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A couple major trends are impacting the world of product companies today. Products are more technologically advanced than ever and are being conceived, planned and developed by teams spread all over the world. Pressure from competition continues to grow while at the same time, business are given less resources to work with. Making faster, better and cheaper products is a tall order so companies are beginning to rethink their approach to product planning as a way to gain business advantage.
Product planning has evolved organically which is why in most organizations we see a hodgepodge of point tools and in-house solutions. Product planning as a practice involves taking large amounts of data on company resources, capital and business strategy, product data on requirements, capabilities and customers, and the larger market distilling them into a set of priorities for product development. But when information that plays into product planning lives in separate silos, companies run into a gigantic data management problem.
Modernizing product planning is all about getting this information into one system so that organizations can see the big picture throughout product planning and react quickly to any changes that arise. And here is where the point tools fall short. Not only does improving information management in product planning enable companies make products more quickly but it also results in better products that are aligned with company strategy and market needs.