When it comes to Product Development, you need a sort of a superhero with huge knowledge about the product and business process, impressive communication and organizational skills. The product owner supports the development team by prioritizing the product backlog and creating user stories serving as an internal customer expert for development teams. His role is vital in maximizing the product value and ensuring goals meet the user’s needs. This is a new and important position, usually outgrowing to a full-time job for most enterprises moving to Agile. The principle of Agile development encourages initiative, competent prioritization and product changes.
It would seem that such an approach should cause chaos in the project team, because everyone wants to express their opinion. To avoid this chaos, the development team should always have a Product Owner. You should also consider involving this specialist when looking for ways to reduce development costs.