{"id":20337,"date":"2022-12-28T11:35:00","date_gmt":"2022-12-28T17:35:00","guid":{"rendered":"https:\/\/blog.planview.com\/?p=20337"},"modified":"2022-12-27T13:22:12","modified_gmt":"2022-12-27T19:22:12","slug":"adapting-uncertainty-best-practices-effective-product-portfolio-management","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/","title":{"rendered":"Adapting in Uncertainty: Best Practices for Effective Product Portfolio Management"},"content":{"rendered":"\n<p>Reducing risk and increasing productivity is always top-of-mind, especially in an uncertain or unstable environment. Organizations must constantly adapt through strategic decision-making to ensure success with minimal risk or cutbacks.<\/p>\n\n\n\n<p>One essential part of this adaptation strategy is <a href=\"https:\/\/www.planview.com\/products-solutions\/solutions\/product-innovation-portfolio-management\/\" target=\"_blank\" aria-label=\"building a strong product portfolio (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">building a strong product portfolio<\/a>; this requires a unified approach to aligning portfolio objectives with the overall business strategy, not just within a single team or function. It\u2019s an \u201call hands on deck\u201d scenario.<\/p>\n\n\n\n<p>In a recent webinar with Planview, Forrester covered some <a href=\"https:\/\/info.planview.com\/2021-gartner-market-guide-for-product-portfolio-management-_report_pi_en_reg.html?_ga=2.82919761.696854706.1671726548-438699721.1649261994\" target=\"_blank\" aria-label=\"best practices for effective product portfolio management (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">best practices for effective product portfolio management<\/a>\u2014with a customer-centric approach. Let\u2019s cover Forrester\u2019s four core principles of product portfolio management and how they can be applied most effectively.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/#How_High-Performing_Organizations_Stay_Ahead_of_Uncertainty\" >How High-Performing Organizations Stay Ahead of Uncertainty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/#The_Anatomy_of_Customer-Centric_Product_Portfolio_Management_Framework\" >The Anatomy of Customer-Centric Product Portfolio Management Framework<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/#Bridge_the_Gap_Between_Product_Strategy_and_Delivery\" >Bridge the Gap Between Product Strategy and Delivery<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-how-high-performing-organizations-stay-ahead-of-uncertainty\"><span class=\"ez-toc-section\" id=\"How_High-Performing_Organizations_Stay_Ahead_of_Uncertainty\"><\/span>How High-Performing Organizations Stay Ahead of Uncertainty<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Organizations that lead the pack have two things in common: an airtight alignment between investment spending and business strategy and a formal scoring model in place to determine any in-market product changes.<\/p>\n\n\n\n<p>High-performing organizations are experts at prioritizing product portfolio alignment with their business strategy through <a href=\"https:\/\/www.planview.com\/lp\/strategy-execution-benchmark-prm\/get-report\/\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">these four processes<\/a>:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>Continuous planning and replanning<\/li><li>Broadly applied Lean and Agile processes that are strictly followed<\/li><li>Implementing a robust tech stack that helps teams visualize change<\/li><li>Following a framework for scoring, ranking, and prioritizing products, including whether or not to retire or kill a product<\/li><\/ol>\n\n\n\n<p>These processes help even the largest companies better understand current product portfolios and identify any gaps teams need to bridge to optimize business success and nurture continuous growth.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Anatomy_of_Customer-Centric_Product_Portfolio_Management_Framework\"><\/span>The Anatomy of Customer-Centric Product Portfolio Management Framework<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Forrester states that four fundamental principles should influence the design and management of any product portfolio. Each of these principles introduces opportunities to ask important questions around the why, how, and where of a product. This four-part model consists of the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Strategy<\/li><li>Orientation<\/li><li>Balance<\/li><li>Investment<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Strategy<\/em><\/h3>\n\n\n\n<p>This principle gets you to ask \u201cwhy.\u201d Why should the product or portfolio exist?<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>It\u2019s vital to establish the portfolio\u2019s strategic objectives and vision and ensure those align with the overall business strategy. <\/p><\/blockquote><\/figure>\n\n\n\n<p>That strategy should already <a href=\"https:\/\/www.planview.com\/products-solutions\/solutions\/im-innovation-management\/\" target=\"_blank\" aria-label=\"target specific customer needs (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">target specific customer needs<\/a>, and the portfolio strategy should support those needs, aligning the product function with its destination. Strategy requires organizations to define, focus, and plan the intended customer value and required functions that match the team\u2019s goals.<\/p>\n\n\n\n<p>Visualizing strategic alignment is essential for organizations to maximize overall portfolio value and differentiation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Orientation<\/em><\/h3>\n\n\n\n<p>This principle gets you to ask \u201chow.\u201d How connected should the business\u2019 portfolio products be?<\/p>\n\n\n\n<p>To answer this question, teams should determine the portfolio\u2019s design, the level of integration between the portfolio mix, and the commercial readiness of the products. Only then will you be able to best deliver each portfolio\u2019s unique capabilities. Orientation requires organizations to architect, integrate, and evaluate the different ways products can connect to find optimal success in commercialization.<\/p>\n\n\n\n<p>The answer to this question should align with team goals and customer needs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Balance<\/em><\/h3>\n\n\n\n<p>This principle gets you to ask, \u201cwhere.\u201d Where are the gaps in delivering portfolio capabilities to buyers, if any?<\/p>\n\n\n\n<p>To meet buyer needs and ensure products resonate with audiences, organizations must assess how well their product capabilities map to the required portfolio capabilities. Identifying and prioritizing these discrepancies or imbalances is an essential part of this process that helps a business go to market with greater confidence.<\/p>\n\n\n\n<p>Organizations can better <a href=\"https:\/\/info.planview.com\/Top-3-Disruptions-to-Effective-Product-Development-_whitepaper_pi_en_reg.html?_ga=2.82731345.696854706.1671726548-438699721.1649261994\" target=\"_blank\" aria-label=\"understand where gaps exist and their potential impact (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">understand where gaps exist and their potential impact<\/a> by cataloging, mapping, and optimizing capabilities across the portfolio and its product mix. With that knowledge, they can take the most informed corrective actions to meet the customer\u2019s top needs.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Investment<\/em><\/h3>\n\n\n\n<p>This principle gets you to ask \u201chow\u201d once again. How should investment allocations be adjusted?<\/p>\n\n\n\n<p>Establishing a consistent process for all teams to follow that helps guide clear, fact-based decision-making on portfolio investments is key to aligning investments with portfolio objectives. Investment requires organizations to estimate, prioritize, and align their investments so they can adjust as needed.<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>The ability to consistently analyze and evaluate various datasets in real time helps organizations identify the most profitable portfolio investment decisions. <\/p><\/blockquote><\/figure>\n\n\n\n<p>This analysis can drive continuous improvement when performed at regular intervals by revealing more significant opportunities to increase portfolio value, leaving little room for lower-value ideas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bridge_the_Gap_Between_Product_Strategy_and_Delivery\"><\/span>Bridge the Gap Between Product Strategy and Delivery<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Organizations need a continuous analysis process for product portfolio investment from innovation to launch. To effectively <a href=\"https:\/\/info.planview.com\/The-Essential-Buyers-Guide-for-Product-Portfolio-Management-Solutions-_guide_pi_en_reg.html\" target=\"_blank\" aria-label=\"manage a customer-centric product portfolio (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">manage a customer-centric product portfolio<\/a> using the principles we have outlined\u2013strategy, orientation, balance, investment\u2013there are four core capabilities every team and organization will need to implement:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>Collect and analyze innovation at the front end to best inform business decisions<\/li><li>Provide direction through ongoing planning, scoring, and prioritization<\/li><li>Add speed through agility in project management and resource allocation<\/li><li>Inform next steps and beyond through in-depth insights into post-launch activity<\/li><\/ol>\n\n\n\n<p>By maintaining team-centric collaboration and continuous improvement through each product portfolio, organizations can accelerate their time-to-market and increase team efficiency in a way they wouldn\u2019t be able to otherwise. <\/p>\n\n\n\n<p><a href=\"https:\/\/info.planview.com\/adapting-in-uncertainty-_webinar_pi_en_reg.html\" target=\"_blank\" aria-label=\"Watch the entire on-demand webinar with Forrester today (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">Watch the entire on-demand webinar with Forrester today<\/a> to learn more about product portfolio management and see real-world examples of how Planview has helped organizations adopt a similar framework to discover more business success.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reducing risk and increasing productivity is always top-of-mind, especially in an uncertain or unstable environment. Organizations must constantly adapt through strategic decision-making to ensure success with minimal risk or cutbacks. One essential part of this adaptation strategy is building a strong product portfolio; this requires a unified approach to aligning portfolio objectives with the overall&#8230;<\/p>\n","protected":false},"author":240,"featured_media":20406,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":3,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[36],"tags":[139,233,255,475],"class_list":["post-20337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-product-development","tag-forrester-research","tag-pd-events","tag-product-lifecycle-management","tag-resource-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Adapting in Uncertainty: Best Practices for Effective Product Portfolio Management - Planview Blog<\/title>\n<meta name=\"description\" content=\"Learn more about how to apply the four core principles of building a customer-centric product portfolio management process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adapting in Uncertainty: Best Practices for Effective Product Portfolio Management\" \/>\n<meta property=\"og:description\" content=\"Learn more about how to apply the four core principles of building a customer-centric product portfolio management process.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Planview Blog\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/pages\/Planview-Inc\/89422974772\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-28T17:35:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2022\/12\/iStock-1340257497-scaled-e1671727124137.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"676\" \/>\n\t<meta property=\"og:image:height\" content=\"507\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Teresa Breitbach\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Planview\" \/>\n<meta name=\"twitter:site\" content=\"@Planview\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Teresa Breitbach\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/\"},\"author\":{\"name\":\"Teresa Breitbach\",\"@id\":\"https:\/\/blog.planview.com\/#\/schema\/person\/83e584f3cea524ca1da39794c0ab3436\"},\"headline\":\"Adapting in Uncertainty: Best Practices for Effective Product Portfolio Management\",\"datePublished\":\"2022-12-28T17:35:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/\"},\"wordCount\":861,\"publisher\":{\"@id\":\"https:\/\/blog.planview.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/blog.planview.com\/wp-content\/uploads\/2022\/12\/iStock-1340257497-scaled-e1671727124137.jpg\",\"keywords\":[\"Forrester Research\",\"PD Events\",\"Product Lifecycle Management\",\"Resource Management\"],\"articleSection\":[\"Product Portfolio Management\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/\",\"url\":\"https:\/\/blog.planview.com\/adapting-uncertainty-best-practices-effective-product-portfolio-management\/\",\"name\":\"Adapting in Uncertainty: Best Practices for Effective Product Portfolio Management - 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