How Power BI can help with product portfolio management
Product portfolio management (PPM) is the process of managing a company’s product portfolio to ensure that it meets the company’s strategic goals. PPM involves a variety of activities, such as:
- Identifying and evaluating new product opportunities
- Prioritizing product development projects
- Managing product releases
- Tracking product performance
- Making decisions about product discontinuation
Power BI is a business intelligence (BI) tool that can be used to support the PPM process. Power BI can be used to:
- Collect and analyze data from a variety of sources
- Create interactive dashboards and reports
- Share insights with stakeholders
Power BI can be a valuable tool for PPM in a number of ways. For example, Power BI can be used to:
- Identify trends in product demand
- Evaluate the financial performance of products
- Benchmark products against competitors
- Identify opportunities for product improvement
- Make data-driven decisions about product development and marketing
Overall, Power BI is a powerful BI tool that can be used to support the PPM process. Power BI can help businesses to make better decisions about their product portfolios, which can lead to increased sales, improved profits, and a competitive advantage.
Here are some specific examples of how Power BI can be used for PPM:
- Identifying trends in product demand: Power BI can be used to analyze historical sales data to identify trends in product demand. This information can be used to identify products that are in high demand and products that are losing market share.
- Evaluating the financial performance of products: Power BI can be used to track the costs and revenues of individual products. This information can be used to assess the financial performance of products and to identify products that are not profitable.
- Benchmarking products against competitors: Power BI can be used to compare the performance of products to those of competitors. This information can be used to identify areas where products need improvement.
- Identifying opportunities for product improvement: Power BI can be used to analyze customer feedback and product usage data to identify opportunities for product improvement. This information can be used to develop new features and enhancements that will improve the customer experience.
- Making data-driven decisions about product development and marketing: Power BI can be used to create interactive dashboards and reports that can be shared with stakeholders. This information can be used to make data-driven decisions about product development and marketing.
Overall, Power BI is a powerful BI tool that can be used to support the PPM process in a variety of ways. Power BI can help businesses to make better decisions about their product portfolios, which can lead to increased sales, improved profits, and a competitive advantage.