product portfolio management is the link between business strategy and the actual investments being made in product development (see figure 1). portfolio management typically has four goals: central to this process is the regular review of the portfolio of projects by executives with the authority to make and enforce resource decisions. developing this vision of the futureâexpressed in terms of market trends, products, customer needs and technical capabilitiesâis an important step in the development of a well-performing portfolio process that is strongly linked to strategy. the reason is that certain elements of portfolio planning tie into higher-level planning cycles, while other elements relate to the management processes driving development and ideation.
the first step is to determine what the set of buckets will be, and roadmaps are a good starting point for this process. successfully synchronizing planning and portfolio processes will have a lasting impact on the ability of your organization to ensure that innovation projects are a direct reflection of the strategies of your business. he has implemented stage- and phase-based product development and portfolio management processes for leading companies worldwide and has optimized the performance of innovation management processes for customers across a range ofâ industries. and kleinschmidt, e.j.
strategic portfolio planning is the business process by which organizations determine the set of innovation and new product development (npd) investments they will fund—and those they won’t—to achieve their business objectives. based on extensive experience with many of the world’s leading brands, we advocate a four-stage process to overcome these challenges and develop mature processes in a company for strategic portfolio planning and project portfolio optimization to achieve exceptional results from innovation and npd initiatives. as leaders push the business toward more innovative products, it is important to ensure that the mix of investments is appropriately weighted toward high-value projects, with reasonable and known risk levels.
you should rather consider a strategic portfolio planning approach to innovation planning, which represents a different way of thinking about both the planning process and the portfolio management process. using an integrated strategic portfolio planning solution enables you to improve the speed and impact of decision-making across the entire enterprise innovation portfolio. strategic portfolio planning and project portfolio optimization solution capabilities enable you to identify optimal investment scenarios, ensuring fewer, bigger and better projects in your portfolio, and to align short- and long-term innovation and new product development activities with strategic priorities and financial targets.
linking strategic and project management is a two-way process, strategy influences the project portfolio and the execution of the project portfolio influences the strategy. product portfolio management is the link between business strategy and the actual investments being made in a product portfolio is the collection of all the products or services offered by a company. learn how, product portfolio strategy mckinsey, product portfolio strategy mckinsey, product portfolio strategy example, product portfolio strategy template, product portfolio management strategy.
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