How can companies manage their portfolios and product development processes in order to more reliably hit their product innovation and commercialization challenges? How does digital transformation raise the bar on product portfolio management? This report by Planview, Inc. which is their Sixth Product Portfolio Management Benchmark Study to find out the same. The research uncovered five best practices that Top Performers follow more frequently than others; resulting in their higher performance in revenue growth, profit margin expansion; percent of sales from new products than their competitors. The survey also took a hard look at how digitalization impacts product planning and development, and finds that the transition to smarter, more connected products makes current PPM challenges worse.
What does this Report contain?
This Sixth Product Portfolio Management Benchmark Study surveying more than 400 industry practitioners finds that companies continue to struggle to meet product innovation and commercialization targets. Survey respondents indicate they hit product launch dates just 54% of the time, on average; meet revenue targets only 55% of the time. New results from the ongoing product development benchmarking research show that companies continue to grapple with some of the same challenges they have for the last decade, including having too many projects for their resources. Despite proven best practices for developing successful, pr products, many companies continue to suffer the pitfalls of poor Product Portfolio Management practices.
The best practices identified by the benchmarks research show that Top Performers are more likely to:
- Have access to more accurate, timely portfolio data to make decisions
- Follow portfolio processes more consistently
- Reallocate people and money to higher value innovations
- Have better portfolio and capacity management and planning
- Use PPM technology to enable these best practices
Key stats to keep in mind:
- Top Performers Have More Timely, Accurate Data to Make Decisions
- Top Performers Have More Consistent Portfolio Processes
- Use of PPM Technology Enables Best Practices
Why do you need this report?
Companies continue to miss their product development targets, most notably time to market and related product revenue goals. Too many still fall victim to common Product Portfolio Management challenges, despite the availability of proven best practice processes and technology. Analyzing the Top Performers provides a roadmap that can help other companies overcome challenges and achieve higher levels of innovation and product profitability. Similarly others can learn by example, recognizing that leading companies have better data, follow more consistent processes, are able to reallocate people and money to higher value innovations, and have better control of resource capacity – enabling all of this with the use of PPM software.
The time to improve Product Portfolio Management performance is here. As the benchmark study shows, the move toward smarter, more connected products and digitalization will significantly increase product and product development complexity. Product Portfolio Management best practices can improve development of current products; while preparing companies for the heightened challenges of digital transformation. PPM technology is positioned to address real challenges and improve value today and throughout the digital transformation.
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