Originally published 21 April 2010
Companies are constantly under pressure to make smarter, more focused investments and cannot afford to waste resources on ideas that may not come to fruition, especially when studies show that roughly 75 percent of all new products fail to achieve their expected results. Making the right decision when investing in products and services is critical. To help companies have the early insight they need, SAP AG introduced three new additions to the SAP Product Lifecycle Management (SAP PLM) family, including the SAP Portfolio and Project Management 5.0 and SAP Enterprise Project Connection applications and code name "Edison." The software provides a clear view of overall project performance from idea to execution, helping companies deliver products and services on time and on budget.
Ongoing innovation, global price pressure and product liability are some of the challenges many businesses must overcome in order to grow, compete and perform in line with shareholder and consumer expectations. Open innovation is helping many companies tackle these issues; however, keeping track of the relevant information and processes can be difficult. SAP Portfolio and Project Management, SAP Enterprise Project Connection and "Edison" can be used separately to address specific issues or together as an end-to-end solution linking ideas and strategy with the necessary project data, workflows and business processes, enabling portfolios and project management to run smoothly from start to finish.
According to an independent Forrester Research, Inc. report, It's Time To Revisit PPM For Product Development, "Across the product life cycle, few processes have as much impact on a company's product innovation efforts and financial performance as managing the R&D project pipeline and resulting new products. A recent stream of Forrester inquiries on this indicates, however, that product development executives face persistent challenges prioritizing their R&D investments."
Collect and Manage Ideas to Address Customers Wants and Needs
Understanding what the market wants when it comes to products and services is the key to success. Currently in early adoption phase, "Edison" offers companies the ability to harness the innovation potential inside and outside an organization by providing an open environment for contribution and participation. The solution manages the lifecycle of ideas by integrating with a company's portfolio and product management system, allowing transparency and consistency of the idea management processes while boosting creativity for new innovative products.
Comprehensive Enterprise Portfolio and Project Management Improves Profitability
The new SAP Portfolio and Project Management application helps companies make the right decisions on innovation opportunities early in the development process by aligning activities, resources and budgets associated with new projects and portfolios.
As The Forrester Wave: Project Portfolio Management, Q4 2009 report noted in December 2009, the Collaboration Projects (cProject) application and SAP Resource and Portfolio Management (SAP RPM) application version 4.5 are a leader in the project portfolio management space. The new release of the application builds on those capabilities, providing a comprehensive solution that can be purchased and implemented as a stand-alone solution, or integrated into SAP Business Suite software or a company's existing IT platform. The solution helps companies consolidate and manage information so departments can work collaboratively on projects, making better design and production decisions and helping bring new products and innovations to market quicker.
Real-Time Information Access Increases Visibility and Eliminates Risk
SAP Enterprise Project Connection helps companies better manage time-sensitive project information across their project and portfolio management applications. The solution connects third-party applications and delivers templates that manage critical information, data and workflows within a company's portfolio and project management solution, helping companies to reduce the cost and timeline associated with the deployment of new products and services.
"Continuous product and service innovation is critical for companies to increase profitability and introduce competitive products and services to market quicker," said Hans Thalbauer, vice president, SAP PLM, SAP AG. "SAP provides a unique solution addressing multiple industry needs enabling early identification of opportunities and risks, resource allocation, budget tracking and timeline management, helping companies plan and execute successful projects."