Great product managers engage in strategic thinking and execution every day – from the identification of lucrative market opportunities to the development of the product portfolio […] It is your route to getting strategy implementation closer to the financial goals you have formulated. As a result, we developed a brand consolidation strategy and deployment plan that identified an actionable plan to retire ~49% of product families and rebrand another 18%. Connecting your product strategy to actual resources is what turns a plan into reality, but the process for managing this gets increasingly more complex as your product portfolio grows in size. What Is Project Portfolio Management (PPM)? Product management can be hard enough, but when you scale beyond more than one product, product portfolio management is a critical tool to prioritise between multiple products, ensure resources are assigned to the right products, and that you have a pipeline of new product … 2. Key Features of Selerant’s PPM Solution Portfolio Management. From strategic planning and portfolio management through agile, front-line execution, we work with you to create a world-class product management capability. Diversification: It involves moving into new market with new products i.e. product portfolio management: an important bu siness strategy Mishelle DOORASAMY Durban University of Technology, Depart ment of Financial A ccounting, Durban, S outh Africa With a portfolio strategic management plan, a portfolio is aligned to the organizational strategy and objectives for the organization unit, corporate, or department level, according to its management objectives, organizational benefits, allocation of funds, prioritization, performance expectations, requirements, dependencies, and risks. It will ensure that there is a good balance of your whole portfolio allowing you … Product portfolio analysis is the systematic screening of your products such that you know what your most viable options are. Portfolio management has been embraced by the pharmaceutical and biotech industries because of the unique characteristics of drug development, huge investments, long development timelines, extremely high risk, and need for several products in the pipeline. A major concern in managing projects and programs is doing projects right. 708.829.7470 | Email Us! But in the world of project portfolio management (PPfM), the goal is doing the right projects at the right time, and with this, aligning projects with strategy, rationing resources, and building synergies between projects. Developing and maintaining a balanced product portfolio that is aligned to the company strategy is key to the survival of product-based companies. Take a more comprehensive view of the solutions your company can offer. As opposed to specific products you can build, help your team come up with more ideas to solve problems for your market. Project portfolio management users often focus on the IT platform, but it’s important to see the bigger picture. It is recommended that structured, modern decision-making methods should be employed in the industry to minimize the decision bias and investment risks. This program will equip you to think like the CEO of your product or service, all in a flexible, online format. Strategy& analysed each product line within the portfolio with the goal of minimising redundancy and overlap while maintaining functional coverage of market needs. Portfolio dashboards (financial, product, resources, project) The Lean Portfolio Management competency aligns strategy and execution by applying Lean and systems thinking approaches to strategy and investment funding, Agile portfolio operations, and governance. In product portfolio management there is an assumption that a company has an existing set of products. As your clients’ buying habits, expectations and perceptions of value rapidly evolve, your approach to product and offerings management must keep pace. Portfolio and Therapeutic Area Strategy Developing an approach that maximizes the impact of a portfolio of products requires a deep understanding of the dynamics of both the disease area and the industry as a whole. It is one of the seven core competencies of the Lean Enterprise, each of which is essential to achieving Business Agility. What is the learning experience? The investor who follows an active portfolio management strategy buys and sells stocks in an attempt to outperform a specific index, such as the Standard & … Product portfolio management simply implies that a business use a different pricing strategy within its product mix, one that matches a given product’s strengths, or lack thereof, to a price that maximizes returns – even if they’re minimal. Product Strategy offers a cradle-to-grave approach for managing and optimizing the life of a product or service. It helps the team share learnings. Track and drive portfolio changes that are consistent with a company’s financial objectives. In product management, strategy is not a “one and done” deliverable. This week’s module is about portfolio management, which covers how to implement your innovation strategy. Download PDF. As an outgrowth of the diversification trend in U.S. corporations, in which companies are expanding their product lines and entering new businesses, portfolio models have gained wider acceptance. To ensure that all projects and programs are aligned with the portfolio strategy. Strategy # 4. Product managers at technology service providers are challenged to update their product portfolios to remain aligned to the needs of a rapidly evolving market.Current and prospective customers too often seek the latest digital technologies that merely hold the promise of improving organizational processes. Gathered from my book, Brand Portfolio Strategy, here are 10 guidelines that point toward the creation of a cohesive, effective, well-defined brand portfolio strategy. Strategically manage your product portfolio to make the right investment decisions, optimize the value of your portfolio, and allocate the use of resources. 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