Many businesses are in search of better ways to manage their portfolios of projects, whether portfolios of innovation projects (such as in a core innovation group) or portfolios of NPD projects (such as in a core product development group). In nearly every case the challenge is the same… more projects than there are resources to run them, in terms of people, time, and budgets (both capital & expense). As a consequence, they must find the selection and arrangement of projects that best balances their use of these resources with both their short–term financial objectives and their long–term strategic goals.
So whether the organization uses distributed pools of resources, or a centralized resource pool (shared services), the aim will remain the same — to ultimately deploy the business' resources in a manner that best achieves both the short–term and long–term objectives of the business.
Similarly, businesses must optimize their phase–gate process to be capable of properly managing the flow and progression of these projects through their respective pipelines. Since each business has its own unique systems, structures, processes, and flows, the phase–gate process ends up being in part unique to them. The goal remains the same however — to ensure the right projects continue to get the support they need in order to reach commercialization, while halting those projects that fail to demonstrate the promise of their intended outcomes.
We have many years of experience managing project portfolios, as well as consulting on portfolio management practices across a broad range of industries. Likewise, we have many years of experience developing and using phase–gate processes, as well as consulting on them. We are able to work with clients, therefore, to help them develop and implement the portfolio management and phase–gate practices best suited for their business and its unique situation.
Legacy Innovation Group also maintains a strategic partnership with the UK–based portfolio management software firm Nupe (www.nupe.com). The Nupe platform is a first–of–its–kind cloud–native portfolio management software. Because it is cloud–native, it requires no client–side installation, meaning it is ideal for collaboration within teams and open innovation partnerships beyond corporate borders. Nupe has a clean, easy–to–use user interface and powerful scenario–planning and phase–gate tools for making many scenario comparisons and tracking the progress of projects throughout innovation and NPD pipelines. Nupe is well suited for small and medium sized businesses, as well as for divisions of large organizations. Wherever Nupe is a fit to a particular company, we can help get Nupe set up and running quickly and effectively inside the business.
The Portfolio Management & Phase–Gate Engagement typically follows these steps:
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