What is lean product management and how to apply it?

Lean product management is a methodology aimed at accelerating product development by integrating customer feedback and eliminating waste throughout the process, drawing inspiration from the lean startup concept by Eric Ries and principles like the Toyota Production System. It emphasizes the creation of a minimum viable product (MVP) and iterating through a build-measure-learn feedback loop to optimize product-market fit, thereby reducing time to market and production costs. The methodology encourages reusable knowledge, responsible teamwork, waste removal, and regular customer feedback to streamline decision-making and enhance product quality. Product managers play a crucial role by focusing on customer problems, validating hypotheses, and aligning product roadmaps with customer needs, ensuring that products are released efficiently and effectively. Lean principles have been widely adopted across various industries beyond manufacturing, including retail, healthcare, and construction, as organizations strive to deliver value with minimal resources.