Mastering Project and Product Portfolio is Key
With an ever-increasing number of products and volume of information due to product range expansion and more complex regulations, it is crucial to implement an effective product portfolio management.
It is still common for companies to rely only on Office tools and e-mails to collaborate, share information and manage products. Additionally, other documents, such as market, suppliers and cost analyses, are usually stored on personal computers. It is then clear that this lack of data consolidation could lead to greater issues: data loss, re-keying errors, re-approval of same documentation, waste of time, and misunderstanding between departments in NPD process, among others. These are just some of the consequences of participants working in “silos” and not in an optimized and collaborative manner.
To avoid those kind of problems, businesses need to use the appropriate tools to streamline their processes and optimize the use of their resources. They need to ensure that information and data are gathered in the same place and consolidated to form a common knowledge base (or repository). They also need to make sure that these information and data are accurate, current, and versioned. This will guarantee that any product information are complete, available, and easily and securely accessible by those who need it.
Effective portfolio management is the key to success. Accurate product management implies using cross-functional teams, and putting customer satisfaction at the heart of product development.
A Solution to Optimize Project and Product Portfolio Management
Lascom offers a simple and efficient software to manage your project and product portfolio. The Product Portfolio Management tool is based on the ability to exploit all data related to the company’s projects and products. It is easy, with Lascom’s solution, to manage product portfolio, centralize all the data, perform analyses and access reporting tools.
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. Any stakeholder, who has access rights, can directly access information about a project and product; they can also consult any related-documents and check their notifications. This central repository or knowledge-base, provides a “single version of the truth” to all participants.
The Project and Product Portfolio Management tool integrates all the EDM tool features (Electronic Document Management), such as automated document generation, advanced search, automated version control and approval process.
Lascom product management software also provides reporting tool to assist professionals in quantifying subjective data and understanding the assumptions behind the measures. This tool gives businesses an overview of their projects, allowing them to have a better understanding of their product development throughout the year. Projects’ prioritization is possible, and bottlenecks are more visible, so decision makers can better optimize product range thanks to features like creation wizard, mark-ups and reviews, and electronic signatures.
The Key Features of Product Portfolio Management
information and documents
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