As market turbulence accelerates, businesses across the globe are being forced to respond with speed and agility — or risk being left behind. But you don’t need to be making split-second shots in the dark. Gathering as much information as possible about your products, as well as vital intel on market demand and consumer behavior, and being able to analyze and report it quickly empowers you to make data-driven decisions without wasting valuable time.
But wielding lightning-fast data analysis on only one product within a company isn’t enough. Real-time monitoring and action have to be a priority portfolio-wide, empowering stakeholders to:
- View the information: Data should be displayed in an accessible, easy-to-navigate format and backed up on an encrypted and cloud-based platform.
- Make predictions: Using powerful AI and machine learning tools, data can be evaluated and transformed into actionable insights.
- Collaborate: Reports should be easily assembled and shared with other stakeholders.
- Act effectively: Once stakeholders have envisioned a path forward supported by the data, changes should be implemented as quickly as possible.
For businesses serious about staying ahead of the curve, it’s imperative to implement a product portfolio management solution that prioritizes real-time data analysis backed by best-in-class intelligence and capabilities. But that’s just the beginning.
Get Ready for a Bumpy Road
If you thought the COVID-19 pandemic that started in 2020 would be the only disruption in an otherwise serene business environment, guess again.
A 2021 survey of global business leaders conducted by consulting firm Protiviti predicts “a disruptive decade fueled by innovation that creates new markets and eventually disrupts existing markets, displacing established incumbents that fail to adapt.” Additionally, the same business leaders guessed that disruption would be an even more significant threat by 2030.
So if disruption is in the cards, how can you secure your business? It starts with adaptability. Regular data analysis empowers teams to adapt as quickly as possible to a shifting business environment and will be crucial to the survival of the fittest in the coming years.
Advantages of Product Portfolio Analysis
Changes take time, especially across a broad portfolio with multiple stakeholders. But how can you maximize the time to discuss and collaborate on decisions without taking too long to decide? By leveraging the capabilities of a product portfolio management solution to gather, analyze, and report data faster and more effectively. With the power of an integrated data analysis platform, you can:
- Focus on top priorities: Avoid the costly missteps of prioritizing the wrong product at the wrong time using smart prioritization. Combining real-time data with previous datasets provides context and predictions for what matters most right now.
- Integrate multiple sources of information: A fully integrated platform should provide a “single source of truth” approach to data analysis, where information from every tool the business uses can be accessed, analyzed, and viewed in one place. This data flow must be continuous, requiring as little babysitting as possible, even through updates and patches.
- Empower cross-functional teams: On a micro level, individual teams should be able to access tailored reports that provide them with all the information they need and none of the information they don’t. And they need to be able to co-work and collaborate across locations and disciplines, especially as hybrid and remote work environments grow more popular.
- Move faster: At the end of the day, data analysis should make every process smoother and faster — removing friction and tedious bottlenecks while imparting foresight and confidence to key decision-makers. It’s also vital to effective resource allocation, revealing key opportunities to focus on high-value products that might otherwise stay under the radar.
There’s No Time for Downtime with Product Portfolio Analysis
The product life cycle moves quickly, and there’s no time to waste when it comes to adapting to a constantly evolving business environment. Fortunately, real-time intelligence can provide forecasting and simulations that create a competitive advantage for organizations and maintain a dynamic portfolio. Some key benefits of real-time product portfolio analysis include:
- Smarter innovation. Identify and invest in the products that will create the most value.
- Better risk management. Smart reports quantify risks and opportunities throughout the product life cycle, so you can reduce wasted time and effort.
- More effective teams. Stakeholders can automate tedious processes to reduce errors and recover more time for planning innovation.
- More accurate resourcing. With real-time visibility into resource capacity, you can allocate teams and funding more effectively, as well as view the overall financial impact on the organization.
Product Portfolio Analysis Example: Miele
European appliance giant Miele produces a wide range of high-end consumer products, including kitchen, laundry, and cleaning devices. Customers can integrate Miele smart products into their existing smart home platforms, networking them securely on a home WiFi router and the Miele cloud for easier use.
On the business side, when Miele customers opt into information sharing, the company can receive crucial data that is then routed through their product portfolio analysis platform, providing them with valuable insights on how and when consumers use their products. They can then utilize that information to make quick enhancements and adaptations to improve their customers’ experience and increase sales.
Real-Time Product Portfolio Analysis Is Crucial to Success
Navigating uncertain times will always be a little risky, especially in the coming decade. But you can add to your arsenal of what you do know by partnering with consumers to turn data into manageable insights and intelligence. And maybe, you’ll leverage the benefits of real-time product portfolio analysis to create a little disruption of your own. Get started with a demo to learn more.
