Welcome to the future of product portfolio simplification using Ai insights.
November 19, 2018
A massive shift is now occurring in product portfolio management, and it's vital to successful product innovation.
Here’s how to do it.
We thought we would take the time to share some of the ways you can turbocharge your product growth and transform product portfolio management into something pragmatic and straightforward.
Product portfolio management is all about resource allocation to achieve your product growth strategy and objectives. A new model is emerging for portfolio analysis and planning, and it will increase in 2019 to become an exciting new tool like agile has become to product development in the 1990’s.
Here's an idea: get your product team to start product portfolio management. Their mission? Give a clear view of the product portfolio - opportunities and risks in hours not weeks, while finding growth in changing and regulated markets.
Got your attention?
This is an example of new tech, where artificial intelligence, coupled with a clear framework for product portfolio management can help you quickly:
1. Improve the performance of recently launched products
2. Decide where to best invest in innovation projects
3. Know when and if to exit a product so that you can reduce the operational costs associated with large, mature and sunsetting products.
So what is product portfolio management?
Portfolio management is about making strategic choices—which markets, products, and technologies your business will invest in. It is about resource allocation—how you will spend your limited engineering, development, product and marketing resources. It focuses on project selection—on which new product or development projects you choose from the many opportunities you face. Moreover, it deals with balance—having the right balance between new products, team time and your available investment budget.
Let’s face it, most product portfolio management (if it exists in your company) consists of PowerPoint slides, an annual planning session – and if you’re lucky, a Board update. Basically, a lot of work in too many meetings with no time to get on the front foot.
So how does it work?
Skyjed solves this with a simple AI enhanced framework for businesses to audit, set product strategy, report and continuously improve product portfolio success.
The steps of product portfolio management are:
1. Start periodic reviews of your total portfolio of products.
2. Compare each product against other products, market, regulatory requirements and financial budget
3. List out improvement decisions for product innovation
4. Create a business-wide product register to connect the business
5. Add strategic resource allocation for slick execution and track actions
Want to take things to the next level?
We have clients that have introduced Skyjed to their product team in a week and well on the path to improved product performance.
Really, the only limit is your imagination – product portfolio management is the ideal tool to make product and technology choices now that will determine how your business looks in 3 years’ time.
More creative ways to transform your product portfolio management
If you're ready to be a product growth champion, we've compiled a list of great tips in our FREE Master Guide to Product Portfolio Management. Fill in your name and contact details on our website to experience how Skyjed makes it easy to audit your products and halves the time it takes to do product portfolio planning. Interested in more? Try www.skyjed.com