The meteoric rise of technology coupled with the globalization of digital age, has made it uniquely difficult for organizations to retain competitive advantage. Innovation is pivotal, not just what in terms of new product innovation, but also, in terms of how you provide the service for it. How to deliver services is now a part of strategic initiatives at organizational level and serves a key differentiator from your competition.
The rising importance of customer success and the need to meet evolving service delivery expectations whilst staying within budget, has given organizations the incentive to prioritize and align their projects with their business goals.
What is Project Portfolio Management?
Project portfolio management (PPM) can be defined as the management of all projects in an enterprise from a strategic perspective. Project portfolio management at its core is project management, applied on a larger scale across the enterprise. It facilitates grouping of all active and ongoing projects according to their respective work portfolios.
Portfolio management is beneficial for organizations with multiple simultaneous projects and helps them forecast manpower requirements, meet deadlines, and stay within budget. PPM is used by companies to prioritize projects, plan resource management, risk and investment management, monitor them, and streamline communication channels to keep all parties involved within a project, notified of their status.Benefits of Project Portfolio Management
Instead of taking on one project at a time and taking it through to completion, PPM allows Project Managers to collectively manage an entire portfolio of projects. Below listed, are some of the major benefits of project portfolio management:
1) Better Informed Decisions
By accumulating and analysing all past and present available data, PPM allows enterprises to better forecast future project metrics like required resource allocation, and budget. Increased 360-degree visibility into ongoing projects also allows you to understand which projects are not contributing to overall organizational objectives and tweak or prioritize them accordingly.
2) Better Project Delivery Success
Project failure is a massive red flag in the portfolio of any company. Unsuccessful project delivery can be caused by various factors including running overbudget, unscheduled delays, ill-defined project requirements, improper resource management, lack of alignment with overall strategy, limited technical knowledge, etc. Enterprise software with PPM capabilities can greatly reduce all the above complexities and help streamline processes to increase project delivery success.
3) Staying Within Budget
It is estimated that around 45% of all IT projects run overbudget by some degree. Sometimes, successful projects run over budget too. If you’re having trouble staying in line with your estimated budget, it is very necessary for you to build project portfolios that lessen any risks. PPM software utilizes risk management features to accurately estimate and schedule project delivery, and helps you fine tune your project for success.
IFS Project Portfolio Management
Companies that manage multiple complicated projects manually are often forced to use disparate software products that manage various stages in the project lifecycle. For example, organizations often use separate software for estimation, procurement, budgeting, etc. This is where specialized ProV IFS solutions can help you optimize project delivery.
IFS is a leader in developing and delivering enterprise software with customized features. Using the robust capabilities of IFS Applications, ProV IFS Enterprise Project Management (EPM) solutions bring all the scattered pieces under one umbrella. ProV IFS solutions offer accurate project-based solutions (PBS) that have been specifically designed around project management principles to counter out repetitive processes and increase productivity.