Your team works with agile methodology. That means, that the product managers in your team maintain a product vision, formulate high-level business topics and break it down into epics and stories.
The stories are managed in a prioritized backlog and are handed to the developers. Every sprint (2 weeks) the developers grab the top Stories from the backlog and start coding.
This time-and-material way of working is optimal because product managers can quickly re-prioritize while the product vision becomes sharper. However, this process from requirements to code is a one-way street without back-flow information: It is not possible to see where you really invest your precious developer time.