How can technology be utilized in product/service management?

Utilizing technology in product/service management can significantly foster innovation and development of new products. By leveraging advanced tools and systems, organizations can analyze market trends, consumer preferences, and emerging technologies, leading to the identification of unmet needs and potential gaps in the marketplace. This proactive approach facilitates the creation of new offerings that can meet customer demands or enhance existing products.

In contrast, creating competition among staff does not directly relate to how technology aids in product management, as it focuses more on internal dynamics rather than product innovation. Making product production inefficient is counterproductive and does not leverage technology in a beneficial way. Finally, while technology can streamline certain aspects of data collection, it does not eliminate the need for market analysis; in fact, technology enhances the accuracy and depth of such analyses, helping businesses make informed decisions.