The changing dynamics of product and portfolio management is emerging as a top challenge for Forrester clients in 2017 based on the latest client search data from Forrester.com. I argue that software’s creeping impact on products and assets in a range of industries is forcing companies to change how they manage and manufacture products. As the complexity around product development and management increases, it is imperative to use software, retooled agile processes, and new skill sets to enable your product management team. Standalone Product Portfolio Management (PPM) tools or Product Lifecycle Management (PLM) solutions with PPM modules can enable data-driven product management capabilities from a software perspective. From a process standpoint, product teams must learn from their software engineering colleagues to introduce more iterative and open approaches to product development. Finally, product managers must adjust – bringing a combination of business and technology acumen to the table in addition to a collaborative approach that accounts for the needs of the business, engineering, and software development teams.
For more on the shifting dynamics of product management, check out my report The Internet Of Things Propels Product Development Into The Digital Age.