The role of the Chief Product Officer (CPO) has undergone significant evolution over the past decade, reflecting broader shifts in the business landscape, technological advancements, and changing market demands. This evolution can be observed across several dimensions, including the role's scope, the background and skills required, the industries in which CPOs are prevalent, and the strategic importance of the position within organisations.

Expansion of Role and Responsibilities

Initially, the CPO role was more narrowly focused on overseeing product functions, including product management and development. However, over time, the scope of responsibilities has broadened considerably. CPOs now often oversee a wide range of functions, from engineering to marketing, and are involved in strategic decisions at the highest levels of the company. This expansion reflects the increasing recognition of the critical role that product strategy and execution play in a company's success.

Strategic Importance and Influence

The strategic importance of the CPO role has grown significantly. CPOs are now seen as key drivers of customer discovery, onboarding, and success - positioning them at the top of the funnel for customer engagement. Their influence extends beyond product development to shaping the overall strategic direction of the company. Market leaders are more likely to involve product leaders in strategic decisions, underscoring the link between strong product leadership and competitive advantage.

Background and Skills

The background and skills required for the CPO role have also evolved. While product management and technology experience remain foundational, there is a growing emphasis on a diverse skill set that includes business acumen, strategic vision, and soft skills such as leadership and stakeholder management. The role demands a 360-degree view of the business - including P&L responsibilities, pricing strategies, and the ability to sell the company vision to investors.

Industry Prevalence and Economic Impact

CPOs are increasingly common across a wide range of industries - particularly in science and technology, healthcare and life sciences, banking and finance, manufacturing, and media. This reflects the growing recognition of the importance of product leadership across different sectors, not just in traditional tech companies. The role is especially prevalent in large organisations with significant economic impact, with around 75% of CPOs working at companies worth at least $100 million. Today, 18% of Fortune 5000 companies have a CPO on their Board. It was less than 1% just 10 years ago.

Digital Transformation and Product-Led Growth

A key aspect of the CPO role's evolution is the distinction between digital-native companies and those undergoing digital transformation. CPOs in digital-native companies focus on growth, speed to adoption, and challenging the status quo, leveraging a culture and products built for digital from the outset. In contrast, CPOs in traditional industries lead digital transformation efforts, impacting all aspects of the business from culture to customer experience. This reflects the broader shift towards product-led growth strategies, where the product itself drives customer acquisition, expansion, and retention.

CONCLUSION
The evolution of the Chief Product Officer role over the past decade highlights its growing strategic importance and expanding scope within organisations. As companies increasingly recognise the central role of product strategy in driving growth and competitive advantage, the CPO has emerged as a key figure in the C-suite, bridging product innovation with business strategy and customer engagement. This evolution reflects broader trends in the business world, including the acceleration of digital transformation, the emphasis on customer-centric approaches, and the strategic imperative of product-led growth.