Product Portfolio Management - Revision history

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User: Created page with "'''Product Portfolio Management (PPM)''' is a definitive process of analyzing and assessing each product and its current level of su..."

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'''Product Portfolio Management (PPM)''' is a definitive [[Process|process]] of [[Product Portfolio Analysis|analyzing and assessing each product]] and its current level of success. It also involves identifying [[Risk|risks]] and future opportunities, streamlining [[Resource Allocation|resource allocation]] based on[[Product|product]] success and priority, and ultimately aligning these products with the business’s long-term strategic goals. This [[Methodology|methodology]] enables product managers and [[Stakeholder|stakeholders]] to constantly review their products, improve them based on evolving consumer demands, add more products or services and streamline the product execution based on resource capacity. These processes cumulatively result in an increased [[Return on Investment (ROI)|Return on Investment]], thereby enhancing the business’s top line.<ref>What Does Product Portfolio Management Mean? [https://www.saviom.com/blog/product-portfolio-management-ppm/ Saviom]</ref>

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 == Definition - What is Product Portfolio Management? ==
-'''Product Portfolio Management (PPM)''' is a definitive [[Process|process]] of [[Product Portfolio Analysis|analyzing and assessing each product]] and its current level of success. It also involves identifying [[Risk|risks]] and future opportunities, streamlining [[Resource Allocation|resource allocation]] based on[[Product|product]] success and priority, and ultimately aligning these products with the business’s long-term strategic goals. This [[Methodology|methodology]] enables product managers and [[Stakeholder|stakeholders]] to constantly review their products, improve them based on evolving consumer demands, add more products or services and streamline the product execution based on resource capacity. These processes cumulatively result in an increased [[Return on Investment (ROI)|Return on Investment]], thereby enhancing the business’s top line.<ref>What Does Product Portfolio Management Mean? [https://www.saviom.com/blog/product-portfolio-management-ppm/ Saviom]</ref>
+'''Product Portfolio Management (PPM)''' is a definitive [[Process|process]] of analyzing and assessing each product and its current level of success. It also involves identifying [[Risk|risks]] and future opportunities, streamlining [[Resource Allocation|resource allocation]] based on[[Product|product]] success and priority, and ultimately aligning these products with the business’s long-term strategic goals. This [[Methodology|methodology]] enables product managers and [[Stakeholder|stakeholders]] to constantly review their products, improve them based on evolving consumer demands, add more products or services and streamline the product execution based on resource capacity. These processes cumulatively result in an increased [[Return on Investment (ROI)|Return on Investment]], thereby enhancing the business’s top line.<ref>What Does Product Portfolio Management Mean? [https://www.saviom.com/blog/product-portfolio-management-ppm/ Saviom]</ref>
@@ Line 70: / Line 70: @@
 *[[Product Personalization]]
 *[[Product Portfolio]]
 == References ==
 <references/>

← Older revision		Revision as of 15:53, 24 September 2021
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	*Improve communication and collaboration		*Improve communication and collaboration
	*Improve overall product management efficiency		*Improve overall product management efficiency
		+
		+
		+	== See Also ==
		+	*[[Product]]
		+	*[[Product-as-a-Service (PaaS)]]
		+	*[[Product/Market Fit]]
		+	*[[Product Data Management (PDM)]]
		+	*[[Product Design]]
		+	*[[Product Development]]
		+	*[[Product Information Management (PIM)]]
		+	*[[Product Life Cycle]]
		+	*[[Product Lifecycle Management]]
		+	*[[Product Management]]
		+	*[[Product Personalization]]
		+	*[[Product Portfolio]]
		+	*[[Product Portfolio]]
		+	*[[Product Analysis]]
		+
		+
		+	== References ==
		+	<references/>

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 '''Product Portfolio Management (PPM)''' is a definitive [[Process|process]] of [[Product Portfolio Analysis|analyzing and assessing each product]] and its current level of success. It also involves identifying [[Risk|risks]] and future opportunities, streamlining [[Resource Allocation|resource allocation]] based on[[Product|product]] success and priority, and ultimately aligning these products with the business’s long-term strategic goals. This [[Methodology|methodology]] enables product managers and [[Stakeholder|stakeholders]] to constantly review their products, improve them based on evolving consumer demands, add more products or services and streamline the product execution based on resource capacity. These processes cumulatively result in an increased [[Return on Investment (ROI)|Return on Investment]], thereby enhancing the business’s top line.<ref>What Does Product Portfolio Management Mean? [https://www.saviom.com/blog/product-portfolio-management-ppm/ Saviom]</ref>
-There is a popular refrain among successful product portfolio managers: Pick the right ideas, products and projects, and do them the right way with the right resources at the right time. When executives are given the right amount of visibility to make the right decisions, companies can achieve their strategic objectives. These are the fundamentals of Product Portfolio Management.
+[[File:Product Portfolio Management.jpg|400px|Product Portfolio Management]]<br />
+__TOC__
-Product Portfolio Management strategies allow you to constantly revise your product portfolio investments according to changing market conditions, competitive threats, regulatory requirements, resource capacity, pipeline priorities and other conditions. This helps maximize your return on investment.

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-== Benefits of Product Portfolio Management<ref>What are the Benefits of Product Portfolio Management? [https://www.smartsheet.com/definitive-guide-to-product-portfolio-management Smarsheet]</ref> ==
+== Product Portfolio Management Vs. Product Management<ref>How Does Product Portfolio Management Differ from Product Management? [https://www.productplan.com/glossary/product-portfolio-management/ Product Plan]</ref> ==
 Product portfolio management brings plenty of benefits to companies who make it a part of their business operations. Product portfolio management provides a centralized (rather than individual) view of an entire suite of products against the prevailing marketplace for those products. Unlike individual product management, a portfolio approach eliminates competing initiatives and agendas for product development. Decisions about resource allocation to strengthen products in growing markets are balanced against decisions on offerings that need improvement or can be eliminated. Practitioners view products through the dual prism of how they are performing against the real marketplace conditions. Product portfolio management also utilizes data-driven methods to streamline R&D by identifying products or markets with the best opportunities for new development, growth, and profitability. Effective product portfolio management initiatives will help:
 *Bring new, innovative products to market quickly

← Older revision		Revision as of 17:21, 16 September 2021
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	'''Product Portfolio Management (PPM)''' is a definitive [[Process\|process]] of [[Product Portfolio Analysis\|analyzing and assessing each product]] and its current level of success. It also involves identifying [[Risk\|risks]] and future opportunities, streamlining [[Resource Allocation\|resource allocation]] based on[[Product\|product]] success and priority, and ultimately aligning these products with the business’s long-term strategic goals. This [[Methodology\|methodology]] enables product managers and [[Stakeholder\|stakeholders]] to constantly review their products, improve them based on evolving consumer demands, add more products or services and streamline the product execution based on resource capacity. These processes cumulatively result in an increased [[Return on Investment (ROI)\|Return on Investment]], thereby enhancing the business’s top line.<ref>What Does Product Portfolio Management Mean? [https://www.saviom.com/blog/product-portfolio-management-ppm/ Saviom]</ref>		'''Product Portfolio Management (PPM)''' is a definitive [[Process\|process]] of [[Product Portfolio Analysis\|analyzing and assessing each product]] and its current level of success. It also involves identifying [[Risk\|risks]] and future opportunities, streamlining [[Resource Allocation\|resource allocation]] based on[[Product\|product]] success and priority, and ultimately aligning these products with the business’s long-term strategic goals. This [[Methodology\|methodology]] enables product managers and [[Stakeholder\|stakeholders]] to constantly review their products, improve them based on evolving consumer demands, add more products or services and streamline the product execution based on resource capacity. These processes cumulatively result in an increased [[Return on Investment (ROI)\|Return on Investment]], thereby enhancing the business’s top line.<ref>What Does Product Portfolio Management Mean? [https://www.saviom.com/blog/product-portfolio-management-ppm/ Saviom]</ref>
		+
		+
		+	There is a popular refrain among successful product portfolio managers: Pick the right ideas, products and projects, and do them the right way with the right resources at the right time. When executives are given the right amount of visibility to make the right decisions, companies can achieve their strategic objectives. These are the fundamentals of Product Portfolio Management.
		+
		+	Using Product Portfolio Management to Deliver Against Strategy
		+	Product Portfolio Management is a practice designed to manage all aspects of the products your company sells. This involves evaluating their performance, identifying risks and opportunities, prioritizing high-value products, optimizing resource allocation across the portfolio and balancing the product mix among strategic buckets. Done right, this practice aligns the product portfolio with business strategies to achieve target revenue and profitability.
		+
		+
		+	Product Portfolio Management can also bring winning products to market faster, when the process is used to shepherd new products from ideation through the commercialization funnel. This approach goes hand-in-hand with a gated process that has built-in check points from idea to launch. It provides the repeatable and auditable processes required to reduce project duration and deliver on time, whether you’re developing a new product, line extension, product fix, or performing sustaining engineering activities. Speed often equals success in terms of first-to-market advantage.
		+
		+	Product Portfolio Management strategies allow you to constantly revise your product portfolio investments according to changing market conditions, competitive threats, regulatory requirements, resource capacity, pipeline priorities and other conditions. This helps maximize your return on investment.
		+
		+
		+	== Leveraging Technology for Product Portfolio Management<ref>How Technology Can Be for Product Portfolio Management [https://www.planview.com/resources/articles/what-is-product-portfolio-management/ Planview]</ref> ==
		+	Product Portfolio Management can be implemented across the enterprise. An automated solution breaks down silos, providing an unprecedented line of sight across geographies, brands and teams to understand product performance, the NPD pipeline, team productivity, potential roadblocks, ongoing realization of the corporate strategy and other areas. Powerful analysis, reporting and dashboard capabilities within these solutions provide full transparency, with real-time analytics to inform decisions about product priorities and resource allocation in various scenarios. In-flight work of all types can be monitored and managed across teams, departments, business units and regions. With better insight into pipeline bottlenecks and other problem areas, you can quickly and proactively pivot and see immediate results.
		+
		+	A Product Portfolio Management solution can enable and automate industry best practices, templates and visual workflows for project execution and can provide a structure for analyzing product portfolios, including scoring methods, X-Y graphs, the growth-share matrix and bubble diagrams. Product roadmaps can be created and maintained to communicate goals, timelines, priorities, dependencies and other critical information. These powerful tools can eliminate cumbersome spreadsheets and manual processes. More importantly, they centralize the product data and provide a single source of truth. As a result, decisions are based on accurate, real-time analytics instead of gut reactions.
		+
		+
		+	[[File:PPM Growth Share Matrix.jpg\|400px\|Product Portfolio Growth Share Matrix]]<br />
		+	source: Planview
		+
		+
		+	A centralized solution streamlines communication and removes barriers to collaboration, so teams can be more productive. The ability to trust the numbers and each other becomes crucial when under-performing products are on the chopping block. A product planning framework is in place to assign relative values and priorities within the context of the entire portfolio. Your team can work together to weigh KPIs against strategic objectives, and cull low-value products before they drain your resources. Combining these capabilities into one purpose-built system is what helps achieve a higher success rate for higher-value products.

← Older revision		Revision as of 17:08, 16 September 2021
Line 1:		Line 1:
	'''Product Portfolio Management (PPM)''' is a definitive [[Process\|process]] of [[Product Portfolio Analysis\|analyzing and assessing each product]] and its current level of success. It also involves identifying [[Risk\|risks]] and future opportunities, streamlining [[Resource Allocation\|resource allocation]] based on[[Product\|product]] success and priority, and ultimately aligning these products with the business’s long-term strategic goals. This [[Methodology\|methodology]] enables product managers and [[Stakeholder\|stakeholders]] to constantly review their products, improve them based on evolving consumer demands, add more products or services and streamline the product execution based on resource capacity. These processes cumulatively result in an increased [[Return on Investment (ROI)\|Return on Investment]], thereby enhancing the business’s top line.<ref>What Does Product Portfolio Management Mean? [https://www.saviom.com/blog/product-portfolio-management-ppm/ Saviom]</ref>		'''Product Portfolio Management (PPM)''' is a definitive [[Process\|process]] of [[Product Portfolio Analysis\|analyzing and assessing each product]] and its current level of success. It also involves identifying [[Risk\|risks]] and future opportunities, streamlining [[Resource Allocation\|resource allocation]] based on[[Product\|product]] success and priority, and ultimately aligning these products with the business’s long-term strategic goals. This [[Methodology\|methodology]] enables product managers and [[Stakeholder\|stakeholders]] to constantly review their products, improve them based on evolving consumer demands, add more products or services and streamline the product execution based on resource capacity. These processes cumulatively result in an increased [[Return on Investment (ROI)\|Return on Investment]], thereby enhancing the business’s top line.<ref>What Does Product Portfolio Management Mean? [https://www.saviom.com/blog/product-portfolio-management-ppm/ Saviom]</ref>
		+
		+
		+	== Benefits of Product Portfolio Management<ref>What are the Benefits of Product Portfolio Management? [https://www.smartsheet.com/definitive-guide-to-product-portfolio-management Smarsheet]</ref> ==
		+	Product portfolio management brings plenty of benefits to companies who make it a part of their business operations. Product portfolio management provides a centralized (rather than individual) view of an entire suite of products against the prevailing marketplace for those products. Unlike individual product management, a portfolio approach eliminates competing initiatives and agendas for product development. Decisions about resource allocation to strengthen products in growing markets are balanced against decisions on offerings that need improvement or can be eliminated. Practitioners view products through the dual prism of how they are performing against the real marketplace conditions. Product portfolio management also utilizes data-driven methods to streamline R&D by identifying products or markets with the best opportunities for new development, growth, and profitability. Effective product portfolio management initiatives will help:
		+	*Bring new, innovative products to market quickly
		+	*Improve agility and response to market conditions
		+	*Reduce the time it takes to bring products to market
		+	*Improve competitive positioning
		+	*Maximize product investments
		+	*Improve visibility into product mix and identify strong and weak products to clarify resource allocation
		+	*Reduce risk and ensure that product investments align with business objectives
		+	*Prioritize product focus
		+	*Improve communication and collaboration
		+	*Improve overall product management efficiency