Chief Product Team 
This section will give an idea about the Chief Product and Innovation Officer. Who are they? Read on to learn more.
What is a Chief Product and Innovation Officer?
The Chief Product and Innovation Officer (CPIO), is the head of the product and innovation department (product development, marketing, sales, customer service, etc.). This position is not just about generating revenue but also about establishing long-term growth for the company through customer satisfaction.
The CPIO is responsible for the design of new products or services that are of high quality. He or she must produce results that will improve the business.
What Are the Duties of a Chief Product and Innovation Officer?
A CPIO is expected to perform several duties including the following:
- Developing new products and services
- Improving existing products and services
- Managing product development process
- Measuring performance of the product development team
- Collaborating with other departments in creating new products or improving existing ones
Important Requirements to Be a Chief Product and Innovation Officer
The skills needed to become a CPIO depend on how big the company is. However, most companies require their candidates to have the following skills:
Analytical Skills
CPIOs must be able to measure product development performance to improve it. frontrunner
Business Acumen
CPIOs should be able to determine the best business opportunities for a company and how new products can affect them. frontrunner
Communication Skills
CPIOs must have excellent communication skills so that they can interact with colleagues from different departments and relay their plans properly to them or get information from them for their plans. frontrunner
Leadership Skills
Senior management expects a CPIO to have leadership skills so that he or she can lead the team assigned to him or her in making new products or improving existing ones. frontrunner
Since there are many candidates for this position, companies will look for candidates with relevant experience in product development before they invest time in training them. They will also give preference to candidates who have used modern management techniques. Such as Six Sigma or Lean Manufacturing because these are proven techniques that have been used by large companies to increase productivity within their organization.
How Much Do They Earn?
The average salary for this position is around $95K per year which is almost double what it was 10 years ago at $49K per year in 2004 according to indeed.com. The salary depends on several factors including job position within the company, company size, experience of the candidate, etc. Below are some salary information taken from the indeed website:
1. $90,000 at GE Transportation
2. $132,000 at General Dynamics
3. $114,000 at ConocoPhillips
4. $112,000 at Starbucks
5. $114,000 at Lockheed Martin
6. $105,000 at US Air Force
To Conclude
As technology changes, so do the job description of the Chief Product and Innovation Officer. Therefore, candidates need to keep up with technology and be aware of what is happening in their industry.
If you are looking for a career in product development, you may want to consider becoming a Chief Product and Innovation Officer.
