Platform connects commercial and product teams to optimize revenue and profitability across the entire product portfolio
SANTA CLARA, Calif., May 19, 2022--(BUSINESS WIRE)--Propel Software today announced its product value management (PVM) platform to help companies create and capture maximum value from product operations. The platform brings product and commercial teams together to expand revenue growth, improve quality, decrease costs, and increase customer satisfaction. While legacy solutions address historical business challenges, Propel’s PVM platform is the only single-platform solution that enables collaboration across the whole product lifecycle, prioritizing today’s customer and market trends.
To represent the breadth of its solutions extending far beyond cloud-based Product Lifecycle Management and Quality Management solutions, Propel has changed its name from PropelPLM to Propel Software Solutions.
By providing real-time data, cross-functional workflows, and contextual collaboration, PVM allows product and commercialization teams to work in parallel and speed up traditionally siloed business processes. It is ideal for companies looking to shorten product innovation and go-to-market cycles, create resilient supply chains, and build responsive teams that can quickly adjust to changing customer demands and market conditions.
"Our PVM platform enables product companies to put customers and patients at the center of the product experience, where teams effectively collaborate on successful, profitable outcomes across the whole product," said Ray Hein, CEO of Propel. "Delivering customer and product data in a single solution is a need we identified when Propel was founded seven years ago, a need that has only increased with the market disruptions and demand for customer-centric products we’ve seen over the past few years."
"Challenges facing product companies are very different now from when PLM was first introduced," said Mark Rumbaugh, VP of Information Technology at VIZIO. "The very idea of ‘product’ has evolved from a physical good to a platform that delivers deeper customer engagement, and a superior product experience. Propel is positioned to change the game for companies taking this whole-product approach."
"Propel recently surveyed 112 IT and business leaders at North American manufacturing companies in partnership with Acceleration Economy and found a huge gap between product and commercial teams," added Tom Shoemaker, Vice President of Product Marketing at Propel. "Seventy-five percent said their product and commercial teams don’t effectively collaborate, and 82% don’t know how profitable a product will be until late in the product development process. With stats like these, it’s no wonder product companies are struggling to optimize revenue from their product portfolios."
The time for product value management is now. At its core, it consists of three connected pillars:
Product Definition to capture market needs, to define and evolve products over the course of their lifetime, to manage supply chains, and to design for essential product characteristics such as quality, regulatory, sustainability, and recurring revenue.
Product Operations to help product and market teams optimize for successful economic outcomes, including deep collaboration between teams to ensure revenue and profitability are integral to product strategy.
Market Engagement to connect customers with compelling products and experiences, including information needed by sales and marketing teams to commercialize products earlier in the development cycle.
About Propel Software
Propel helps product companies grow revenue and increase business value. Our product value management platform connects commercial and product teams to optimize decision making, drive process efficiencies, and engage customers with compelling products and experiences. Propel has a proven track record of improving product quality, speeding time to revenue and profit, and improving customer satisfaction. Recognized as a Deloitte Technology Fast 500 winner, Propel is built on Salesforce and drives product success for hyper growth startups, corporate pioneers, and Fortune 500 leaders in the high tech, medtech and consumer goods industries. For more information, visit propelsoftware.com and follow us on LinkedIn.
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