Product-portfolio management is a decisive element for the good performance of new product development and compliance with business objectives because it not only defines new product projects but also defines revisions, updates, and even decisions regarding the discontinuation of products that are produced and commercialized. It is your route to getting strategy implementation closer to the financial goals you have formulated. Product management can be hard enough, but when you scale beyond more than one product, product portfolio management is a critical tool to prioritise between multiple products, ensure resources are assigned to the right products, and that you have a pipeline of new product … Download PDF. To be successful, Strategic Portfolio Management must be built on top of a robust enterprise project management system that the organization is trained to use and actually finds indispensable for day-to-day management. This program will equip you to think like the CEO of your product or service, all in a flexible, online format. The product portfolio matrix is a handy tool that helps you make the right product portfolio decisions. Portfolio dashboards (financial, product, resources, project) Product development is not automatically successful, in spite of the common customer base. Why Every Organization Should Use the Product Portfolio Management Strategy 1. to sell new products in new markets. Product portfolio management simply implies that a business use a different pricing strategy within its product mix, one that matches a given product’s strengths, or lack thereof, to a price that maximizes returns – even if they’re minimal. The Boston Matrix is a popular tool used in marketing and business strategy. The concept of IT portfolio management ITPM is relatively new, compared to portfolio management in the context of finance, new product development NPD, and research and development R&D. Strategy 2 Market But in the world of project portfolio management (PPfM), the goal is doing the right projects at the right time, and with this, aligning projects with strategy, rationing resources, and building synergies between projects. Strategy& analysed each product line within the portfolio with the goal of minimising redundancy and overlap while maintaining functional coverage of market needs. 2. A major concern in managing projects and programs is doing projects right. Learn to develop a strategic mindset that anchors product strategy as the pathway to growth. ... To make sure your products and service keep pace you need a product management strategy built for today’s dynamic business environment. The Boston Matrix is a model which helps businesses analyse their portfolio of businesses and brands. As your clients’ buying habits, expectations and perceptions of value rapidly evolve, your approach to product and offerings management must keep pace. This strategy is often more risky since the firm decides to make unfamiliar products for the unfamiliar markets simultaneously. With a portfolio strategic management plan, a portfolio is aligned to the organizational strategy and objectives for the organization unit, corporate, or department level, according to its management objectives, organizational benefits, allocation of funds, prioritization, performance expectations, requirements, dependencies, and risks. Great product managers engage in strategic thinking and execution every day – from the identification of lucrative market opportunities to the development of the product portfolio […] This team, which might be called the Product Committee, meets regularly to manage the product pipeline and make decisions about the product portfolio. 708.829.7470 | Email Us! Track and drive portfolio changes that are consistent with a company’s financial objectives. Project portfolio management refers to the centralized management of one or more project portfolios to achieve strategic objectives. We help you set the strategy that determines investment allocation across functional areas and brings products and services to market. Strategic Portfolio Management is the next big opportunity to achieve and sustain competitive advantage. In product management, strategy is not a “one and done” deliverable. The latest Portfolio Management software will incorporate a strong business case and be aligned with your business strategy, considering investment, customer need, likely return and risk level. Portfolio management has been embraced by the pharmaceutical and biotech industries because of the unique characteristics of drug development, huge investments, long development timelines, extremely high risk, and need for several products in the pipeline. Strategically manage your product portfolio to make the right investment decisions, optimize the value of your portfolio, and allocate the use of resources. Products are the source of revenue and therefore excellence in Product Portfolio Management is directly related to the value creation potential of the company. It is a way to bridge the gap between strategy and implementation and ensures that an organization can leverage its project selection and execution successfully. Product Strategy offers a cradle-to-grave approach for managing and optimizing the life of a product or service. Support the strategy of the enterprise; Portfolio Management is the responsibility of the senior management team of an organization or business unit. Nor is it something that is addressed only during planning season or each time the roadmap is updated. Product managers at technology service providers are challenged to update their product portfolios to remain aligned to the needs of a rapidly evolving market.Current and prospective customers too often seek the latest digital technologies that merely hold the promise of improving organizational processes. Planview is uniquely positioned to help organizations navigate strategy to delivery transformation by providing the full spectrum of enterprise Portfolio Management and Work Management solutions. Portfolio management - selecting the right new product development projects and properly managing your resources - is a key element of the new product development system. This week’s module is about portfolio management, which covers how to implement your innovation strategy. As opposed to specific products you can build, help your team come up with more ideas to solve problems for your market. It will ensure that there is a good balance of your whole portfolio allowing you … Connecting your product strategy to actual resources is what turns a plan into reality, but the process for managing this gets increasingly more complex as your product portfolio grows in size. During the past 20 years companies have greatly improved processes and systems for managing the “operational” aspects of project/portfolio management (PPM) –budgeting, project management, resource planning, and phase gate processes.. Strategic portfolio management, while practiced for many years by leading companies in … It is one of the seven core competencies of the Lean Enterprise, each of which is essential to achieving Business Agility. From strategic planning and portfolio management through agile, front-line execution, we work with you to create a world-class product management capability. The industry to minimize the decision bias and investment risks common customer base they are tools. 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