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Aha!
Aha!
FrontRunners 2024
Aha! is the world's #1 product development software. We help more than 1 million product builders bring their strategy to life. Our suite of tools includes Aha! Roadmaps, Aha! Ideas, Aha! Whiteboards, Aha! Knowledge, and Aha! Deve...Read more about Aha!
monday.com
monday.com
monday.com is an award-winning work and project management platform that helps teams of all sizes plan, prioritize, manage, and execute their work more effectively. The platform offers solutions for a wide range of use-cases such...Read more about monday.com
Jira
Jira
FrontRunners 2024
Jira Software is a business process management tool used by agile teams to plan, track and release software. Jira Software supports Scrum, Kanban, a hybrid model or another unique workflow. Jira enables users to create project r...Read more about Jira
Planview AdaptiveWork
Planview AdaptiveWork
Planview Clarizen is an award-winning enterprise work management solution for project portfolio management (PPM) and professional services delivery teams. The solution enables PMOs, EPMOs, PSOs, and ESOs to gain real-time visibil...Read more about Planview AdaptiveWork
Wrike
Wrike
FrontRunners 2024
Wrike is a cloud-based project management platform for teams of 20+ that is suitable for both large enterprises and SMBs. It supports remote work for various teams. This solution comes with Gantt charts, calendars, workload view f...Read more about Wrike
Basecamp
Basecamp
Basecamp is an efficient collaboration tool used by thousands of teams across the globe. Teams use Basecamp to keep track of assignments, work together on documents, plan projects, chat, and more. Basecamp is opinionated. It's b...Read more about Basecamp
LiquidPlanner
LiquidPlanner
LiquidPlanner is a transformative project management solution for teams that want to plan, predict, and perform beyond expectations. It was designed to align your people, projects, and priorities to ensure the right people are wo...Read more about LiquidPlanner
Smartsheet
Smartsheet
FrontRunners 2024
Smartsheet is a work execution platform and collaboration tool with a familiar spreadsheet-like interface that helps teams plan, track, and manage projects in real-time. Smartsheet features include a range of project management to...Read more about Smartsheet
Asana
Asana
FrontRunners 2024
Asana is a comprehensive project management tool that offers a range of technical features to streamline workflows and enhance collaboration within teams. With its user-friendly interface and robust capabilities, Asana provides or...Read more about Asana
Planview Portfolios
Planview Portfolios
Planview Enterprise One enables EPMO and strategic planning leaders to translate strategy into delivery with roadmaps that connect investments, outcomes, business capabilities, technology, and financials. The robust platform enabl...Read more about Planview Portfolios
ProjectManager.com
ProjectManager.com
ProjectManager is an innovative project management software solution designed to help you navigate your project with ease. Say goodbye to roadblocks with features like: project planning, budgeting, time tracking, task and documen...Read more about ProjectManager.com
ProWorkflow
ProWorkflow
Founded in 2002 and acquired by ProActive Software Ltd in 2003, ProWorkflow is a cloud-based project management and time tracking software that caters to companies of all sizes. ProWorkflow includes all the features of a trad...Read more about ProWorkflow
Airtable
Airtable
Airtable is a cloud-based project management solution targeting small to midsize businesses as well as departments within larger companies. This system focuses primarily on data organization and collaboration. The system uses...Read more about Airtable
Targetprocess
Targetprocess
Targetprocess is a cloud-based enterprise visual platform which connects Portfolio, Products and Teams. The tool perfectly reflects the agile methodology and can help any company to adopt and scale agile across the enterprise...Read more about Targetprocess
Quip
Quip
Quip is a cloud-based project management and task collaboration solution that help users work together and communicate without emails. Users can create and edit spreadsheets, documents and checklists in the system, and team member...Read more about Quip
Office Timeline
Office Timeline
Office Timeline is an on-premise project scheduler and timeline maker that helps businesses create visual project timelines and Gantt charts. The solution directly integrates into Microsoft PowerPoint as an add-on and allows users...Read more about Office Timeline
ActiveCollab
ActiveCollab
ActiveCollab is a project management solution for creative professionals. It offers cloud-based subscription plans or a self-hosting license. Projects are split into tasks and subtasks. Tasks can be filtered by the due date, ass...Read more about ActiveCollab
Priority Matrix
Priority Matrix
Priority Matrix is a cloud-based project management platform that helps project managers prioritize projects and tasks and enables them to achieve visibility and accountability across different projects. The solution enables ...Read more about Priority Matrix
ProductPlan
ProductPlan
ProductPlan a cloud-based visual roadmap platform. It helps teams of all sizes create roadmaps and customize them with legends, timeframes, milestones, tags and filters. Users can import items from JIRA, Pivotal Tracker or a ...Read more about ProductPlan
ClickUp
ClickUp
FrontRunners 2024
ClickUp is a cloud-based collaboration and project management tool suitable for businesses of all sizes and industries. Features include communication and collaboration tools, task assignments and statuses, alerts and a task toolb...Read more about ClickUp
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Buyers Guide
Last Updated: March 16, 2023Digitalization is causing a major disruption in the project management industry, prompting organizations to shift from a project model to a product model in order to more effectively manage technology investments.
Gartner predicts businesses that embrace this change now will outperform their competition in both customer satisfaction and business results. (Source: "Mastering the Role of Products in the Digital Era." Full report available to Gartner clients.)
We've created this guide to help you better understand all that product management encompasses and how it relates to the current project management marketplace.
Whether you're just starting to shift from a project to a product model, or you're a seasoned product manager looking to upgrade your current system, this guide can help you make a more informed purchase decision.
Here's what we'll cover:
What Is Product Management Software?
Product Management vs. Project Management
Common Capabilities of Product Management Software
What Is Product Management Software?
Product management encompasses the planning, production, marketing and managing of products over their life cycle, i.e., introduction, growth, maturity and decline. It brings together business strategy, customer needs/wants and technology investments.
Products can be tangible, i.e., physical goods, or they can be more intangible, such as software applications or a service you offer.
Gartner's Definition of a Product in the Digital Era
(Source: "Mastering the Role of Products in the Digital Era." Full report available to Gartner clients.)
Within the realm of IT and project management, product portfolio management refers to an organizational approach to managing technology investments (i.e., software and applications), both internally developed or purchased.
It involves grouping applications into product suites that align with, and deliver the capabilities required by, each business area. The goal is to deliver continuous value from software and applications over their life cycle, rather than a single delivery of value all at once at the close of the project.
Product management software provides support for these ventures, allowing businesses to more effectively:
Analyze the risk versus reward for various opportunities
Manage product initiatives from concept to closeout
Product Management vs. Project Management
These disciplines are closely related, but there are some key differences:
Product management involves developing and communicating a product strategy (that aligns with business goals). Product managers put together a product vision, outline high-level requirements, prioritize initiatives in the portfolio and drive the development of products in the product line.
Strategic planning in Aha!
Project management involves executing the strategy through individual initiatives. Each project initiative is designed to deliver specific requirements. Project managers govern those initiatives, coordinate resources, oversee schedules and manage all the details of the project from kickoff to closeout.
Project dashboard in LiquidPlanner
Common Features of Product Management Software
Product management software can range quite significantly in size and function, with some specializing in a single phase of the product life cycle and others offering an integrated suite of tools to govern multiple phases.
Expect to see some or all of the following capabilities as you evaluate the various product management systems on the market:
Increase transparency into your product strategy and vision. Enable users to communicate and collaborate in a centralized workspace, share ideas and work together to accomplish goals. | |
Create a forum where users can submit and discuss product ideas and build out a business case. Figure out what to work on next by grooming your product backlog based on impact versus effort. | |
Upload and store files such as product requirements, market research and competitor analyses. Set permissions and share files with approved users. This may be called a "research repository." | |
Build a product portfolio based on business strategy and current, near term and future goals. Design product lines and manage opportunities across the business. Communicate your product vision, value proposition, go-to-market plans and more. | |
Product research | Conduct research on users, build personas, test various designs for the best user experience. |
Product roadmapping | Prioritize initiatives based on customer analysis and feedback. Break product requirements into features and put them on the roadmap according to priority. Roadmap options will vary across tools, i.e., team roadmaps, product roadmaps, portfolio roadmaps, release roadmaps. Discuss needs with vendors to ensure the product capabilities match your business requirements. |
Support software and application products over their life cycles: Plan/gather requirements, put into design specification plan, develop/build it, test it, deploy application and maintain/support it. | |
Reporting and analytics | Organize data, analyze it, spot trends and identify patterns. Collate data from various sources on dashboards and build out custom reports or use an out-of-the box template. |
Feedback management | Gather customer feedback and incorporate it into product decisions. Link feedback to product ideas and requirements on your roadmap. |
Market Trends To Understand
The shift from project to product portfolio management is happening faster than you might think. We surveyed managers and application leaders to find out how their organizations currently manage technology investments.
While 36 percent still manage all investments as IT projects, it's telling that 64 percent have a product component in their portfolio in some capacity.
This reflects a major change in how organizations are seeking to deliver value through capabilities, from strictly project-based to product-oriented portfolios.
Organizational Approach to Managing Technology Investments
![Organizational-Approach-to-Managing-Technology-Investments-[chart]](https://www.softwareadvice.com/resources/wp-content/uploads/1676202-product_management.png)
Gartner estimates that by 2020, three-quarters of digital business leaders will have pivoted from project to product portfolio management. (Full report available to Gartner clients.)
If you're part of the 36 percent who have yet to make the transition, here's how to get started:
Direct your project management office (PMO) to include both a product and a project component in your portfolio moving forward.
Empower existing product managers to lead your transition.
Set up cross-functional teams (e.g., executives, product managers and their counterparts in IT and operations) to align your product portfolio and resources with your business strategy.
Embrace business agility, agile development methods and the DevOps movement (if you haven't already).