{"id":12018,"date":"2024-07-31T09:34:50","date_gmt":"2024-07-31T16:34:50","guid":{"rendered":"https:\/\/www.qad.com\/blog\/?p=12018"},"modified":"2024-07-31T09:34:50","modified_gmt":"2024-07-31T16:34:50","slug":"5-steps-for-effective-product-portfolio-management","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2024\/07\/5-steps-for-effective-product-portfolio-management","title":{"rendered":"5 Steps for Effective Product Portfolio Management"},"content":{"rendered":"

[vc_row][vc_column][vc_single_image image=”12019″ img_size=”full”][vc_column_text]As we outlined in the <\/span>\u201cS&OP: A 7-Step Business Process\u201d<\/span><\/a> article, periodically reviewing each of the products in your portfolio is a key component of product portfolio management. It is essential to ensure you are generating an optimized revenue stream for your company.<\/span><\/p>\n

The process of managing a company\u2019s product portfolio typically includes the following steps:<\/span><\/p>\n

    \n
  1. Product introduction<\/span><\/li>\n
  2. Product supersession<\/span><\/li>\n
  3. ABC & XYZ analysis<\/span><\/li>\n
  4. Product portfolio decommissioning<\/span><\/li>\n
  5. SKU rationalization<\/span><\/li>\n<\/ol>\n

    Let\u2019s dive into each one of these actions to successfully manage your company\u2019s product portfolio.<\/span><\/p>\n

    1. Product Introduction<\/span><\/h2>\n

    Much like a small business, each new product should be self-sustaining. Introducing a new product involves several critical steps to ensure its success.<\/span><\/p>\n

    The first thing you should do when starting the process of introducing a new product to your current portfolio is asking yourself:<\/span><\/p>\n