CLEVELAND, OH -- (Marketwired) -- 04/04/13 -- Many companies fail to maximize profit potential because they do not recognize the existence of significant product management gaps, according to the president of comprehensive product management company Maximal.
President Greg DiCillo says gaps include companies' failure to have solid strategies and written product plans, ineffective leadership and being too internally focused. Such gaps get in the way of companies maximizing their success.
"This may sound like an exaggeration, but I can say everybody we talk to has a gap of some kind at the product management level," DiCillo said. "Even great companies have gaps. But do they realize how wide the gaps are and what they are missing because of them?"
DiCillo, author of the breakthrough product management book Dominate Your Space, has no official estimate for how many companies have product management gaps, but the number may be as high as 75%. "To thrive, a company must deliver new and better products, but most companies do not maximize their existing products' potential because they don't fully understand what product management is and how to make it effective throughout the life cycle of a product," DiCillo said.
He is optimistic the tide may be turning.
"The trend may be reversing as more companies are interested in learning how to think strategically about product management," he said. Success requires a holistic approach to people, product planning and strategy, and better product portfolio management for the entire life cycle.
Products today tend to remain in companies' portfolios longer. "With more mature products in the portfolios, there is more potential for negatives," he said. "Based on our work, we are starting to see more companies today that realize they must be much more strategic throughout the life cycle of all products in their portfolios."
Maximal is a trademark of Life Cycle Strategies, Inc. The comprehensive product management firm's professional consultants bring experience and knowledge to assist companies and managers in improving product management throughout the life cycle curve encompassing introduction, growth, maturity and decline. The company was founded by Greg DiCillo and Ray Wymer, and is based in Willoughby, Ohio. See www.maximalproductmanagement.com.
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