{"id":7630,"date":"2018-12-26T12:38:00","date_gmt":"2018-12-26T18:38:00","guid":{"rendered":"https:\/\/blog.planview.com\/?p=7630"},"modified":"2019-07-26T10:59:00","modified_gmt":"2019-07-26T15:59:00","slug":"ensuring-the-life-blood-of-your-business-data-visibility","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/ensuring-the-life-blood-of-your-business-data-visibility\/","title":{"rendered":"Ensuring the Life Blood of Your Business: Data Visibility"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-7867 aligncenter\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/Ensuring-the-Life-Blood-of-Your-Business_Data-Visibility.jpg\" alt=\"Ensuring the Life Blood of Your Business with Data Visibility\" width=\"834\" height=\"445\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/Ensuring-the-Life-Blood-of-Your-Business_Data-Visibility.jpg 750w, https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/Ensuring-the-Life-Blood-of-Your-Business_Data-Visibility-300x160.jpg 300w\" sizes=\"auto, (max-width: 834px) 100vw, 834px\" \/><\/p>\n<p>In the first three parts of this series, we covered the importance of addressing the challenges of modern portfolio management. Increasing complexity, addressing it through innovation investment and strategy alignment, and best practices for execution are critical\u2014and data visibility is key. Catch up on anything you may have missed by reading through the first three parts below:<\/p>\n<ul>\n<li><a href=\"https:\/\/blog.planview.com\/the-complexity-of-managing-smarter-more-connected-products\/\">Part 1: The Complexity of Managing Smarter, More Connected Products<\/a><\/li>\n<li><a href=\"https:\/\/blog.planview.com\/connecting-innovation-investments-with-delivery\/\">Part 2: Connecting Innovation Investments with Delivery<\/a><\/li>\n<li><a href=\"https:\/\/blog.planview.com\/managing-product-portfolio-challenges-in-the-digital-age\/\">Part 3: Managing Product Portfolio Challenges in the Digital Age<\/a><\/li>\n<\/ul>\n<h2><strong>Part 4: Optimize Data Visibility. Mitigate Data Scarcity.<\/strong><\/h2>\n<p>Every year or so, Planview commissions a study to report on industry progress in the arena of portfolio management, the top performers, and their approach to achieving that top-tier success. This year, we commissioned the <a title=\"\" href=\"https:\/\/info.planview.com\/6th-product-portfolio-benchmark-study-_report_pi_en_reg.html\" target=\"_blank\" rel=\"noopener noreferrer\">Sixth Product Portfolio Management Benchmark Study<\/a> (conducted by Tech-Clarity). One of the many things we learned is that data driven decisions played a critical role in meeting launch dates and revenue targets.<\/p>\n<p>As we covered in earlier pieces, the rate of technology evolution is accelerating, and that, in turn, is driving a business need for innovation. But how and what to innovate is dependent on current and reliable data.<\/p>\n<p>With that in mind, it\u2019s easy to understand what the study indicated: companies don\u2019t have current, reliable data or that it takes too long to gather and manually massage product portfolio information.<\/p>\n<h3><strong>Access to Data Is Key<\/strong><\/h3>\n<p>Data is, or should be, the foundation for decision making for every organization. Yet nearly one-third of the product professionals surveyed said their data is inaccurate, and 36 percent said their data is not timely or current. Companies, however, are learning and acting.<\/p>\n<p>According to the 2018 study, only 4% of study participants had <strong><em>no<\/em><\/strong> access to data, compared to 28% that reported they had <strong><em>immediate<\/em><\/strong> access to accurate data, which nearly doubled from 2013.<\/p>\n<p><a href=\"https:\/\/info.planview.com\/6th-product-portfolio-benchmark-study-_report_pi_en_reg.html?_ga=2.19576120.1471182303.1545055885-671993521.1537802215\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7865 size-full\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/data-visibility-1.jpg\" alt=\"Data Visibility \" width=\"549\" height=\"243\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/data-visibility-1.jpg 549w, https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/data-visibility-1-300x133.jpg 300w\" sizes=\"auto, (max-width: 549px) 100vw, 549px\" \/><\/a><\/p>\n<h4><strong>The Perils of Data Scarcity<\/strong><\/h4>\n<p>Aggregating the statistics of those who reported accessible data as inaccurate or untimely remains a staggering 2\/3, which is stifling strategically planned innovation. But given the critical nature of that data, the study delved into the question of \u201cWhy?\u201d Respondents pointed to the following reasons:<\/p>\n<ul>\n<li>Information is in silos, rather than centralized \u2013 46%<\/li>\n<li>Lack of consistency on processes \u2013 38%<\/li>\n<li>Lack of robust technology and a reliance on spreadsheets \u2013 37%<\/li>\n<li>Lack of consistency on metrics definition \u2013 35%<\/li>\n<li>Lack of ownership for reporting and analytics \u2013 35%<\/li>\n<li>Data is not captured \u2013 34%<\/li>\n<\/ul>\n<p><a href=\"https:\/\/info.planview.com\/6th-product-portfolio-benchmark-study-_report_pi_en_reg.html?_ga=2.19576120.1471182303.1545055885-671993521.1537802215\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7866 size-full\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/data-visibility-2.jpg\" alt=\"Data Visibility\" width=\"521\" height=\"231\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/data-visibility-2.jpg 521w, https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/data-visibility-2-300x133.jpg 300w\" sizes=\"auto, (max-width: 521px) 100vw, 521px\" \/><\/a><\/p>\n<p>The key to unlocking product innovation is removing these obstacles, enabling product leaders to dynamically adapt to changing market conditions, understand current project status, and reduce risk.<\/p>\n<h4><strong>Start off Slowly If You Have to, but Start<\/strong><\/h4>\n<p>Another thing we found is that many companies are operating blind, neglecting to address the issue of data scarcity. As stated earlier, 65% of product leaders are making decisions that are misguided by either inaccurate or untimely data. The result is less than stellar performance in hitting launch and revenue targets.<\/p>\n<p>In fact, the study demonstrated that companies are much better at meeting engineering targets\u2014getting their products to meet scope and quality goals\u2014than achieving their revenue and launch targets. A good place to start in resetting these priorities is in-line extensions and small product modifications.<\/p>\n<p>Beginning in these relatively simple areas, you can begin to move your organization forward and, from there, you can scale up your efforts by adopting tools and processes enterprise-wide.<\/p>\n<h5><strong>Top Performers Are Blazing the Trail<\/strong><\/h5>\n<p>Top performers are exploiting the discipline of timely and accurate data access. In fact, their performance is directly tied to harnessing data across the organization and using it to drive strategic innovation decisions.<\/p>\n<p>They also all have something in common that under-performers are lacking: a single source of truth for decision making. As a result, they are almost 60% more likely to have immediate access to accurate data. In that vein, they offered several concerns that organizations would do well to consider as they strive to successfully meet revenue and launch expectations:<\/p>\n<ul>\n<li>Do we have access to accurate data and decision tools?<\/li>\n<li>How can we attain instant access to data for forecasting?<\/li>\n<li>Is data being held by other organizations or is it otherwise difficult to access?<\/li>\n<li>Has management been unwilling to spend to get more accurate and reliable data?<\/li>\n<li>Do team members rely too much on email, voice mail, memory, or gut rather than relying on a centralized system?<\/li>\n<\/ul>\n<p>Follow along with this eight-part series regarding the discipline and importance of PPM to transform your organization into one of the top performers we\u2019ve described, listed below:<\/p>\n<ul>\n<li><a href=\"https:\/\/blog.planview.com\/product-development-processes-changing-the-game\/\">Part 5: Product Development Processes: Changing the Game<\/a><\/li>\n<li><a href=\"https:\/\/blog.planview.com\/technology-the-key-to-resolving-product-portfolio-challenges\/\">Part 6: Technology: The Key to Resolving Product Portfolio Challenges<\/a><\/li>\n<li><a href=\"https:\/\/blog.planview.com\/a-product-development-process-for-successful-strategic-outcomes\/\">Part 7: A Product Development Process for Successful Strategic Outcomes<\/a><\/li>\n<li><a href=\"https:\/\/blog.planview.com\/6-product-portfolio-management-best-practices\/\">Part 8: 6 Product Portfolio Management Best Practices<\/a><\/li>\n<\/ul>\n<p>Check out the results and &#8220;<a title=\"\" href=\"https:\/\/www.planview.com\/lp\/map-your-product-portfolio-toward-success\/\" target=\"_blank\" rel=\"noopener noreferrer\">Map Your Product Portfolio Toward Success<\/a>.&#8221; Also, don\u2019t forget to read the full <a title=\"\" href=\"https:\/\/info.planview.com\/6th-product-portfolio-benchmark-study-_report_pi_en_reg.html?_ga=2.196758636.1967237874.1539696623-671993521.1537802215\" target=\"_blank\" rel=\"noopener noreferrer\">benchmark report \u201cThe Business Transformation Required to Innovate in the Digital Era\u201d<\/a> and to register for the webinar, \u201c<a title=\"\" href=\"https:\/\/info.planview.com\/2018-pi-benchmark-webinar-_webinar_pi_en_reg.html?_ga=2.260131405.1369621555.1539611372-671993521.1537802215\" target=\"_blank\" rel=\"noopener noreferrer\">The Surprising Secrets to Delivering Smarter, More Connected Products<\/a>,\u201d to learn more.<\/p>\n<p><a href=\"https:\/\/www.planview.com\/lp\/map-your-product-portfolio-toward-success\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7873 size-full\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2019\/02\/PPM-Benchmark-banner-1.jpg\" alt=\"Product Portfolio Management Benchmark Study\" width=\"1227\" height=\"472\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2019\/02\/PPM-Benchmark-banner-1.jpg 1227w, https:\/\/blog.planview.com\/wp-content\/uploads\/2019\/02\/PPM-Benchmark-banner-1-300x115.jpg 300w, https:\/\/blog.planview.com\/wp-content\/uploads\/2019\/02\/PPM-Benchmark-banner-1-768x295.jpg 768w, https:\/\/blog.planview.com\/wp-content\/uploads\/2019\/02\/PPM-Benchmark-banner-1-1024x394.jpg 1024w, https:\/\/blog.planview.com\/wp-content\/uploads\/2019\/02\/PPM-Benchmark-banner-1-750x289.jpg 750w\" sizes=\"auto, (max-width: 1227px) 100vw, 1227px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the first three parts of this series, we covered the importance of addressing the challenges of modern portfolio management. Increasing complexity, addressing it through innovation investment and strategy alignment, and best practices for execution are critical\u2014and data visibility is key. Catch up on anything you may have missed by reading through the first three&#8230;<\/p>\n","protected":false},"author":122,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[36],"tags":[],"class_list":["post-7630","post","type-post","status-publish","format-standard","hentry","category-product-development"],"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>Ensuring the Life Blood of Your Business: Data Visibility<\/title>\n<meta name=\"description\" content=\"Increasing complexity and best practices for execution are critical\u2014and data visibility is key. Discover how to become one of the top performers.\" \/>\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\/ensuring-the-life-blood-of-your-business-data-visibility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ensuring the Life Blood of Your Business: Data Visibility\" \/>\n<meta property=\"og:description\" content=\"Increasing complexity and best practices for execution are critical\u2014and data visibility is key. Discover how to become one of the top performers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.planview.com\/ensuring-the-life-blood-of-your-business-data-visibility\/\" \/>\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=\"2018-12-26T18:38:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-26T15:59:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/Ensuring-the-Life-Blood-of-Your-Business_Data-Visibility.jpg\" \/>\n<meta name=\"author\" content=\"Maura Melis\" \/>\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=\"Maura Melis\" \/>\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\/ensuring-the-life-blood-of-your-business-data-visibility\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.planview.com\/ensuring-the-life-blood-of-your-business-data-visibility\/\"},\"author\":{\"name\":\"Maura Melis\",\"@id\":\"https:\/\/blog.planview.com\/#\/schema\/person\/b0192ee571b1db24813173b27d379aa4\"},\"headline\":\"Ensuring the Life Blood of Your Business: Data Visibility\",\"datePublished\":\"2018-12-26T18:38:00+00:00\",\"dateModified\":\"2019-07-26T15:59:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.planview.com\/ensuring-the-life-blood-of-your-business-data-visibility\/\"},\"wordCount\":831,\"publisher\":{\"@id\":\"https:\/\/blog.planview.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/blog.planview.com\/ensuring-the-life-blood-of-your-business-data-visibility\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/Ensuring-the-Life-Blood-of-Your-Business_Data-Visibility.jpg\",\"articleSection\":[\"Product Portfolio Management\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.planview.com\/ensuring-the-life-blood-of-your-business-data-visibility\/\",\"url\":\"https:\/\/blog.planview.com\/ensuring-the-life-blood-of-your-business-data-visibility\/\",\"name\":\"Ensuring the Life Blood of Your Business: Data Visibility\",\"isPartOf\":{\"@id\":\"https:\/\/blog.planview.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/blog.planview.com\/ensuring-the-life-blood-of-your-business-data-visibility\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/blog.planview.com\/ensuring-the-life-blood-of-your-business-data-visibility\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/blog.planview.com\/wp-content\/uploads\/2018\/12\/Ensuring-the-Life-Blood-of-Your-Business_Data-Visibility.jpg\",\"datePublished\":\"2018-12-26T18:38:00+00:00\",\"dateModified\":\"2019-07-26T15:59:00+00:00\",\"description\":\"Increasing complexity and best practices for execution are critical\u2014and data visibility is key. 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