Product managers are rapidly experimenting with generative AI tools to increase efficiency, catalyze greater creativity, and optimize understanding of customer needs and market trends. But generative AI’s limited track record prompts questions about quality, personalization at scale, and the future of knowledge and creative work. Product leaders are uniquely positioned to guide their organization’s adoption and enable solutions that drive increased customer and business value. This report describes generative AI’s impact on product management, where to seek early benefits, and where product leaders can help their organization avoid potential pitfalls.