Emerging technologies have compelled companies to transform traditional PPM and look for businesses in new avenues. The top performers are realizing benefits by adapting to new processes and roles faster. In this article at Planview, Maura Melis discusses how they are addressing PPM challenges in the digital era.
Addressing Traditional PPM Challenges
The major problem for traditional PPM as per Planview’s Sixth Product Portfolio Management Benchmark Study is project prioritization. However, only 44% of the respondents in 2018 saw this as a major challenge compared to 68% in 2010. The other challenges are a slow decision-making process (44%), late response to innovation (34%), and inconsistent project evaluation (33%).
The study revealed that implementing good PPM practices can help companies to improve performance and launch products and services faster. Based on the above-mentioned study, let us find out the current PPM challenges and how top performers are addressing them:
Business Implications: Survey participants are worried about investing their time and money in the wrong projects. This is making half the respondents miss their annual revenue milestones and delay launching targets for new products. The top 3 business challenges are bad investments of time and money (49%), lost revenue prospects (36%), and competitive drawbacks (33%).
Adopting Faster: The top performers are not bogged down by the traditional PPM challenges. 13% are launching products while 70% are creating, exploring, or thinking about new product ideas. Most of them are planning to expand their product line. The primary concern for them, however, is the collaboration between different departments that the digital era demands.
Main Area of Focus: The main focus of these top performing brands is PPM. They are able to schedule resources as per projects. They have implemented new technologies for better project portfolio management. The technology helps to understand the highest valued projects in the portfolio, manage resources, and maintain a product delivery balance.
To view the original article in full, visit the following link: https://blog.planview.com/managing-product-portfolio-challenges-in-the-digital-age/