531: Using AI in risk-adverse industries – with Matt Coatney

AI in product management – perspectives from the legal industry, education, and entrepreneurship Watch on YouTube TLDR In my recent conversation with product executive and former colleague Matt Coatney, we explored how artificial intelligence is transforming product management and innovation. The technology has evolved dramatically in the past decade, from fragile, expensive systems to powerful tools that integrate seamlessly into workflows. Product managers can leverage AI for everything from customer research and brainstorming to prototyping and workflow automation. While organizations must balance specialized versus general AI tools and address concerns like hallucinations and data privacy, the benefits for productivity and innovation are substantial. The most successful implementations focus on solving real customer problems and seamlessly integrate into existing workflows. Key Topics * Using AI as a brainstorming partner to overcome creativity blocks * Accelerating product development with AI-powered prototyping tools * Integrating AI into product management platforms and workflows * Balancing specialized AI products versus general-purpose models * Managing AI hallucinations and verification challenges * Learning from AI adoption in risk-averse industries like legal * Impact on mentorship and professional development * Future trends: local AI models and data privacy Introduction In this episode, we had a free-form discussion. My guest doesn’t know what I’m going to ask him and I don’t know what he is going to ask me. Our goal is to make the discussion valuable for product managers, leaders, and innovators. Joining me is a former colleague, Matt Coatney. We worked together on an important product for LexisNexis. I went on to teach graduate courses in innovation and coach product managers and leaders in organizations, while Matt got more involved in Information Technology, leading professional services and consulting operations for a few organizations as well as serving as CIO for one of the large law firms in the US. His career started in AI systems some 25 years ago and today he continues learning about and applying AI and is also is a product executive. The Current State of AI in Product Management Matt asked about my observations of the effects of AI, from the perspective of a product manager, entrepreneur, and educator. Last year at the Product Development and Management Association (PDMA) conference, three separate sessions featured AI tools specifically designed for customer research. This wasn’t just theoretical discussion. These were practical applications already being implemented by forward-thinking product teams. At the PDMA conference, I participated in a workshop led by Mike Hyzy, where we completed what would normally be a 3-5 day Design Sprint in just three hours. Our team consisted of four humans and one AI companion, which functioned as a fifth team member. The AI was operated by someone skilled in prompt writing who understood the product space. What impressed me most was how the AI accelerated our work. When we brainstormed customer problems, the AI helped us explore details we hadn’t considered. It suggested unmet needs, offered additional perspectives, and helped us develop a comprehensive view in a fraction of the time it would have taken traditionally.