Corporate IT products development strategy in the company X
|
Introduction 5
Chapter 1. Modern approaches to product and product portfolio management 7
1.1. Product management strategy 7
1.1.1. Processes 7
1.1.2. Product lifecycle management 10
1.2. Product portfolio management 11
1.2.1. Approaches to creating product portfolios 12
1.2.2. Components of product portfolio management 13
1.3. Internal Product Management 14
1.3.1. The differences between internal and external product management 14
1.3.2. Internal product portfolio management 15
Summary of the chapter 16
Chapter 2. Analyisis of current situation 18
2.1. Description of the company 18
2.2. External environment analysis 19
2.3. Portfolio analysis 23
2.3.1. Portfolio canvas 25
2.3.2. Lifecycle analysis 27
2.3.3. Gap analysis of the portfolio 29
Summary of the chapter 34
Chapter 3. Recommendations for the product portfolio development 35
3.1. Recommendations for the corporate products portfolio management 35
3.1.1. Recommendations for products at introduction stage 48
3.1.2. Recommendations for products at growth stage 56
3.1.3. Recommendations for products at maturity stage 66
3.2. Evaluation of the recommendations 71
3.2.1. Expenses evaluation 71
3.2.2. Key metrics definition 73
3.2.3. Risk analysis 75
Summary of the chapter 76
Conclusion 78
References 81
Chapter 1. Modern approaches to product and product portfolio management 7
1.1. Product management strategy 7
1.1.1. Processes 7
1.1.2. Product lifecycle management 10
1.2. Product portfolio management 11
1.2.1. Approaches to creating product portfolios 12
1.2.2. Components of product portfolio management 13
1.3. Internal Product Management 14
1.3.1. The differences between internal and external product management 14
1.3.2. Internal product portfolio management 15
Summary of the chapter 16
Chapter 2. Analyisis of current situation 18
2.1. Description of the company 18
2.2. External environment analysis 19
2.3. Portfolio analysis 23
2.3.1. Portfolio canvas 25
2.3.2. Lifecycle analysis 27
2.3.3. Gap analysis of the portfolio 29
Summary of the chapter 34
Chapter 3. Recommendations for the product portfolio development 35
3.1. Recommendations for the corporate products portfolio management 35
3.1.1. Recommendations for products at introduction stage 48
3.1.2. Recommendations for products at growth stage 56
3.1.3. Recommendations for products at maturity stage 66
3.2. Evaluation of the recommendations 71
3.2.1. Expenses evaluation 71
3.2.2. Key metrics definition 73
3.2.3. Risk analysis 75
Summary of the chapter 76
Conclusion 78
References 81
In the rapidly evolving business landscape of the 21st century, organizations are continually faced with the challenge of making strategic decisions that will ensure their survival and foster sustainable growth. Amidst this backdrop, product portfolio management emerges as a critical organizational capability, offering a structured approach to overseeing and coordinating products to align with the overarching strategic objectives.
There are a lot of approaches and methodologies how to manage product portfolios yet the majority of them are designed for external products. External products of a company refer to products that are developed, manufactured, and sold by the company to customers outside of the organization. Yet companies also develop products for internal use. They develop a lot of products which aim to optimize internal business processes. Internal products have their peculiarities and managers should consider them when developing strategies for their development and management in general. Internal products themselves can be developed for corporate wide use or for specific tasks.
The company that is going to be analyzed in this paper is part of one of the largest oil and gas producers in Russian and in the world, particularly it’s IT function. The IT function within the company is realized by several subsidiary companies, all of them have their specialties. The one that will be analyzed in this paper in specialized on developing internal IT products for corporate wide use.
The goal of this thesis is to develop recommendations for the strategic development of corporate/internal IT products in Company X.
The object of the thesis is the Company X. The subject of the thesis is the company’s strategy of corporate IT product development and management.
The objectives of the thesis:
1. Define the existing approaches and methodologies of internal product management and portfolio management;
2. Analyze the company’s external environment;
3. Conduct deep product portfolio analysis, including portfolio canvas, lifecycle analysis and gap analysis;
4. Develop recommendations for product portfolio management and product management;
5. Evaluate the recommendations.
In order to conduct the analysis various instruments and methodologies were used, including PEST-analysis for external environment, portfolio canvas and gap-analysis were used to determine the problematic areas of the portfolio, lifecycle analysis together with adopted Arthur D Little matrix were used to range and prioritize the products.
There are a lot of approaches and methodologies how to manage product portfolios yet the majority of them are designed for external products. External products of a company refer to products that are developed, manufactured, and sold by the company to customers outside of the organization. Yet companies also develop products for internal use. They develop a lot of products which aim to optimize internal business processes. Internal products have their peculiarities and managers should consider them when developing strategies for their development and management in general. Internal products themselves can be developed for corporate wide use or for specific tasks.
The company that is going to be analyzed in this paper is part of one of the largest oil and gas producers in Russian and in the world, particularly it’s IT function. The IT function within the company is realized by several subsidiary companies, all of them have their specialties. The one that will be analyzed in this paper in specialized on developing internal IT products for corporate wide use.
The goal of this thesis is to develop recommendations for the strategic development of corporate/internal IT products in Company X.
The object of the thesis is the Company X. The subject of the thesis is the company’s strategy of corporate IT product development and management.
The objectives of the thesis:
1. Define the existing approaches and methodologies of internal product management and portfolio management;
2. Analyze the company’s external environment;
3. Conduct deep product portfolio analysis, including portfolio canvas, lifecycle analysis and gap analysis;
4. Develop recommendations for product portfolio management and product management;
5. Evaluate the recommendations.
In order to conduct the analysis various instruments and methodologies were used, including PEST-analysis for external environment, portfolio canvas and gap-analysis were used to determine the problematic areas of the portfolio, lifecycle analysis together with adopted Arthur D Little matrix were used to range and prioritize the products.
The goal of the thesis was to develop recommendations for strategic development of corporate IT products in “Company X”.
The first chapter is devoted to theoretical information on product management and product portfolio management. One of the important parts there is the components of product management and product portfolio management which are later used for further analysis. It is also important to point out the differences between external and internal products and how they influence their development.
The second chapter is dedicated to analyzing the current situation with the external environment of the company, with the company itself, the overview of the product portfolio and the products themselves. The external environment was analyzed using the PEST-analysis. The results of this analyses were then used for the recommendations development and the risk analysis. The company was analyzed using the internal documentation and after conducting several interviews with experts from the company. By considering the peculiarities of internal products the instruments and methodologies were adjusted. Particularly, the process of defining the lifecycle stages of the corporate internal products was adjusted. Usually in case of external products, they analyze the sales, but in case of internal products it was decided to analyze the metrics connected with user base: the growth rate of the number of users and the percentage of achieving the potential number of users. Arthur D. Little Matrix was chosen to help develop product strategies. The Matrix was also adopted for corporate products. Apart from lifecycle stages, the matrix also includes analyzing the competitive position which is also irrelevant for corporate products. For that reason, as a result of several interviews with company experts it was decided to replace it with “level of impact on key business processes”. After that the Arthur D Little matrix divides the products into 8 strategic groups, considering their lifecycle stage and level of impact. As a result of the analysis, only 6 groups were formed, it turned out there were no products at decline stage. Only after developing the strategic groups the author started the development of recommendations for each of them. The portfolio was analyzed using the portfolio canvas and gap analysis. Portfolio canvas helped gather all information in one place, and gap analysis helped analyze the components of products portfolio management and structure the problems concerning each of them, also including the results of lifecycle analysis. Then based on this analysis were developed the elaborated recommendation for the portfolio development.
The third chapter contains, firstly, the recommendations for portfolio development because the strategy always comes down from higher structures, after that come the recommendations for strategic development of the groups of products. As for portfolio development, after conducting gap-analysis and pointing the problematic areas, the strategies were developed for each of the area. Portfolio analysis cannot be done properly because of the lack of key performance metrics assessed. For enhancing this area, it was suggested to systematically implement metrics assessment process, starting from defining the metrics and using Jira to including these metrics into strategic planning. For the next area, prioritization, it was suggested to implement the methodologies and matrices provided in the second chapter. As products are evolving it is crucial to regularly review the matrices. Risk management should be implemented into the portfolio management and product management. Identifying the risks, assessing them by their probability and impact and developing mitigation strategies is crucial to maintaining stable improvement. Communication and stakeholder management can be simply developed by regular feedback collection in any form possible, from meetings to surveys. Iterative improvement practices should embrace all the management processes. It was suggested to spread the practices of service design methodology, that is already used in some product teams, to the rest of the portfolio,
The first chapter is devoted to theoretical information on product management and product portfolio management. One of the important parts there is the components of product management and product portfolio management which are later used for further analysis. It is also important to point out the differences between external and internal products and how they influence their development.
The second chapter is dedicated to analyzing the current situation with the external environment of the company, with the company itself, the overview of the product portfolio and the products themselves. The external environment was analyzed using the PEST-analysis. The results of this analyses were then used for the recommendations development and the risk analysis. The company was analyzed using the internal documentation and after conducting several interviews with experts from the company. By considering the peculiarities of internal products the instruments and methodologies were adjusted. Particularly, the process of defining the lifecycle stages of the corporate internal products was adjusted. Usually in case of external products, they analyze the sales, but in case of internal products it was decided to analyze the metrics connected with user base: the growth rate of the number of users and the percentage of achieving the potential number of users. Arthur D. Little Matrix was chosen to help develop product strategies. The Matrix was also adopted for corporate products. Apart from lifecycle stages, the matrix also includes analyzing the competitive position which is also irrelevant for corporate products. For that reason, as a result of several interviews with company experts it was decided to replace it with “level of impact on key business processes”. After that the Arthur D Little matrix divides the products into 8 strategic groups, considering their lifecycle stage and level of impact. As a result of the analysis, only 6 groups were formed, it turned out there were no products at decline stage. Only after developing the strategic groups the author started the development of recommendations for each of them. The portfolio was analyzed using the portfolio canvas and gap analysis. Portfolio canvas helped gather all information in one place, and gap analysis helped analyze the components of products portfolio management and structure the problems concerning each of them, also including the results of lifecycle analysis. Then based on this analysis were developed the elaborated recommendation for the portfolio development.
The third chapter contains, firstly, the recommendations for portfolio development because the strategy always comes down from higher structures, after that come the recommendations for strategic development of the groups of products. As for portfolio development, after conducting gap-analysis and pointing the problematic areas, the strategies were developed for each of the area. Portfolio analysis cannot be done properly because of the lack of key performance metrics assessed. For enhancing this area, it was suggested to systematically implement metrics assessment process, starting from defining the metrics and using Jira to including these metrics into strategic planning. For the next area, prioritization, it was suggested to implement the methodologies and matrices provided in the second chapter. As products are evolving it is crucial to regularly review the matrices. Risk management should be implemented into the portfolio management and product management. Identifying the risks, assessing them by their probability and impact and developing mitigation strategies is crucial to maintaining stable improvement. Communication and stakeholder management can be simply developed by regular feedback collection in any form possible, from meetings to surveys. Iterative improvement practices should embrace all the management processes. It was suggested to spread the practices of service design methodology, that is already used in some product teams, to the rest of the portfolio,
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