Product Portfolio Management is an approach that helps manage the balance of investments in a company’s product initiatives to increase market share and revenues. The total view of the product portfolio is measured by the investment level, strategic alignment, and risk tolerance. Risk often depends on multiple variables such as market and technical risk.
What Is Product Portfolio Management Software?
Product portfolio management tools are a way to easily look across all the products or services you and your team offer to manage better, organize, and analyze them. Product management software keeps track of product growth and all the operational tasks involved. All this helps you decide which products to grow and which to eliminate. There is a popular statement that many think when it comes to successful product portfolio managers, picking the right ideas, products and projects are important. You need to have the right resources and the right time. When executives are given the right amount of visibility, most companies tend to achieve their objectives.
How to use Product Portfolio Management to Deliver Against Strategy
Product Portfolio Management is a practice that many companies design to manage all aspects of the products your company sells. It involves evaluating the performance, identifying the risk and opportunities, and optimizing all the available resources. If all this is done right, the Product Portfolio Planning Tools align with the business strategies to achieve target revenue and profitability.
Leveraging Technology for Product Portfolio Management
Product Portfolio Management is implemented across all enterprises. It is an automated solution providing an unprecedented line of sigh across geographies, brands, and teams to understand the product performance in the long run. Leveraging the technology in the product portfolio management can allow you to leverage the product performance. Various tools provide powerful analysis and reporting and offer full transparency, with real-time analytics to inform product priorities and resource allocation decisions in various scenarios.
Leveraging technology can automate industry best practices, templates, and visual workflows for project execution. Product roadmaps are important to communicate goals, timelines, priorities, dependencies, and other critical information. Implementing the technology can eliminate cumbersome spreadsheets and manual processes. More importantly, they centralize the product data and provide a single source of truth.
A data-driven product portfolio empowers companies to take the right decision at the right time. It centralizes all of the information and processes you need to identify, prioritize and manage products. It also helps the clients achieve mission-critical priorities and endorses this data-driven product portfolio management. With a structured, objective process, the PPM can increase product and corporate strategy alignment for greater success.
