Challenges in product management
Many product management executives are only use Office tools and emails. Organizations use these tools to capture information before it is consolidated; if at all. Other documents like market analysis, suppliers’ analysis, cost analysis are also stored on personal desktops. Collaborative tools such as product management tools or product information repository are being used by few people. There are risks of data loss, critical human resources going on emergency leave, or human error, among others. Organizations need to take measures to make these data, which form the product information repository, are created, available, and easily accessible by those who need it. They also need to make sure it is accurate, current, and versioned.
In addition, businesses are concerned with an increasing volume of data and documents due to product range expansion and a harsher regulatory compliance. Product information management and portfolio management can be extremely tedious and risky (obsolete version, inappropriate distribution, etc.). Re-keying, re-approval of same documentation, waste time, increases misunderstanding between departments in NPD process. These are just some of the results of participants working in silos – aka. without a single repository. Effective portfolio management is the key to success. Accurate product management implies using cross-functional teams, and building in the customer satisfaction as a goal.
The solution to improve product management is to benefit from a central repository that offers a “single version of the truth” to all participants.
Thanks to a single centralized product information repository, participants are able to centrally and securely manage all specifications and product information – data, parameters, certifications, ideas, and documents associated with product development, change control, quality management, and regulatory compliance. The platform gathers data and documents about products and assists CPG businesses in better managing their portfolio. In this way, companies save considerable time in looking for information, make better decisions and improve time to market.
Lascom CPG facilitates portfolio management through clean document versioning and always accurate product data. Participants benefit from a customized access regarding their business roles and responsibilities.
For most organizations, the product information repository stores a great deal of data, document, and any other type of information both from internal teams and extended business. Therefore, in order for company’s teams to effectively locate specific information about product or specifications it is equally important to retrieve them through a variety of search features.
A single core repository makes product information management easier and specification management more efficient. Lascom product information repository also incorporates additional collaboration features such as creation wizard, mark-ups and reviews, alerts, electronic signatures, etc.
Lascom product information repository organizes data such as:
Lascom product management tool implies sharing a “single version of the truth” through:
- libraries of specification item
- item translation
- impacts analyses
BtoC business taking their BtoB partners’ knowledge into account and involving them as experts in their activity show better results. There is no longer a sole agent owning knowledge about products, goals, technical needs, strategy etc. The advantage of sharing a common platform is also to be aware of new raw materials and/or products through suppliers input and use them as opportunities.
An efficient product portfolio management includes quantitative data set up and organized business practices acknowledgements.
Focus on product range management
The days of wild expansion are over, and many businesses are re-evaluating their portfolios to determine which products are driving market growth and profitability and which ones aren’t.
Product range management is a discipline that is intended to provide executives with information to which they can apply their own experience and judgment to make better decisions. Reporting tools provided by Lascom product management software assis professionals in quantifying subjective data and understand the assumptions behind the measures. Prioritization and bottlenecks are more visible and decison makers can better optimize product range through the solutions.
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