What is meant by 'service portfolio management'?

Service portfolio management refers to the practice of managing the entire lifecycle of all services within an organization, encompassing those that are currently offered, those in development, and those that are being phased out or retired. This comprehensive approach ensures that the organization maintains a balanced and strategically effective service portfolio that aligns with business objectives and meets customer needs.

By managing the complete lifecycle of services, organizations can assess the value of each service, make informed decisions about investments, and ensure that they are continually delivering value to customers. This proactive management allows for better resource allocation, risk management, and optimization of service offerings, ensuring that the organization remains competitive in an ever-evolving market.

The focus on the complete lifecycle also helps organizations to identify when to enhance, modify, or retire services, which is critical for maintaining relevance and efficiency in service delivery.