Maximize Product Profitability
A life sciences company needed to accelerate time-to-market for new products by increasing process visibility and using existing capital assets–without sacrificing product profitability.
Products must be vetted quickly. Development resources must be assigned rapidly. Simultaneously, metrics and goals for the products must be described, approved, forecast, and measured. Also, life sciences companies must drive fast development decisions to get products to market as quickly as possible. Just as quickly, products that don’t meet interim goals during the development process must be changed or dropped. Finally, once launched, products’ formulation, pricing, and distribution must be constantly monitored to meet clinical regulatory requirements, as well as optimize profitability.
Tresbu Digital’s experts used Mendix to build a portal-based product workflow solution that both enforces a rigorous product review process and drives expedited resourcing. Product are now resourced and immediately assigned KPIs that are monitored by advanced analytics that can be measured precisely. The low-code solution, based on Mendix, enables collaborative review to streamline the development and testing process, accelerate funding and staffing, and set metrics and schedules.
A product portfolio workflow that provides both broad and deep visibility into the performance of new and established products, improving product alignment with organizational strategy. This product portfolio workflow gives product managers the information they need to strike a balance between RoI on established products and new revenue potential for emerging products. What’s more the company is able to maintain the system itself, reducing dependence on and expenditure with outside developers.
The new portfolio management system also:
- Significantly shortens time-to-revenue for emerging products.
- Provides metric-driven guidance on removing existing products with decreasing RoI.
- By driving early decision-making, enables organization to be first to market, first to revenue, and first to profitability with innovations.
- Accountability by setting and monitoring meaningful innovation metrics from the outset that enable them to determine true RoI of the product investment.