Some organizations become overconfident about their efficiency to boost revenue just by filling the end-to-end product pipeline. However, even leading organizations know that slow marketing or high development costs lead to significant loss of competitive edge.
So, to beat the odds, use project portfolio management (PPM) to allocate the right resources at the right place. In this article at Plainview, the author explains that PPM fills the product pipeline with proper support at the right time. It helps the organizations to bring out finished products to the market within the allocated budget and time.
Productive Insight for C-Suites
Apart from leading the company towards strategic goals, the C-Suite executives are supposed to manage their function of finance, operations, technology, and marketing also. To accomplish these, executives need access to the right information at the right time. PPM gives them clear visibility into customer insights, new product development (NPD), product lifecycle management, governance and various other areas. Let’s look at it:
- Strategic Alignment: Product roadmaps reveal how to allocate resources for priority tasks. If the C-suite executives connect the right products to their strategic plans, it will help them reduce risk and leverage the resources within an integrated product portfolio. Therefore, a vital collection will help them balance duration, cost, market, and existing risks better.
- Customer Insights: Delivering value to the customers is the first step towards product success. Therefore, gather all the facts about customer preferences, requirements, satisfaction, loyalty, and complaints. A PPM solution is helpful enough in analyzing the market data and vetting new ideas to prioritize and choose the products to put forward.
- Pipeline Visibility: Proactive pipeline management improves the odds of blocking the way of product success. The right PPM approach will help in monitoring and managing teams, departments, geographies, and the enterprise. With a clear line-of-sight into the product pipeline, C-suite executives can form better strategies, set priorities, gather resources, and deploy assets from cross-functional areas.
- Lifecycle Optimization: PPM looks beyond individual products and supplies the real-time data required to assign relative values. The C-suite executives can use these analytics to see gaps and overlaps in their offerings, rebalance portfolios, troubleshoot problems, and forecast performance against strategic goals. It will also help the destroy the product at an early stage, if not competent enough, and save resources.
- Governance: As the PPM approach helps in gathering accurate information, it is easier to deliver products within budget and on time. Right management ensures that product decisions balance the interests of stakeholders, so the company invests in the right portfolios.
Click on the following links to read the original article: https://www.planview.com/resources/articles/product-portfolio-management-c-suite/