Product Portfolio Management for Process Industries
Maintain and control the innovation processes and maximize the product investments that drive your company’s strategic and financial objectives with Selerant’s Innovation Process Management Suite.
Why do process industries need PPM as part of their PLM solution?
For companies that want to execute a winning product innovation program, lack of insight into the project pipeline is the biggest roadblock to reacting to portfolio performance in real-time and dedicating the right resources to high-value projects.
Many systems do not include all the necessary data to generate effective metrics and determine new opportunities and risks, meaning bright ideas for improving a product or process do not gain enough visibility for measurable action.
The result is ineffective decision making, improper resource allocation and poor project prioritization—creating a severe impact on portfolio performances.
Without a product portfolio management solution, companies face:
- Too many low-impact projects in the portfolio
- Higher-than-acceptable failure rates due to inefficient planning and execution.
- Time-consuming data analysis via excel v-lookups or other manual methods
- Lack of transparent decision-making and reliable information for go/kill decisions
- Inaccurate resource forecasts that diminish the percentage of product success
A PLM system that includes product portfolio management enables companies to streamline the product life cycle and analyze the entire portfolio for the most pressing risks, process improvements and opportunities to allocate resources as wisely as possible to product innovations.
Better Product Portfolio Management with Selerant’s Innovation Process Management Suite
Selerant’s Innovation Process Management Suite (IPMS) offers multiple product portfolio management tools that support project managers and project management organizations to perform their tasks and achieve their targets.
Key Benefits of Product Portfolio Management
- Reduction of project failure rate
- Reduced time-to-market (idea-to-Launch time)
- On-time delivery
- Lower project costs
- More efficient resource allocation
- Reduced administrative time for status reporting and facilitation
- Maximized Innovation Performance
- Aligned project portfolio to strategic objectives
- Better decision making
Benefits For Senior Executives
Get a fast and visually intuitive way to regular assessing how projects are contributing to the portfolio health and take quick actions to keep your portfolio in compliance with strategic objectives.
- Enable early identification of opportunities, bottlenecks and risks: take management action to keep the portfolio in compliance with business objectives.
- Get mobile dashboards and status reports accessible everywhere, at any time, to boost staff productivity and improve project transparency
- Readily gauge resource usage and optimize the distribution of assets within and among portfolios
- Select projects that are aligned with the organization's strategies and objectives, guiding the selection of the best projects
- Align portfolios with business goals and strategies: decision criteria management linked to the organization's objectives (make fact-based investment decisions and manage approvals efficiently)
- Effective Resource Utilization and maximize the use of resources talent: make the best use of available resources by applying to the highest priority projects.
- Increase the number of ideas in the funnel, finding and developing high-value new ideas
Benefits for R&D Departments
Provide project teams with an efficient, automated approach to developing comprehensive business cases.
- Manage goals, schedules and responsibilities
- Centralize project data, project plans and timelines, technical data, marketing data, financial data, team definition and post launch tracking into one clean and organized structure.
- Send instant notifications to team members at significant project evolution points (a task is completed, a gate is approved or rejected, a formulation is ready, a compliance check is needed, a project resource is temporarily unavailable, etc.)
- Ensure real-time collaboration and optimized teamwork
- Cross-organizational Resource Management
- Clearly defined standards in Project Management
Benefits for CFOs and Financial Departments
Drive more accurate and responsive decision-making on individual projects and view your entire portfolio’s financial health.
- Improve visibility and management of the portfolio: get a quick and reliable overview of your entire product portfolio in a few keystrokes.
- Get individual P/L’s on each project that roll into a suite of financial portfolio dashboards. The financial dashboards along with individual P/L’s will provide the visibility to manage Post Launch
- Track and drive portfolio changes that are consistent with a company’s financial objectives.
Key Features of Selerant’s PPM Solution
To ensure that all projects and programs are aligned with the portfolio strategy.
- Portfolio dashboards (financial, product, resources, project)
- Multi-Project Reports (Portfolio list, Resource list, Financial Reports)
Project planning and execution
To review, assess and manage projects to ensure they are meeting or exceeding their planned contribution to the portfolio, including risks and financial management.
- Stage and Gate Process management
- Project Templates with Business Case definitions
- Workflow and Tasks management
- Project Reports
- Financial Management, Individual P/L’s, Post Launch Tracking
To maximize the resources utilization by applying the most talented resources to the highest priority projects.
- Comprehensive Resource Management
- Planned vs Actual
- Tracking and Metrics
PLM-centric idea management
To help users capture, evaluate and prioritize ideas related to defining, designing, manufacturing the company’s products.
- Intuitive form with all required data fields
- Automatic notifications and escalation for review
- Scoring Model
- Supplier and Employee Collaboration Portals
- Analysis and Reporting Tools