In the 6th Product Portfolio Management Benchmark Study, conducted by Tech-Clarity and commissioned by Planview, we discovered what top product innovators are doing throughout the product development process to drive innovation. In this two-part series, we’ll explore the secrets in detail. Read on to learn the first two secrets!
Secret #1: It All Starts with Strategy
Product innovation is key to any company’s strategic initiatives. Without it how does a company grow, distinguish themselves against competitors, or even compete within their market space? When asked about the most pressing concerns of managing a product portfolio, respondents noted the lack of strategy and long-term portfolio vision, and only 23% felt their product portfolio was highly aligned with their company’s strategies and objectives. The absence and misalignment of organizational strategy can lead to key targets not being met throughout product development projects.
What percentage of new product development projects meet the targets listed below?
In an ever-changing world of technology, organizations need to keep up the pace to ensure they don’t fall behind their competition. Creating a long-term strategic plan while maintaining the ability to adjust and adapt in the moment is the number one secret top performers implement to meet their product portfolio goals.
Secret #2: The Time to Go Digital is Now
Smarter, more connected products are disrupting our lives and changing the way we interact with the world around us. As a result, companies are always looking at new ways to enhance their products with technology, which explains why we now have refrigerators that tell you how many eggs you have, let you send notes to your phone to create a shopping list, and connect to your favorite streaming service to watch shows or movies.
With 85% of respondents currently delivering, developing, or considering adding smarter, more connected products, the time to go digital, truly, is now. As you consider how to add technology into your product portfolio, it’s important to understand that the intricacy of these devices will only add challenges to the portfolio management process:
- Increased complexity in developing and communicating product roadmaps
- More difficult to plan resource capacity across domains
- More departments needed to make decisions
- Increased risk to meeting launch dates
As products continue to digitally transform, companies must do the same to their product portfolio management process. Adding new variables to the process increases the inefficiencies of spreadsheets and the risks of lost time, money, and competitive advantage. Realizing the potential of digital transformation within their product lines and internal processes is the second secret of top performers. They understand smarter, more connected products are changing their industry and don’t want to run the risk of losing market share to their competitors.
To hear these secrets in more detail, register for the on-demand webinar and listen to Planview’s Carrie Nauyalis and Tech-Clarity’s Jim Brown discuss the “The Surprising Secrets to Delivering Smarter, More Connected Products: Findings from the 6th Product Portfolio Management Benchmark Study” today!
Check out part two of this series to find out Secrets 3 – 5 that top performers are applying throughout the product development process!