Growth is the primary objective and focus of manufacturing firms. Still, most of the organizations lack a formalized process to address product-centric challenges. They even lack in the appropriate way to offer strategic analysis to optimize product portfolio.
In this article at Planview, Maura Melis explains that due to the lack of digital transformation in the present scenario, when digitization is booming, manufacturing companies are facing challenges. To lead in the competitive market, digital transformation is a basic need for manufacturing firms.
PPM Fact Sheet
As per a recent report of a research firm, just 14 percent of manufacturing firms are on the verge of scaling a digital initiative and only 3 percent are able to reap desired digital business capabilities. Due to the lack of product portfolio management (PPM) capabilities, manufacturing firms are facing the loss of potential growth. Thereby, it is high time for manufacturing CEOs to invest in a PPM solution.
PPM benefits are vast and diverse. The tool is not just efficient in optimizing product portfolios, but it can manage production activities more efficiently throughout all stages of its lifecycle. PPM can also ensure the product strategy alignment to long-term business objectives which may prove helpful in scaling the business and carving new growth opportunities along with increasing KPI visibility.
Being efficient in giving a competitive edge to product-focused organizations, PPM accelerates digitization, saves cost, and improves overall visibility of the organizations. It helps the organizations have access to a single source of truth on the product portfolio.
However, the author further suggests that PPM cannot replace the product lifecycle management (PLM) tool for the regulatory and research & development (R&D) team. Understanding the difference between the two is essential to make the best use of PPM tools that provides the visibility to complete product validation. Click on the following link to read the original article: https://blog.planview.com/manufacturers-guide-to-product-portfolio-management/