10 Best Product Portfolio Management Tools For 2022
This article will help you quickly compare and evaluate the best product portfolio management tools for managing a range of products with accuracy and ease.
In this post, I’ll share with you a few of the best product portfolio management tools to help you manage, organize, and track all of the products across your portfolio. I will also explain what product portfolio software can do for you and explain how it can benefit your product workflow.
Keep reading and this article will tell you what you should look for in product portfolio management tools. I’ll also provide a simple comparison between some of the best product planning tools on the market today.
What Is Product Portfolio Management Software?
Product portfolio management tools are a way to easily glance across all the products or services you and your team offer in order to better manage, organize, and analyze them.
Product portfolio management software may track product growth prospects and operational risk. This helps you decide which products to grow and which to eliminate.
Product Management Software vs Project Management Software
Project managers and PMOs use similar software to product managers — the acts of managing products and projects have a lot in common.
While in some cases a general work management tool will suffice, there are product management tools designed specifically for managing a product portfolio. In addition to project management or project portfolio management software features, product tools may include special features. These include things like:
- product roadmaps
- branding tools
- modules for collaborating on the development of new products or launching new product lines
Why Use Product Portfolio Management Software?
There are plenty of benefits to using product portfolio management tools. Here are just a few stats showing how PPM software benefits product decision-makers, managers, and teams.
- Users of product portfolio software report pipeline value growth, and reductions in project delivery times, of between 25% and 75%.
- Some reports of productivity gains hit 20% or more, saving an average of one day per week.
- 20–50% cycle time reduction with fewer manual tasks, one version of the truth, and real-time design and development collaboration.
- Increases in revenue tied to successful product selection and improved time to market.
- 21% of IT buyers report the need for a product solution with portfolio management capabilities.
- Products may be up to 2.5X more successful when a portfolio management system is employed.
- Portfolio management solutions lose 13X less money because they hit their strategic initiatives more successfully.
Examples Of Teams Who Use Product Portfolio Management Software:
- Web development teams
- IT teams
- Marketing teams
- Sales teams
- Product acquisition teams
- Customer relationship teams
- Market research teams
- Publishing teams
The Best Product Portfolio Manager List
Here’s a shortlist of the best product portfolio manager:
Product Portfolio Management Tools Comparison Criteria
What are we looking for when we select the best tools for product portfolio management for review? Here’s a summary of my evaluation criteria:
Key Features:
- Market demand analytics
- Resource allocation and resource management for products (Gantt charts, etc)
- Product rebranding tools
- Product pipeline processes and workflows
- Business goal tracking for measuring against business objectives
- Product team communication features
- Tools for product development or elimination
- Portfolio-level corporate strategy outline
- Product results measurements with big picture dashboards
- Task management (kanban boards, task lists, due dates, etc)
- Time tracking
Evaluation:
- User Interface (UI): Is it clean and attractive? Are the products displayed in a user-friendly, useful manner?
- Usability: Is it easy to learn and master? Does the company offer good tech support, user support, tutorials, and training?
- Integrations: Is it easy to connect with other tools? Any pre-built integrations?
- Value for $: How appropriate is the price for the features, capabilities, and use case? Is pricing clear, transparent, and flexible?
Keep reading to see the full article of The Best Product Portfolio Management Tools For 2020
Originally published at https://theproductmanager.com on July 9, 2020.
