Over the past decade or so, intense competition, shorter product life-cycles, changing customer expectations, high development cost and rapidly changing technology trends are putting tremendous pressure on product based companies. Industries such as Pharmaceuticals, Automotive and High Technology are all good examples of companies affected by these trends.
The challenge is effective investment in research and development and the management of resources developing new products. Companies need to define the right product strategy, optimize research and development resources, achieve the ideal balance of projects, select the winning product projects and execute the selected projects to deliver to market at the right cost and on time.
Portfolio and Project Management solutions help you to be more profitable by identifying, developing and filling market niches with new products faster than competition while enabling increased returns through lower development cost.
Portfolio management has a number of objectives:
- Building portfolios of investments of high value to the organization.
- Establishing a healthy ‘balance’ of investments. For example, balancing revenue growth, reduction in operational risk and regulatory compliance.
- Ensuring that investments are aligned with the strategic objectives of the organization.
Many enterprise project and portfolio management tools help product-based companies with industry proven software and product development specific templates. Coupled with an experienced implementation partner with a proven approach, a low-risk, phased implementation plan will achieve rapid Return On Investment (ROI).
The Benefits Of Enterprise Portfolio and Project Management
Deploying a robust Portfolio and Project management solution helps product-based companies to rapidly achieve the following benefits:
- Align and prioritize the product portfolio and project execution according to product strategy
- Improve visibility to critical product project portfolio information using an integrated central repository, and make informed real-time decisions
- Optimize resource allocation and planning based on a defined product strategy
- Institute company wide compliance with governance methodologies and product life-cycle management processes
- Reduce product cycle time and time to market by optimizing cross functional integration on projects
- Increase productivity and efficiency through better collaboration, coordination and communication of product projects across functional groups and global teams
How has your organization addressed these increasing pressures and trends? How robust is your portfolio management system deployment? Are you realizing the benefits listed above?
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