You cant' say it often enough. I think you need a basic understanding of each other as well.
Companies need to realize that both Product Managers and UX Designers are important, but what’s more important is that these two people can make decisions together. Product Management with no User Experience Design creates functional products that don’t make users excited. User Experience Design with no Product Management produces delightful products that don’t become businesses. If these two roles are not sharing responsibilities, then you will have a disconnect in both your team and product.