Discover why strategic portfolio management (SPM) and supporting technology are now essential for Life Sciences, NPD, IT, and Project Controls and Engineering.
Advice like "pivot to change," "stay ahead of the curve,” and “move with the times” are familiar to business leaders across industries. And while it’s true that every business faces disruption, some are more heavily impacted than others. Fast-moving sectors like life sciences (LFS), new product development (NPD), IT, and project controls and engineering (PC&E) depend on external factors like regulatory shifts, making agility essential. This is where strategic portfolio management (SPM) comes into play.
Why Should You Implement SPM Now?
Managing change is never easy, and businesses in the above sectors often deal with overlapping and interconnected disruptions. Take climate change, for example. While it has led many companies to invest in long-term environmental, social, and governance (ESG) strategies, economic downturns often push businesses to prioritize short-term wins. When you add geopolitical tensions and shifting consumer behaviors to the mix, making confident, data-backed decisions becomes even more challenging.
Strategic portfolio management links projects and portfolios directly to a company’s broader strategy, ensuring clear alignment with goals. As such, this approach goes beyond traditional project portfolio management (PPM) by enabling better decision-making at every level of the business. Here’s how SPM can help business leaders across industries adapt, thrive, and meet long-term objectives.
Why Strategic Portfolio Management is Essential for Life Sciences (LFS)
The life sciences industry has always faced high-risk timelines, rigorous regulations, and an increasing need for faster innovation. Today, driven further by rising chronic diseases, research costs, and supply chain challenges, LFS companies are expected to innovate even faster, with a higher success rate, in line with reduced funding, market demand fluctuations, and evolving consumer behavior.
So why strategic portfolio management? For LFS companies, SPM streamlines planning, aligns cross-functional teams, and enables data-driven prioritization of the right projects at the right time. Further, these SPM-driven organizations can:
Leverage predictive algorithms powered by AI and machine learning to improve drug discovery and maintenance timelines.
Utilize time-tracking capabilities to drive efficiency, optimize resource allocation, and identify cost-saving opportunities.
Foster a data-driven culture that improves decision-making and prioritization, regulatory compliance, and effective use of patient information.
Take Johnson & Johnson Medical Devices as an example and learn why they—and 18 of the top 20 pharma companies in the world—chose Planisware’s strategic portfolio management solution.
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Why Strategic Portfolio Management is Essential for New Product Development (NPD)
With rising costs across the globe, climate-driven demands for sustainable products, and rapidly evolving technology transforming buyer behavior, product development teams need agility more than ever. Strategic portfolio management helps by integrating data sources, improving ROI, and enabling smarter, faster decision-making. With SPM technology, product development and innovation leaders can:
Leverage data-driven insights and predictive analytics to anticipate changes in demand, risks, and project barriers in real time.
Flexibly scale operations while automating manual tasks like resource, time, and financial management.
Evaluate the strategic impact of new products, ensuring focus on high-ROI Initiatives.
Accelerate time to market with more efficient processes and decision-making.
Listen to PepsiCo’s Senior Director of Global Commercialization, Chris Mayson, discuss how the consumer goods giant drove data quality, efficiency, and improved results with Planisware’s strategic portfolio management tool.
Why Strategic Portfolio Management is Essential for IT
IT has played a pivotal role in driving business transformation, especially post-pandemic. As companies continue adopting remote work and integrating AI, IT teams need a streamlined portfolio management approach. From manufacturing and utilities to banks and insurance, a unified and strategic IT function gives businesses across industries a competitive advantage. SPM gives IT teams the tools they need to manage these initiatives, reach business goals, and ensure IT investments deliver the best value to the organization by:
Accelerating digital transformation, which is recognized by Deloitte as one of the most critical investments for business leaders.
Simplifying IT architecture by focusing on key projects and investments, reducing costs, and fostering an integrated approach to software solutions.
Managing dependencies between IT portfolios and Enterprise Architecture (EA) through centralized planning, strategic alignment, and dependency mapping.
Archer Daniels Midland (ADM) chose to modernize and standardize IT solutions, processes, and information with strategic portfolio management. Learn why the company chose Planisware in this video with Jen Ciolino, ADM Vice President of Global Technology.
Why Strategic Portfolio Management is Essential for Project Controls and Engineering (PC&E)
Industries like energy and utilities, aerospace and defense, construction and infrastructure, and mining face constant disruption due to regulatory changes and environmental challenges. Always agile, SPM enables PC&E leaders in these and other industries to quickly and accurately assess their portfolios’ short- and long-term value while also identifying areas where the organization may be underinvesting in projects tied to critical goals. By then digitalizing these SPM practices, business leaders can achieve:
Improved risk management for early intervention on complex projects, including those involving environmental, infrastructural, legal, or geological barriers.
Stronger and more reliable forecasting using historical data and external insights to fuel intelligent, informed decision-making.
Greater transparency with real-time project progress updates, keeping everyone from project managers to executive stakeholders informed
More effective collaboration and communication, which is especially useful for geographically dispersed teams.
Global aviation simulator manufacturer CAE revolutionized its project controls by investing in strategic portfolio management technology. Read how they strengthened data accuracy and visibility, simplified budget and cost management, and improved collaboration across different departments, contractors, and suppliers.
Why Strategic Portfolio Management is Right for Your Business
The challenges faced by these sectors aren’t going away anytime soon, even with new processes, changes, and interventions. To navigate these disruptions and continue thriving, businesses need a reliable framework that enables agility and strategic alignment. Implementing strategic portfolio management with tools like Planisware gives you the flexibility to adapt to change, make data-driven decisions, and ensure your portfolios remain closely aligned with your company’s long-term goals.
