The unfortunate truth is that 95% of new products will fail. This is why business-savvy companies build and maintain a portfolio of different products, from sure-things to passion projects, daring experiments to sensical spinoffs and expansions.
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.
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 analyze 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 Portfolio Management Tools Comparison Criteria
What are we looking for when we select the best project portfolio management tools for review? Here’s a summary of my evaluation criteria:
- User Interface (UI): Is the PPM tool clean and attractive? Are the products displayed in a user-friendly, useful manner? Are dashboards, reports, and other pages configurable for each user?
- Usability: Is it easy to learn and master? Does the company offer good tech support, user support, tutorials, and training?
- Integrations: Is it easy to connect with other tools (Excel, Google Workspace, cloud storage, MS Project)? Any pre-built integrations? Can notifications be connected to Slack, email, or other spaces?
- Value for $: How appropriate is the price for the features, capabilities, and use case? Is pricing clear, transparent and flexible? Do they have different pricing for cloud-based or on premise solutions?
- Market demand analytics – You’ll want to make informed decisions about your product direction according to key market trends
- Resource allocation and resource management for products (Gantt charts, etc) – Resource capacity will need to be segmented between everything in the portfolio, prioritizing highest impact projects
- Product rebranding tools – Project execution tools for changing up a product branding strategy or messaging
- Product pipeline processes and workflows – Streamline approvals
- Business goal tracking for measuring against business objectives –
- Product team communication features – Centralize collaborative work management so every team member stays in the loop
- Tools for product development or elimination – Features like time tracking and KPI metrics will inform you whether to keep or scrap a product
- Portfolio-level corporate strategy outline – There should be ways to brainstorm, record, comment on, and approve big picture portfolio strategy
- Product results measurements with big picture dashboards – Simple visualizations for stats like resource utilization per product
- Task management (kanban boards, task lists, due dates, etc) – Plan, assign, and track tasks relating to the development or maintenance of each product
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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.
monday.com was built in 2012 as a means to help organizations scale quickly. By 2015, monday.com had thousands of customers and kept growing exponentially to their now hundreds of thousands of clients all over the world. It is available in 11 languages, is multi-awarded, and is continuously expanding their platform’s functionality. It’s even available from the Google Play Store and Apple App Store.
monday.com comes packed with features that help teams tackle even the simplest of tasks to more complex projects. Keep an accurate project inventory you can update in real-time, manage your resources, collaborate, and review your project portfolio all within one platform. Multiple ways to view your data (workload view, timeline view, etc) helps make sure that you’re on track all the time. To make things even easier, monday.com comes with templates so that you don’t have to start from scratch.
monday.com’s integrations include project management apps like Slack, Google Drive, Gmail, Google Calendar, Jira, GitHub, Trello, Dropbox, Typeform and many more, accessible through a paid plan with Zapier.
monday.com costs from $8/user/month and offers a free trial. monday.com is also available on a free forever plan for up to 2 seats.
ClickUp is a product portfolio management tool that contains solutions for everything from task lists, collaborative docs, in-app chat, and goal tracking. Thanks to a broad range of features, they can help you manage all the moving parts of your product portfolio. ClickUp is currently used by over 800,000 teams across companies like Samsung, Belmond, Booking.com, and IBM.
Key product portfolio management features include real-time collaboration (from sharable docs to in-app chat), visual widgets for organizing data, prospect and client management, built-in feedback and approvals with file annotation, budget management, and easy integration with popular development tools like GitHub, GitLab, and Bitbucket.
ClickUp offers native integrations with Slack, G Suite, Dropbox, and many more tools, as well as over 1,000+ integrations through Zapier.
ClickUp is free to use for unlimited users with some feature limitations. Paid plans cost from $5/user/month and offer a 30-day refund policy if you’re unsatisfied with the app.
ProductPlan was established in 2013 and has since been used to build hundreds and thousands of roadmaps and to plan more than 8 million initiatives. Global customers range from growing teams to Fortune 100 companies.
ProductPlan lets you collaborate with your team on live roadmaps using their simple drag and drop editor. Customize the way you view your timelines, lists, tables, and your portfolio layouts as well. ProductPlan makes it easy for your stakeholders to view your data without having to pay for using the tool and lets you send them links to editable roadmaps.
ProductPlan integrates with tools such as Confluence, Jira Software, Pivotal Tracker, Slack, Trello, Zapier, Microsoft Teams, GitHub, and Azure DevOps. Connect with more tools through the ProductPlan API.
ProductPlan costs from $39/user/month and offers a free 14-day trial.
Productboard is a product management platform for companies that specialize in product, design, marketing, and engineering. It launched in 2014 and has since been topping prestigious lists and is backed by top VC (venture capital) firms.
Productboard helps users with roadmaps, prioritization, insights, and engagement. Through the platform, you can have the benefits of centralized feedback where you can easily share data and roadmaps so you can keep the whole organization aligned.
Productboard integrates with Slack, Microsoft Teams, Salesforce, Zendesk, Intercom, Zapier, Chrome Extension, InSided, Gong, FullStory, Gainsight, Grain, and many more tools. Check their website out for the full list of integrations.
Productboard costs from $20/user/month and offers a free trial. Customized pricing for bigger organizations with more specific needs are also available upon request.
Aha! is a roadmap software that’s trusted by more than 5,000 companies worldwide to cater to their needs in product management, IT, project management, services, business operations, and marketing. Aha! also provides solutions in the areas of production innovation, customer empathy, and employee engagement.
What makes Aha! suitable for product portfolio management are its features that let you create custom workflows, allocate resources and budgets, track dependencies with Gantt charts, and visualize progress. Built-in templates make it easy for anyone to get started and keep going without the hassle of figuring the software out first.
Aha! integrates with 30 tools such as Jira, Slack, Azure, DevOps, Salesforce, Google Analytics, and Zendesk.
Aha! costs from $59/user/month and offers a free 30-day trial. Aha! is also available for free for startups that are less than 18 months old and have less than 10 employees.
ProdPad is a product management software made by product people, for product people. It launched in 2012 and is fully customer-funded. It was built specifically for large organizations with thousands of team members. ProdPad is a robust tool made for complex processes and extra-large organizations.
ProdPad specializes in helping you build products that matter to your customers. With ProdPad’s features, you won’t be spending time scraping projects and redoing a ton of work. Get feedback from your customers, create and adjust roadmaps, and launch your products effectively all through ProdPad.
ProdPad integrates with Azure DevOps, GitHub, Jira, Pivotal Tracker, Rally, TFS, Trello, Chrome Extension, Confluence, Doorbell.io, Slack, Uservoice, Email Dropbox, Slack, Active Directory Federated Service, Google Apps, and SAML Single Sign-On. More integrations with ProdPad are available through API and Custom WebHooks, as well as Zapier.
ProdPad costs from $149 for up to 3 users and offers a free trial.
Propel is a product lifecycle management (PLM) software that promises its users faster time to market. Propel has found success in the medical, tech, consumer goods, and industrial products industries and also offers solutions for companies that focus on engineering, operations and supply chain, quality management, sales and marketing, as well as information technology.
Propel was built on the Salesforce platform making it one of the best solutions for managing products. Its features allow users to not only manage project tasks but also communicate with everyone involved in the supply chain as well as the customers.
Propel is not limited for use by engineers but is also made for use by all employees and customers. Propel integrates with the following ERP systems: Netsuite, MS Dynamics, SAP, Oracle EBS, Sage, Rootstock Software, QAD, Infor, and Epicor Kinetic ERP.
Propel offers pricing details upon request.
Planview is a work and portfolio management tool that has been in the industry for over 30 years with over 2.4 million users and multiple awards. Planview is also known as an authority in publishing studies about the world of work.
Planview is best for teams that work in lean or agile environments. Planview gives you project planning visibility, productivity and efficiency tracking, bug tracking, as well as the ability to manage backlogs. You can also analyze your team capacity and identify constraints across portfolios and hybrid workflows allowing you to more accurately evaluate and re-align your team, resources, and budget.
Planview integrates with Microsoft Teams, Dropbox, Google Drive, MS OneDrive, DocuSign, Box, Microsoft SharePoint, Zoom, Outlook, Slack, Microsoft Power Automate, Microsoft Power BI, and Google Workspace. More integrations are available using a paid Zapier plan.
Planview offers pricing details upon request and offers a free, fully-functional 30-day trial.
Planisware has a track record of 26 years and has been recognized as a market leader in project portfolio management for its scalability and flexibility. Planisware is such an advanced tool that it’s capable of providing solutions to companies in very specific industries such as aerospace and defense, automotive, bank and insurance, chemical, energy, fast-moving goods. high tech, and life sciences.
Planisware has since evolved and grown with the companies that patronize them, proving their expertise in project portfolio management. Planisware is a tool for agile teams that need help with scaling their operations, improving business outcomes, and reducing time to market among other things.
Planisware integrates with SAP Applications, Content/Document Management Systems (CMS), DevOps and Agile tools, Oracle, Primavera, Microsoft 360, Google Suite, and other integration and API points as well.
Planisware offers pricing details upon request.
Craft.io is a product management platform that comes with features for feedback capturing, workflow planning, and roadmapping. On the platform, you can define product specs, prioritize and share key decisions, and manage workload capacity.
Through integration and collection of fragmented product data, Craft.io is your complete product system of record. It tracks all product information from stakeholder and team member feedback to strategy documentation of OKRs, personas, and themes.
Craft.io is also packed with sharing and collaboration features, various roadmap views, status monitoring, as well as customizable and shareable ways to view your data.
Craft.io integrates with Pivotal Tracker, Azure DevOps, Jira, GitLab, Github, Targetprocess, Intercom, Dropbox, Okta, Google Workspace, Active Directory, SAML, Google Drive, and Ping Identity. More integrations are available via a paid plan through Zapier.
Craft.io costs from $39/user/month (billed annually) and offers a 30-day free trial.
The 10 Best Product Portfolio Planning Software Summary
14 days free trial
|From $39/user/month||Visit Website|
15 days free trial
|From $20/user/month||Visit Website|
30 days free trial
|From $59/user/month||Visit Website|
|From $149 for up to 3 users||Visit Website|
30 days trial
14 days free trial
|From $49/month/user||Visit Website|
Other Business Portfolio Software Solutions
Here are a few more that didn’t make the top list. If you need additional suggestions for handy product portfolio management tools, check these out.
- Oracle PLM Cloud – Best for expansive, enterprise-level portfolio management
- Workfront – Best for complex product development lifecycles
- PTC Windchill – Good for standardized, out-of-the-box functionality across a comprehensive portfolio of core PDM to advanced PLM solutions.
- Accelo – An all-in-one, complete service operations automation solution with business, service, and client operations in one cloud-based app.
- Saviom – Good for raising flags with early warning systems in order to resolve product progress bottlenecks quickly.
- Mavenlink – Good for modern collaboration tools centered around increased visibility, greater control, and richer, more actionable data.
- Scoro – Good for quickly compiling reports on your products, profitability, team utilization, based on real-time data.
- Sciforma – Good for adapting to your current product portfolio maturity and supporting team members in any growth efforts.
- Asana – Popular SaaS that’s good for laying out your team’s goals, plans, and responsibilities in one shared space with flexibility and aesthetics.
- Bubble – Good for incorporating Agile, Waterfall, and other processes to improve decision-making across product lifecycles.
- Pie – Good for switching between executing a super complex project using a repeatable recipe to a simple one-time process for planning.
- Bamboo Rose – Good for improving product quality, branded packaging, and color consistency with digital artwork, component, material, and color libraries.
- Clarizen – Enterprise project management with PPM tools for risk management and capacity planning.
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 are 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
- Professional services companies
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.