Misalignment between projects and resources with business goals leads to failure. However, adoption of product portfolio management (PPM) approach can beat these odds. PPM allocates the right resources to the right projects and brings balance to the portfolio at each stage of the development lifecycle.
In this article at Plainview, the author explains that PPM fills the product pipeline with the right resources at the right time and brings out finished products to the market within 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 manage these, executives need access to the right information at the right time. PPM provides clear visibility into customer insights, new product development (NPD), product lifecycle management, governance and various other areas. Let’s take a look at it:
- Strategic Alignment: Product roadmaps reveal how to allocate resources for the 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 strategic portfolio 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: A proactive pipeline management improves the odds of blocking product success. 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 and priorities within the context of the entire portfolio. The C-suite executives can use analytics to see gaps and overlaps in their offerings, rebalance portfolios, troubleshoot problems, forecast performance against strategic goals, and determine end of development cycle. It will also help in killing a product at an early stage and save resources.
- Governance: As PPM approach helps in gathering accurate information, it is easier to deliver products within budget and on time. Right governance 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/