As the product manager, it is your responsibility to manage the product portfolio to ensure that your product offering remains relevant and that all products are aligned with the long-term goals of the company.
Using Product Roadmap Management Software
The product manufacturing industry has traditionally employed disparate tools to create, share and analyze data resources. However, these methods are often cumbersome and result in information silos that are difficult to manage.
Product roadmap management software provides a single source of truth that is accessible to all of your key stakeholders. This allows for easier management of the product development process. One source of truth improves agility, transparency, and clarity, allowing you to meet your goals more effectively.
Easily Accessible and Secure
Cloud-Based Technology for Remote Access
Product Roadmap Management software is an advanced, cloud-based technology that is accessed online from anywhere. This provides an ideal platform for personnel and teams who work on shared projects remotely.
Whether working in various locations within one country or across international borders, time zones have no impact on the ability of your teams to interact with the product roadmap and gain access to the information they need.
Protection of Proprietary Information
Product manufacturers often develop products that have proprietary rights, so it is essential that their technologies are protected, and their information systems are secure from cyber-attacks.
Customized User Profiles for Limited Access
User profiles can be customized to permit access to specific areas of the database and are useful when working with different departments. This type of selective filtering of data provides only the necessary resources and serves to limit access to privileged information.
Adjustable Views for Better Analysis
The ability to switch between the high-level view and then hyper-focus on the detailed view allows you to analyze different aspects of your portfolio.
The High-Level view
The high-level view gets you in touch with your entire product portfolio. This allows you to assess your current product offering and associated features. Key performance metrics can also be used to analyze the performance of each product within your portfolio.
The high revenue-generating products can be examined to identify the key features that have promoted success, and conversely, the products that have underperformed can also be analyzed in order to understand the market and the consumer better.
With an emphasis on staying competitive in the market, this type of high-level analysis is vital to ensure the existing product portfolio is in line with the company’s product vision and that they continue to meet the goals of the company.
The Hyper-Focused View
The hyper-focused view allows you to analyze a particular product or brand within your portfolio. This offers detailed insight into performance and costs as well as feature updates at each stage of the product within its lifecycle.
This view of the product roadmap communicates the product strategy and encapsulates all of the aspects in the development phase, from generating the product idea to the release plan. The product roadmap is developed and updated consistently, and the hyper-focused view provides a real-time snapshot of the product within its lifecycle.
Visual Reports and Roadmaps Make it Easier to Plan
Your product roadmap template provides a visual strategy which all of your development teams can work from to realize the product goals.
Stay on Track
Well-defined timelines help your teams to stay on track and synchronize their production with that of other departments. This is important to ensure that all teams are working instrumentally.
Manage Disruptions More Effectively
The ability to track key dependencies across product lines also allows for better resource planning. This is useful in instances of supply chain disruptions that affect the availability of a particular resource or component. When dependencies are known, the full impact of disruption can be assessed, and alternate strategies adopted to mitigate the damage.
Comparative Analysis for Better Decision making
Whether you are looking to examine the effectiveness of products in your own portfolio, add and remove product features or compare your products with that of a competitor, decision-making is easier with quantitative analysis tools at your disposal.
By focusing on key performance metrics, you are better able to analyze the impact that changes will have on product performance. Weighted scoring tools also help to score your product based on the feature specifications.
Better Presentations for All Audiences
With product roadmap management software, it is easy to tailor your presentations to the needs of different stakeholders. Toggle easily between key performance metrics to offer only the most relevant information to your teams. While particular KPIs are ideal for the finance department and company executives, product scoring provides more useful insights to the sales and marketing teams.
Fill Opportunities More Effectively
The product matrix allows you to analyze your product portfolio and identify gaps and opportunities to fill your target market. While creating new products is essential to promote innovation, understanding how different features appeal to the consumer is important when developing a product strategy.
Product roadmaps allow you to map out and test product development strategies to find the best outcome. By using comparative analysis tools to model different product scenarios, you can analyze the cost of adding and removing certain features and project the market implications of doing so.
One Source For all Your Communication
While traditional methods of document creation and file sharing are cumbersome and result in information silos that are difficult to manage, product roadmap management software provides numerous benefits in managing your product portfolio more effectively.
Access to shared documents means that only the most relevant information is accessible to your teams at all times. With updates occurring in real-time, outdated information and version control are no longer an issue.
Meetings and collaborations are also more efficient, with improved accessibility to data and presentations.
The Software Every Product Manager Needs
Product Roadmap Management Software is the essential tool that allows you to manage your entire product portfolio more effectively. From clear, concise roadmaps that outline the goals and useful analytical tools to aid in decision-making to a streamlined communication platform to bring all of your teams together, Gocious has you covered. Book your free demo today to see how Gocious Product Management Roadmap Software can work for you.