2023 CPO Insights Report highlights the key role of product at Fortune 1000

I'm thrilled to share a view from the top with our 2023 CPO Insights Report, which was featured by TechCrunch this week (https://link.techcrunch.com/public/31399850) and summarizes >500 deep dives and executive roundtables with Chief Product Officers (CPOs) about the key role of product at Fortune 1000.

The highlights below and click here if you'd like to read the full report

https://productsthatcount.com/2023-cpo-insights-report-presenting-original-research-on-the-chief-product-officer

Highlights of the 2023 CPO Insights Report 

We just published the 2023 CPO Insights Report, produced by Products That Count, a platform that engages >300,000 product managers, in partnership with Capgemini, a leading consultancy, and Mighty Capital, a venture capital firm. It summarizes >500 deep dives and executive roundtables with Chief Product Officers (CPOs) about the key role of Product at Fortune 1000. The growing importance of the function continues to inspire us and validates the trends we have been calling out for the past few years. Highlights are below and we hope you find as much value in these high-fidelity signals as we do:

• 2022 Prediction Accelerates: last year’s report predicted that 70% of Fortune 1000 would have a CPO by 2027, from 15% in 2022. The trend is accelerating with already 30% of Fortune 1000 promoting a product leader to CPO in just one year. 
• Battle in the C-Suite: the increasing prominence of CPOs is shifting the balance of power in how business decisions are made. CPOs now play a critical role in driving strategic growth and innovation. They often own the voice of a customer, a responsibility long held by Chief Marketing Officers pre-pandemic.
• Beyond Cutting Costs - Innovate & Invest: good CPOs are doing more with less by focusing on improving productivity and reducing spending. But great CPOs invest in innovation and hiring superior talent while keeping budgets intact. Some CPOs even partner with CEOs to drive the M&A agenda. 
• Business Ownership: good CPOs focus on driving product outcomes while great CPOs take ownership of both product innovation and business success, potentially leading to a path to the CEO role. This shift in responsibility is driving an increase in CPOs moving up to CEO positions.
• 2023 Prediction: in 5 years, 70% of CPOs will have P&L ownership. The ability of CPOs to effectively pull business levers will be the key to success in all industries.