Prompt management and collaboration are crucial for building effective AI products with Large Language Models (LLMs), as prompts are the key components driving outputs and ensuring functionality. While initial AI product versions might have ad-hoc prompts scattered within the codebase, this approach quickly becomes inefficient, creating development bottlenecks and excluding non-technical stakeholders from the process. Effective prompt management involves decoupling prompts from the main codebase, using a prompt Content Management System (CMS) like PromptLayer, which offers a visual interface for stakeholder collaboration and modular design. This allows for faster iterations and better organization by storing prompts outside of git, employing snippets for reusable prompt sections, and implementing access controls for secure collaboration. PromptLayer, a popular platform for prompt engineering, facilitates the development of AI applications by providing tools for prompt management, stakeholder collaboration, and ensuring production stability through access controls and release labels.