Manufacturing Company Implements Innovation Strategy and Governance for Improved Product Delivery
Challenge: Create a World Class Product Development Process
This manufacturing company needed to execute on a strategic initiative to uplift their product development processes to improve product delivery while efficiently partnering and supporting customer product launches – regardless of size or complexity.
A strategic initiative was put in place to improve executional excellence, compare and drive cross-business unit projects, and systematically focus resources on the right work. Leadership needed to identify the people that would drive this initiative forward and manage ongoing program as well as put the right tools and technology in place that would support their new processes and reduce their use of manual spreadsheets
Solution: Implement Planview Portfolios - Portfolio and Resource Managament to Support Product Development Processes
First, the company assigned full-time project managers to oversee the change initiative and dedicate their time to the entire product development process. Second, they chose to implement Planview Portfolios - Portfolio and Resource Management (PRM) as a single system of record for transparency and governance.
“Our tagline has been ‘Innovation Leadership that Drives Profitable Growth’,” said the Global Business Process owner of Innovation at the company “That means balancing our portfolio among our three growth areas and defining how we manage programs, processes, and people. Planview Portfolios - PRM acts as a key integrator, marrying our activities across the board with programs, how the processes are working, and what kind of capabilities our people have to execute.”
The new innovation strategy was designed to ensure the company could do two things it was unable to do before: 1) Pick the right projects via portfolio management and execute on those projects, 2) Ensure products get to market at the right time and, 3) Have the systems in place to kill projects early in the development cycle.
Project management focused on the implementation of multiple processes including:
- Stage Gate
- Intellectual Property Management
- Detailed Financial KPIs
- Portfolio Management Reports
- Time Sheet Pilot
The initial roll out covers five strategic business units with 1,500 users, of which 500 are project managers and gate keepers who were trained by the Planview Portfolios enablement team.
Results: Standard Process with Complete Transparency
Using Planview Portfolios - Portfolio and Resource Managment for project planning, the company is able to segment projects based on complexity instead of approaching each in the same way.
The company has standardized project planning, affording them unprecedented visibility into project status as well as reporting and oversight so project managers can focus on actual project management.