Your product pipeline might be perfectly streamlined and efficient. But if you’re like many organizations, your portfolio may have some issues that are costing your organization in terms of revenue, product failures, and eventually reputation. Is your organization ready for PPM?
Maybe you’ve wanted to implement a Product Portfolio Management Solution but haven’t defined or designed your processes yet. Did you know that it’s actually recommended that you go ahead and get started with a PPM solution so you can grow your processes as you go along? Here are some sure-fire ways to gauge whether it’s time you invest in a software solution to improve your chances for success.
- Failed Market Launches
Has your organization launched unsuccessful products that have blemished your brand or product line? Have you missed critical time-to-market deadlines that have cost real money? Product Portfolio Management allows you to analyze your portfolio before you make the decision on what will be on your roadmap. It enables you to evaluate every piece of your portfolio so you have a complete picture — the impact on your brand, competition, resources, sustainability, and bottom line. What has a failed product launch cost you? Chances are, a lot more than what it would cost to implement a solution.
- Limited Resources
You’ve repeatedly heard and our recent Benchmark Surveys have confirmed that the #1 pain point around Product Portfolio Management is too much work for available resources. You may have people presenting great ideas, but you only have a limited capacity when it comes to people. If you say ‘yes’ to every good idea, you spread your resources too thin and few of those good ideas actually make it to the market on time. Product Portfolio Management gives you tools to run ‘what-if’ scenarios before you execute. It allows you to perform comprehensive portfolio analysis to understand your current capacity, usually based on role or skill, and then evaluate all of the things in your pipeline to go on the roadmap to ensure they can actually get done on-time with the available resources. When you use your resource capacity as a filtering mechanism, you have a much higher chance of success.
- Market and Product Conditions
Look at the size of your product catalog and the number of markets you serve. If you have a large number of products, multiple projects that deliver a product, a large number of metrics to analyze the performance of each product, multiple markets or global markets, or if your roadmap is frequently changing, you’re ready to centralize and automate your product portfolio to maximize visibility and reduce risk. Are you still updating your roadmap manually through PowerPoint? That’s a not just a sign, but a neon flashing sign telling you it’s time to convert to a formal solution.
Take a look at your current product portfolio and see if any of the 3 signs above are present. If so, you just might be ready to call in reinforcements!