Portfolio Management is a prevalent term in the financial realm. It signifies that you manage your finances in a way that boosts your return on investment and reduces business risk. Similarly, IT Project Portfolio Management (PPM) encompasses a series of best practices and tools for managing IT projects engineered to optimise ROI for your enterprise.
Various industry leaders and IT experts believe that PPM is essential for business success. Project Portfolio Management incredibly is the empowering component for ambitious organisations aiming to optimise their output.
In this article, we’ll discuss why PPM is crucial to your overall enterprise success and how it addresses the business challenges you might be facing currently.
Hire an experienced agency for PPM and DevOps Solutions to enjoy seamless processes and optimal ROI.
But first, let’s walk through the basics!
Defining IT Project Portfolio Management
PPM encompasses structured centralised management of a single or multiple portfolios that enables your business to achieve organisational goals through efficient decision-making on portfolios, operations, projects, and programs.
In currently evolving markets, PPM functions as a bridge between top-level management strategy and daily processes execution.
In simple words, project portfolio management brings together all your existing and pipeline projects under one centralised system. This ensures enhanced visibility and access for all relevant stakeholders. PPM also involves tools and approaches to empower portfolio managers to prioritise and arbitrate different projects competing for similar and limited resources.
When Do You Require An IT Project Portfolio Management?
Your organisations require implementation of IT PPM solutions if you’re facing any one or more of the following issues:
You’re using outdated methods to manage your projects.
When you use outdated methods, you don’t just miss exploring newer business opportunities but also create additional bottlenecks in the existing processes. IT Project Portfolio Management
advanced solutions offer efficient tools that can be easily integrated into your existing technology stack to optimise projects and manage every aspect of your portfolio.
Your daily organisational processes aren’t contributing to your business goals.
If there’s a continuous misalignment between your business objectives or aspirations and what is actually happening on the ground on a regular basis, then you’re missing the link to connect your management strategy and workflow execution.
With a centralised repository and updates on all your projects, PPM enables greater visibility, thus bridging the gap between goals and actual daily operations within your company.
You suspect resource and opportunity wastage.
Looking back and learning from previous mistakes and failures paves the path toward innovation. With PPM, you can strategize your workflow based on a predictive model. PPM tools provide data-driven insights to help you visualise the likelihood and anticipate future opportunities.
You need to provide tangible metrics to relevant stakeholders, clients, third-party regulatory authorities or investors.
As businesses are becoming more transparent and security protocols becoming more stringent, you’ll need to share reports on not just where the invested money is being used but other significant metrics, such as industry impact, security compliance, etc. You won’t be able to modify or innovate any process unless you can measure the outcomes.
Now that you know when and how IT project portfolio management is essential, let’s go through the benefits of implementing PPM.
Benefits of Implementing PPM
Informed Project Prioritisation And Decision Making
With greater visibility on your entire portfolio, you can make insightful, data-informed decisions that affect your overall business outcomes.
PPM offers advanced techniques such as a scoring system to score and allocate resources to higher value-add projects. You can even monitor how well the projects portfolio is getting managed to fulfil the company’s requirements.
Facilitates Collaboration And Communication
PPM facilitates better communications between your project managers and concerned teams. Even with the current remote working scenario, a digital platform enables simple file sharing, an efficient asynchronous chatting platform, and workflow organisation based on resource capacity.
The more you focus on developing and can build this collaborative network of information-sharing throughout your entire portfolio, the more aligned your IT projects will be.
Analyse Outcomes And Provides Insights
The best PPM tools and solutions automate a major part of your reporting through insightful dashboards and data visualisation. With professional expertise, you can introduce AI-generated analysis for your data. All you require to do is communicate the outcomes.
DevOps Solutions and PPM go hand-in-hand to provide your business with agile-based, automated, and efficient tools and solutions. Hire professional experts to grow your business today.