, 2023 /PRNewswire-PRWeb/ -- Products That Count, a global platform that helps 300,000+ product managers accelerate their careers, has released its 2023 CPO Insights Report, revealing the growth and importance of the Chief Product Officer (CPO) role in businesses today. Produced in partnership with Capgemini, a leading business and technology transformation company, the 2023 CPO Insights Report highlights key trends in product leadership based on over 500 interviews by one of the first Chief Product Officers, Products That Count CPO Renee Niemi.
"CPOs are at a critical inflection point post-pandemic," says Niemi. "In this uncertain economy, good CPOs will play defense by doing more with less. However the GREAT CPOs will play offense, and use this time to innovate, emerging from the downturn by leapfrogging competitors."
Product-first organizations should take note:
- 2022 Prediction Accelerates: Last year's report predicted that 70% of Fortune 1000 would have a CPO by 2027, from 15% in 2022. The trend is accelerating with already 30% of Fortune 1000 promoting a product leader to CPO in just one year.
- Battle in the C-Suite: The increasing prominence of CPOs is shifting the balance of power in how business decisions are made. CPOs now play a critical role in driving strategic growth and innovation. They often own the voice of a customer, a responsibility long held by Chief Marketing Officers pre-pandemic.
- Beyond Cutting Costs - Innovate & Invest: Good CPOs are doing more with less by focusing on improving productivity and reducing spending. But great CPOs invest in innovation and hiring superior talent while keeping budgets intact. Some CPOs even partner with CEOs to drive the M&A agenda.
- Business Ownership: Good CPOs focus on driving product outcomes while great CPOs take ownership of both product innovation and business success, potentially leading to a path to the CEO role. This shift in responsibility is giving CPOs a more meaningful voice in the boardroom and driving an increase in CPOs moving up to CEO positions.
- 2023 Prediction: In 5 years, 70% of CPOs will have P&L ownership. The ability of CPOs to effectively pull business levers will be the key to success in all industries.
"Today's forward-thinking Product and Portfolio Officers are focused on delivering great products that disrupt markets. Moving with agility and scale has never been more important, given the rapid pace of market change," said Lisa Mitnick, Americas Portfolio Lead at Capgemini. "Capgemini is committed to helping the product development community advance innovation, streamline processes, and drive speed to value."
To excel, Chief Product Officers must possess a combination of strategic vision, product expertise, and leadership skills to drive sustainable growth and innovation.
The full report is available for free on the Products That Count website, here.
ABOUT PRODUCTS THAT COUNT
Products That Count helps 300,000+ product managers accelerate their careers. It engages >20% of all product professionals globally through highly-rated programs, such as an award-winning podcast show, curated executive roundtables, and coveted Product Awards. It partners with leading brands, including Capgemini, SoFi, Amplitude, Cisco and Teladoc, to accelerate the rise of product to the C-suite and transform product teams into a competitive advantage. Learn more at ProductsThatCount.com
Media Contact
Ryan Bazinet, Products That Count, 1 3478633751, [email protected]
SOURCE Products That Count
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