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A well-composed product strategy is key to the success of your product but what good is it, if your team doesn’t know what it is or where to find it. That’s why strategy is an integral part of the Productfolio workflow. Every member of your team and every stakeholder will have access to review the strategy. It’s not just a static document that you write to – the information that is defined here, is integrated into the other aspects of how you use Productfolio.
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Bad products aren’t hard to come by. Many product managers would put in great efforts (or so they’d think) and still come out with solutions that aren’t exciting to the user. The products turn out to…
Bad products aren’t hard to come by. Many product managers would put in great efforts (or so they’d think) and still come out with solutions that aren’t exciting to the user. The products turn out to be less useful, be hard to use, or not work as expected.
Innovation is a game-changer. It is often what makes the difference between products that turn out to be hugely successful and those that…
Innovation is a game-changer. It is often what makes the difference between products that turn out to be hugely successful and those that fail. It enables companies to have more market share and boost profitability.
What is Product Portfolio Management? Definition and Importance
Product managers can attest that managing a single product is enough work let alone seeing to the success of multiple products at the same time. However, the overall profitability of your company may depend so much on the ability to manage an entire product portfolio effectively.
Product portfolio management is helpful, possibly indispensable, to a multi-product company. What does it entail and how can it be of use? Continue reading to learn more.
Product Portfolio Management Overview
Product portfolio management is a process whereby all products that a company sells are managed. In other words, it is a practice aimed at managing every aspect of a company's whole product portfolio. It is the centralized management of techniques and processes related to the entire suite of products a company offers.
When managing product portfolios, the goal is usually to ensure the alignment of products with the overall strategy of a business. A product portfolio manager is responsible for evaluating performance, identifying more worthwhile opportunities. He sees an optimal allocation of resources across a portfolio.
Product Manager vs. Product Portfolio Manager
The work of a product portfolio manager is distinct from that of a product manager. They might appear similar. But one person may not be able to perform the two roles creatively.
Product managers often deal with a single product. They define the features of such and put together a roadmap showing how the product contributes to the goals of a company and what the development process will be like.
On the other hand, product portfolio managers do not have their focus on specific products. They are in charge of managing the entire portfolio of products a company has. They probe relationships between products and look for ways to improve overall success.
Let's make the difference a bit more clearer. A PM will usually have interest solely in how to make a product more useful to users through new features. A PPM, on the other hand, might be interested in figuring out what new product to build instead of adding features to one on hand.
Why Product Portfolio Management is Essential
A single-product company has no real need for a product portfolio manager. But the need for one arises as its product line expands. Below are some of the reasons this is vital:
Faster releases – Your company can become more agile by having a person to manage its portfolio correctly. The centralized management lets you take a broad view of product processes and data to enable a quicker response to changing market conditions. This can make it possible to bring products quicker to the market. Speed can be a key factor for success with novel products above all.
Superior cost-benefit analysis – Product portfolio managers may be in a better position to compare the costs and benefits (potential revenues) of products. This analysis makes clear how each product aligns with a company's strategy. Portfolio management enables regular review of investments in light of current conditions.
Identification of better opportunities – As a company's product line grows, it helps to have someone to manage the portfolio in order to not miss out on great market opportunities. A PM might put all his attention to keeping up the viability of a product while failing to take note of other opportunities existing. A product portfolio manager will very likely be quicker to detect when a product is getting to its decline stage and so explore better prospects.
Improved profitability – Going by the previous benefits, it is obvious that a company can improve its bottom line by managing its portfolio properly. Portfolio management makes it possible to identify more lucrative products to devote resources to them.
Boosting Product Portfolio Management Results with Technology
You can be more successful in managing a portfolio when you have access to the right tools. The use of technology can make it a lot easier to get helpful insights into the performance of all products. It can help to identify possible snags and observe the productivity of teams, departments, and business units.
A programmed, centralized solution simplifies processes. It gives you access to a variety of techniques for correctly weighing up a portfolio, including growth-share matrix and X-Y graphs. The use of technology for managing portfolios makes the creation of templates and workflows easy to guide project execution. It promotes adherence to industry best practices.
Technology use ensures that whatever decision you make is guided by real data and not mere assumptions. It helps transparency by showing how robust analysis of real-time data informs decisions.
Centralized solutions can make possible product roadmaps that effectively communicate objectives, priorities, and other germane information. It is good for the effectual exchange of ideas and teamwork. With an automated solution, it could become easier for teams to assess how well they are doing with respect to strategic goals.
From the foregoing, it is apparent that a company with a growing line of products might not do so well without a product portfolio manager. The role is critical for spotting opportunities, managing resources, and making out what is more profitable. Technology makes managing product portfolios across an entire enterprise more efficient.
