{"id":18759,"date":"2021-04-12T00:00:00","date_gmt":"2021-04-12T05:00:00","guid":{"rendered":"https:\/\/blog.planview.com\/product-portfolio-management-software-basics-and-best-practices\/"},"modified":"2022-04-05T13:11:37","modified_gmt":"2022-04-05T18:11:37","slug":"product-portfolio-management-software-basics-and-best-practices","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/product-portfolio-management-software-basics-and-best-practices\/","title":{"rendered":"Product Portfolio Management Software: Basics and Best Practices"},"content":{"rendered":"<p><!-- .post-meta --><\/p>\n<p><span style=\"font-weight: 400;\">Before looking at <a href=\"https:\/\/www.planview.com\/products-solutions\/solutions\/product-innovation-portfolio-management\/\">product portfolio management<\/a> software and highlighting some key best practices, it is helpful to take a step back and look at the concept of product portfolio management, highlight some examples, and look at the differences between project management, program management, and portfolio management.\u00a0<\/span><\/p>\n<p><b>What is Product Portfolio Management?\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Product portfolio management is a practice of managing all of the products within an organization\u2019s product portfolio. This includes assessing each respective product\u2019s performance, opportunities and risks, while aligning the overall portfolio with shifting organizational priorities and strategies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Effective product portfolio management is more than a key competitive advantage \u2014 it is vital for long-term success. As highlighted in the journal<\/span><a href=\"https:\/\/www.researchgate.net\/publication\/316743189_Product_Portfolio_Management_Best_Practices_For_New_Product_Development_A_Review_Of_Models\"> <span style=\"font-weight: 400;\">Foundations of Management<\/span><\/a><span style=\"font-weight: 400;\">: \u201cThe survival of any industrial organization depends on whether producing goods or services hinge on how innovative they have become in managing their product portfolio to craft new products that changes with the ever-changing tastes and needs of their customers.\u201d\u00a0<\/span><\/p>\n<p><img class=\"lazyload\" alt=\"Product Portfolio Management Software\" height=\"514\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2021\/04\/ExecutiveDashboard-1024x514.png\" \/><\/p>\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\/product-portfolio-management-software-basics-and-best-practices\/#Product_Portfolio_Management_Examples\" >Product Portfolio Management Examples\u00a0<\/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\/product-portfolio-management-software-basics-and-best-practices\/#What_is_Product_Portfolio_Management_Software\" >What is Product Portfolio Management Software?\u00a0<\/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\/product-portfolio-management-software-basics-and-best-practices\/#Product_Portfolio_Management_Best_Practices\" >Product Portfolio Management Best Practices\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Product_Portfolio_Management_Examples\"><\/span><b>Product Portfolio Management Examples\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are numerous examples of product portfolio management. Some of the most well-known are:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Johnson &amp; Johnson, whose portfolio spans pharmaceuticals, medical devices and consumer health products.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Coca Cola, whose portfolio spans several beverages across multiple categories, including soft drinks, waters, juice drinks, dairy products, sports drinks, and iced teas.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Nestle, whose portfolio spans beverages, cereals, frozen foods, healthcare nutrition, instant foods, pet care, frozen foods, instant foods, seasonings, yogurts, and baked goods.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Differences Between Project Management, Program Management and Portfolio Management\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Project management, program management and portfolio management share some fundamental similarities \u2014 most notably that they must be supported by the right resources (both physical and human). However, there are some key differences as well. According to the<\/span><a href=\"https:\/\/www.pmi.org\"> <span style=\"font-weight: 400;\">Project Management Institute<\/span><\/a><span style=\"font-weight: 400;\"> (PMI):\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Project management is a temporary effort undertaken to build a unique product, service, or result.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Program management is a collection of associated projects that are managed in a coordinated way, in order to generate benefits or results that are not available by managing them individually (i.e. as separate standalone projects).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Portfolio management is an approach to bridging the gap between implementation and strategy, and balance various change initiatives with the potential ROI. The goal is to establish a cohesive strategic vision and plan that supports transformational programs, and supports better decision-making across work, resources and technologies.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It is important to keep in mind that project management, program management, and portfolio management all must be in alignment with an organization\u2019s strategic goals and priorities.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Product_Portfolio_Management_Software\"><\/span><b>What is Product Portfolio Management Software?\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Organizations use sophisticated cloud-based<\/span><a href=\"https:\/\/www.clarizen.com\/product\/clarizen-one\/\"> <span style=\"font-weight: 400;\">product portfolio management software<\/span><\/a><span style=\"font-weight: 400;\"> to manage and accelerate the development process, and ultimately deliver innovative, profitable, and differentiated products. Key benefits of class-leading solutions include:\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Enhancing the alignment between product portfolios and organizational strategies and priorities.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Enabling effective communication and collaboration across internal teams and external stakeholders, including partner entities and supply chains.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Capturing, assessing and prioritizing market research and other input to boost brand loyalty, and foster a culture of innovation.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Streamlining the analysis of products and projects with respect to risk, complexity, capacity, financial impact, commercialization, and technical viability.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Generate visibility into the portfolio mix and balance, in order to see what changes are necessary to align with risk tolerance, and to assess the maturity level of a product in the innovation lifecycle.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Assessing various hypothetical scenarios to determine the potential advantages and drawbacks of shifting business conditions or other changes.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Accelerating time-to-market through automation using various non-gated or gated (e.g. Agile) process methodologies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Leveraging out-of-the-box reports, key performance indicators (KPIs), and customizable workflows to make smarter, faster decisions.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Product_Portfolio_Management_Best_Practices\"><\/span><b>Product Portfolio Management Best Practices\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There is no standard formula for achieving product portfolio management excellence and success. However, there are some fundamental best practices that can help guide organizations as they establish and evolve their product portfolio management infrastructure and strategy:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Use sophisticated product portfolio management software (as highlighted above) to effectively connect strategy with execution. Spreadsheets and emails are not designed to govern key processes and functions such as prioritizing the highest-value products, optimizing resource allocation, and balancing the overall product mix.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Remain focused on all aspects of product portfolio management. This is especially important for managing resource allocation and anticipating resource capacity.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Empower relevant stakeholders and decision-makers with immediate access to reliable, up-to-date data.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Look for ways to implement processes that are both repeatable and measurable. Automation is key to accelerate the process, eliminate human input errors, and free up team members to focus on high-value tasks vs. tedious manual data entry.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Be willing to adapt and pivot based on changing marketplace demands, new competition, increases or decreases in supply chain costs, and a variety of other factors. The right product portfolio management tools and software will make an enormous difference between whether an organization embraces uncertainty \u2014 or fears it.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>The Final Word<\/b><\/p>\n<p><span style=\"font-weight: 400;\">As pointed out by<\/span><a href=\"https:\/\/www.mckinsey.com\/business-functions\/operations\/our-insights\/finding-the-sweet-spot-in-product-portfolio-management\"> <span style=\"font-weight: 400;\">McKinsey<\/span><\/a><span style=\"font-weight: 400;\">: \u201cManaging a product portfolio is tricky at the best of times. There\u2019s a constant tension between product development and its desire to create new things, operations and its focus on costs and complexities, and sales with its need to cater to customer needs in expanding the top line.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Effective and efficient product portfolio management \u2014 which is driven by the right product portfolio management software and supporting technological infrastructure \u2014 helps simplify, standardize and navigate this complexity. Ultimately, this achieves what matters most to everyone in the organization, regardless of their particular role or function: delivering to market the most innovative and profitable products, on time and on budget.<\/span><\/p>\n<div class=\"client-logo\"><a title=\"Siemens Energy\" href=\"https:\/\/www.clarizen.com\/customers\/\"><img class=\"lazyload\" alt=\"Siemens Energy\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2020\/08\/siemens_energy-200x100.png\" \/><\/a> <a title=\"IIROC Success\" href=\"https:\/\/www.clarizen.com\/customers\/\"><img class=\"lazyload\" alt=\"IIROC Success\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2020\/07\/IIROC_logo-200x100.gif\" \/><\/a> <a title=\"Financial Services Institution\" href=\"https:\/\/www.clarizen.com\/customers\/\"><img class=\"lazyload\" alt=\"Financial Services Institution\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2020\/04\/FINANCIAL-SERVICES-IMG-200x100.jpg\" \/><\/a> <a title=\"M Squared\" href=\"https:\/\/www.clarizen.com\/customers\/\"><img class=\"lazyload\" alt=\"M Squared\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2020\/03\/m-squared-logo-200x100.jpg\" \/><\/a> <a title=\"Aliancys Success\" href=\"https:\/\/www.clarizen.com\/customers\/\"><img class=\"lazyload\" alt=\"Aliancys Success\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2019\/12\/aoc_aliancys-logo-800x400-200x100.jpg\" \/><\/a> <a title=\"Bonfiglioli Success\" href=\"https:\/\/www.clarizen.com\/customers\/\"><img class=\"lazyload\" alt=\"Bonfiglioli Success\" data-src=\"https:\/\/media.planview.com\/clarizen\/wp-content\/upload\/2019\/11\/bonfiglioli_logo-800x400-200x100.jpg\" \/><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Before looking at product portfolio management software and highlighting some key best practices, it is helpful to take a step back and look at the concept of product portfolio management, highlight some examples, and look at the differences between project management, program management, and portfolio management.\u00a0 What is Product Portfolio Management?\u00a0 Product portfolio management is&#8230;<\/p>\n","protected":false},"author":205,"featured_media":0,"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":[35],"tags":[],"class_list":["post-18759","post","type-post","status-publish","format-standard","hentry","category-pmo-project-management-organizations"],"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>Product Portfolio Management Software: Basics and Best Practices<\/title>\n<meta name=\"description\" content=\"There is no standard formula for achieving product portfolio management excellence and success. 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