Graphics of 10 Best Product Portfolio Management Tools For 2020

The 10 Best Product Portfolio Management Tools For 2020

This article will help you quickly compare and evaluate the best product portfolio management tools for managing a range of products with accuracy and ease. 

In this post, I’ll share with you a few of the best product portfolio management tools to help you manage, organize, and track all of the products across your portfolio. I will also explain what product portfolio software can do for you and explain how it can benefit your product workflow. 

Keep reading and this article will tell you what you should look for in product portfolio management tools. I’ll also provide a simple comparison between some of the best product planning tools on the market today. 

What Is Product Portfolio Management Software?

Product portfolio management tools are a way to easily glance across all the products or services you and your team offer in order to better manage, organize, and analyse them.

Product portfolio management software may track product growth prospects and operational risk. This helps you decide which products to grow and which to eliminate. 

Product Management Software vs Project Management Software

Project managers and PMOs use similar software to product managers—the acts of managing products and projects have a lot in common. 

While in some cases a general work management tool will suffice, there are product management tools designed specifically for managing a product portfolio. In addition to project management or project portfolio management software features, product tools may include special features. These include things like:

  • product roadmaps
  • branding tools
  • modules for collaborating on the development of new products or launching new product lines

Why Use Product Portfolio Management Software?

There are plenty of benefits to using product portfolio management tools. Here are just a few stats showing how PPM software benefits product decision-makers, managers, and teams.

  • Users of product portfolio software report pipeline value growth, and reductions in project delivery times, of between 25% and 75%.
  • Some reports of productivity gains hit 20% or more, saving an average of one day per week.
  • 20-50% cycle time reduction with fewer manual tasks, one version of the truth, and real-time design and development collaboration.
  • Increases in revenue tied to successful product selection and improved time to market.
  • 21% of IT buyers report the need for a product solution with portfolio management capabilities.
  • Products may be up to 2.5X more successful when a portfolio management system is employed.
  •  Portfolio management solutions lose 13X less money because they hit their strategic initiatives more successfully.

Examples Of Teams Who Use Product Portfolio Management Software:

  • Web development teams 
  • IT teams 
  • Marketing teams 
  • Sales teams 
  • Product acquisition teams 
  • Customer relationship teams 
  • Market research teams 
  • Publishing teams

The Best Product Portfolio Manager List

Here’s a shortlist of the best product portfolio manager:

  1. Oracle PLM Cloud
  2. Propel
  3. ProdPad
  4. Aha.io
  5. Planview
  6. ProductBoard.com
  7. ProductPlan
  8. Planisware
  9. Craft
  10. Workfront

Product Portfolio Management Tools Comparison Criteria

What are we looking for when we select the best tools for product portfolio management for review? Here’s a summary of my evaluation criteria: 

Key Features:

  • Market demand analytics
  • Resource allocation and resource management for products (Gantt charts, etc)
  • Product rebranding tools 
  • Product pipeline processes and workflows
  • Business goal tracking for measuring against business objectives
  • Product team communication features 
  • Tools for product development or elimination 
  • Portfolio-level corporate strategy outline
  • Product resultus measurements with big picture dashboards
  • Task management (kanban boards, task lists, due dates, etc)
  • Time tracking

Evaluation:

  1. User Interface (UI): Is it clean and attractive? Are the products displayed in a user-friendly, useful manner?
  2. Usability: Is it easy to learn and master? Does the company offer good tech support, user support, tutorials, and training? 
  3. Integrations: Is it easy to connect with other tools? Any pre-built integrations?
  4. Value for $: How appropriate is the price for the features, capabilities, and use case? Is pricing clear, transparent and flexible?

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Overviews Of The 10 Best Product Portfolio Planning Software

Here’s a brief description of each of the product portfolio management tools that are featured on this top 10 list. 

1. Oracle PLM Cloud – Best for expansive, enterprise-level portfolio management.

Screenshot of Oracle PLM Cloud - Product Management Software
Oracle offers a comprehensive suite with robust features for enterprise product portfolio management.

2. Propel – Best for product commercialization that requires ongoing customer feedback.

Screenshot of Propel - Product Management Software
Product QA benefits from charge-ready advanced workflows.

3. ProdPad – Best for intensive or complex product strategies.

Screenshot of ProdPad - Product Management Software
Toggle easily between Product and Product Portfolio dashboard views. 

4. Aha.io – Best for product roadmapping. 

Screenshot of Aha.io - Product Management Software
Build roadmaps for products with clickable feature sets. 

5. Planview – Best for products with lean and/or Agile workflows.

Screenshot of Planview - Product Management Software
Track product requests and updates it’s Agile workflows. 

6. ProductBoard.com – Best for product evaluation and flexible hierarchies. 

Screenshot of ProductBoard.com
Break product tasks down and easily plot importance VS effort. 

7. ProductPlan – Best for visualizing and sharing product milestones.

Screenshot of ProductPlan
Divide product roadmapping by team: web, marketing, mobile, etc. 

8. Planisware – Best for easy scaling between 5 and 30,000 users.

Screenshot of Planisware
Track what your portfolio costs and earns to determine growth potential.  

9. Craft – Best for tracking versioning in one simple dashboard. 

Screenshot of Craft
One screen shows a product across different versions and updates. 

10. Workfront – Best for complex product development lifecycles. 

Screenshot of Workfront
Break product necessities into actionable pieces across your timeframe. 

Other Business Portfolio Software Solutions

Here’s a few more that didn’t make the top list. If you need additional suggestions for handy product portfolio management tools, check these out.

  1. PTC Windchill – Good for standardized, out-of-the-box functionality across a comprehensive portfolio of core PDM to advanced PLM solutions. 
  2. Accelo – An all-in-one, complete service operations automation solution with business, service, and client operations in one cloud-based app.
  3. Saviom –  Good for raising flags with early warning systems in order to resolve product progress bottlenecks quickly. 
  4. Mavenlink –  Good for modern collaboration tools centered around increased visibility, greater control, and richer, more actionable data.
  5. Scoro –  Good for quickly compiling reports on your products, profitability, team utilization, based on real-time data.
  6. Sciforma –  Good for adapting to your current product portfolio maturity and supporting team members in any growth efforts.
  7. Asana – Popular SaaS that’s good for laying out your team’s goals, plans, and responsibilities in one shared space with flexibility and aesthetics. 
  8. Bubble – Good for incorporating Agile, Waterfall, and other processes to improve decision making across product lifecycles. 
  9. Pie –  Good for switching between executing a super complex project using a repeatable recipe to a simple one-time process for planning.
  10. Monday –  Good for bringing your team together, anywhere, and anytime, to collaborate, manage and track your products.
  11. Bamboo Rose –  Good for improving product quality, branded packaging, and color consistency with digital artwork, component, material, and color libraries.

What Do You Think About These Product Portfolio Management Tools?

Have you tried out any product portfolio management tools listed above? What product portfolio management software would you add to this list? Let us know in the comments section.

Crema is a digital product agency. We design and build technology solutions and innovation teams that enable the world’s top companies to make effective decisions, work better together, and ultimately thrive.