How To Create a Strategic Planning Process for Innovation

Product portfolio management is a crucial skillset for tech companies, yet many fail to effectively manage product concepts in the early stages of development. By thinking of concepts as an asset and utilizing a strategic planning process, decision-makers can converge on the best opportunities for successful product launches. The process connects long-term goals to everyday management of product concepts, resulting in budgets that align with the overall strategy. A governance body with oversight of key functions should be selected to make decisions around product concepts and evaluate criteria for each. The annual strategic planning process should link to a shorter-term front-end management system to handle day-to-day decisions.