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Product development life cycle

Best product management software in 2024

David Hartshorne 8 min read
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Product management software helps product and development teams to plan, build, and launch new and improved products in one place. It’s a rapidly growing market, with revenues projected to reach USD 34.2 billion by 2030.

But with so many options on the market, which is the best product management software for your business?

In this guide, we’ll share the five best product management tools and highlight their key features, use cases, and pricing. We’ll also show you what features to consider when choosing product management software for your company.

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What is product management software?

Product management software is a specialized tool or suite of applications that helps businesses plan, develop, launch, and improve their software products throughout their lifecycle. It provides features such as idea generation, project planning, collaboration, communication, gathering user feedback, tracking development progress, and integration with other tools to streamline the overall product management process.

Top 3 product management software 

With so many different product management software options available, choosing the best one for your business can be challenging. To help narrow the field, here are the key features, use cases, and pricing of the top product management platforms.

1. monday dev

Best for: Agile teams of any size
Top features:
- Sprint management
- Git Integration
- Kanban view, Burndown chart
- Automations & AI-tools

Pricing:
Free trial available.
Plans starting from $10/user/month

See all monday.com pricing plans

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2. Asana

Best for: Simplifying agile processes
Top features:
- Iteration planning
- Kanban boards
- Agile sprint plans
- Product roadmap

Pricing
Free plan available.
Plans starting from $10.99 per user/month


Read full review: Asana Review
asana-board

3. Jira

Best for: Saas and app product development
Top features:
- Bug tracking and reporting
- Roadmap feature
- Scrum & Kanban views
- GitHub integration and more

Pricing
Free plan available.
Plans starting from $10 per user/month


Read full review: Jira Review
jira product development board image

Why use software for product management?

Product management software offers several benefits for managing product lifecycles efficiently and effectively, including:

  • Enhanced collaboration: It provides a central location for all relevant product information and facilitates communication among team members, making the product development process more cohesive.
  • Increased productivity: It uses automated workflows to reduce manual workloads, giving teams more time to focus on product development and innovation.
  • Improved user experience: It helps teams create products that meet customer needs by incorporating features for user feedback management and idea testing.
  • Controlled insights: It gives teams visibility into product analytics and market data, enabling them to make informed decisions throughout the product development lifecycle.

Who uses product management software?

Product management software is primarily used by various professionals involved in the product development lifecycle, such as product managers, designers, and developers.

But it also provides increased transparency and insight into product development for other stakeholders like sales, customer success, and marketing teams.

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What to look for in product management software

Each product management software has unique features and functionality that may (or may not) appeal to your organization. Here are the key features to consider when making your choice, all of which are available with monday dev.

Product roadmap

A well-structured product roadmap is crucial to a successful product strategy. Look for software that allows you to create, prioritize, and manage product roadmaps to visually communicate the product vision and priorities to the team and stakeholders.

On monday dev, product managers can use the product roadmap board to list and plan their ideas for upcoming quarters/years, filtering views to organize their plans, sprints, and workflows.

On monday dev, product managers can use the product roadmap board to list and plan their ideas for upcoming quarters/years, filtering views to organize their plans, sprints, and workflows. 

Workflow management

Product management software also provides development teams with tools for agile workflows, such as sprint planning, user testing, and bug tracking. On monday dev, you can streamline an entire development workflow, including roadmap, sprints, backlog, bug tracking, and retrospective elements, in one place.

On monday dev, you can streamline an entire development workflow, including roadmap, sprints, backlog, bug tracking, and retrospective elements, in one place, like this sprint management board.

User feedback and feature requests

The ability to collect user feedback, track feature requests, and organize ideas is vital for driving user satisfaction and product innovation. Look for software that offers features for collecting and categorizing user feedback, prioritizing feature requests, and communicating status updates to users.

With monday dev, you can integrate this feedback loop into your workflow and prioritize upcoming features by collecting and storing the product backlog with relevant request data to create data-based decisions.

With monday dev, you can collect user feedback, track feature requests, and organize ideas into your workflow. And prioritize upcoming features by collecting and storing the product backlog with relevant request data to create data-based decisions.

Collaboration and teamwork

Look for product management software that facilitates collaboration and communication among product managers, designers, developers, and other stakeholders to streamline workflows and make informed decisions.

With monday dev, you can prevent unnecessary emails and meetings by providing feedback directly on relevant items without toggling between tools. Assign appropriate tasks to team members, add comments to board items, or share collective knowledge in monday docs.

With monday dev, you can prevent unnecessary emails and meetings by providing feedback directly on relevant items without toggling between tools. Assign appropriate tasks to team members, add comments to board items, or share collective knowledge in monday docs.

Analytics and reporting

Data-driven decision-making lies at the core of successful product management. Therefore, choosing software that provides product analytics about user behavior, new feature adoption, customer onboarding success factors, and product lifecycle metrics is essential.

With monday dev, you can automatically update dashboards with information from up to 50 boards and customize your own real-time agile reports, including a velocity chart and burnup or burndown charts to keep stakeholders informed.

With monday dev, you can automatically update dashboards with information from up to 50 boards and customize your own real-time agile reports, including a velocity chart and burnup or burndown charts to keep stakeholders informed.

Integrations

Ensure your product management software integrates with your existing tools so you can sync and manage everything in one place. For example, monday dev integrates seamlessly with 72+ other platforms, including coding tools and messaging apps like GitHub, GitLab, Bitbucket, Jira, Figma, and Slack to keep product teams on track.

monday dev integrates seamlessly with 72+ other platforms, including coding tools and messaging apps like GitHub, GitLab, GitLab, Bitbucket, Jira, Figma, and Slack to keep product teams on track.

Automations

Product management involves countless repetitive tasks that can erode your time, so consider software that lets you automate manual work and boost productivity. With monday dev, you can save time with 150+ pre-built, customizable automations so your team can focus on the most important tasks.

For example, you could have an automation that notifies the approvals team when users submit feature requests: “When a product idea is submitted, notify the approval group.”

With monday dev, you can save time with 150+ pre-built, customizable automations so your team can focus on the most important tasks.
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monday dev: The flexible product management software for your development teams

Choosing the best product management software for your organization depends on your workflows and preferences. But you can take your teams to the next level with a flexible and customizable solution that helps you plan, execute, and collaborate.

That’s exactly what Behalf did. Initially, its R&D and Product teams managed work on disparate systems and multiple spreadsheets, leading to a lack of visibility and wasted hours in meetings.

After choosing monday dev and migrating their existing data, they onboarded both teams and connected the product roadmap to their epics within a day. Today, Behalf’s Product and R&D teams manage all their processes on monday dev, from roadmaps to reporting and everything in between.

With monday dev, you have everything you need to launch new products in one place and connect product, sales, customer success, and marketing teams. Together, they can collaborate on product roadmaps, sprints, release plans, customer feedback, backlogs, and more to deliver better products faster.

FAQs

Product management involves planning, developing, launching, and managing a product or service. It covers the entire lifecycle of a product, from ideation to development to go-to-market.

A product roadmap is a strategic document that outlines a product's vision, direction, priorities, and progress over time. It encapsulates how the product strategy becomes a reality and provides a shared, common understanding of the vision, goals, and objectives for everyone in the company.

Product management software focuses on managing a complete product lifecycle, from ideation to retirement, while project management software centers on creating and executing a specific project or service within a predetermined timeline.
Although there may be some overlap between the two types of software, product management software improves the product development process by incorporating user feedback management and product analytics.

The information provided in this article is accurate and up-to-date at the time of publication. Changes and updates in the business operations, policies, or any other relevant factors may occur after publication and we encourage readers to verify any information directly.
David Hartshorne is a writer for leading B2B SaaS and tech brands, creating detailed, actionable content that resonates with their audience. When he’s not writing, you’ll find him chilling with a thriller or roaring on the Villa.
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