A Service Portfolio describes the services of a provider (internal, outsourced etc) in terms of value to the business.
It is an ever changing method used to manage investments in Service Management across the organization, in terms of financial values. Service Portfolio Management (SPM) enables Managers to assess the quality requirements and associated costs.
The primary goal of SPM is to realize maximum value whilst managing accompanying risks and costs.
So how can SPM help when decide what services clients require? There are 5 basic questions that need to be answered:
- Why should a client buy these services?
- Why should a client buy these services from our organization?
- What are the price and charge back models?
- What are our strengths and weakness, priorities and risks?
- How should our resources and capabilities be allocated?
Product Managers play a key role in Service Portfolio Management. Their main responsibility is to manage services as products during their entire lifecycle. Other roles include the co-ordination and focus of the organization as well as owning the Service Catalogue.
The Service Portfolio covers 3 subsets:
- Service Catalogue - The part of the Service Portfolio that is visible to Customers. It provides an overview of the services that are delivered by the service provider.
- Service Pipeline - Is made up of all services that are either under consideration or in development for a specific customer or market. This pipeline details the growth for the future.
- Retired Services - Services that are withdrawn or are to be phased out. Phasing out is part of Service Transition so there is overlap between the processes.
Finally, Service Portfolio provides input for refreshing services in the Service Catalogue.