Project portfolio management can drive your organization’s growth when used correctly. It makes a huge difference in various aspects, as it can provide a full view of your past, ongoing, and future projects and it helps you gain insights from them. Regardless of the management style of the project leader, a PPM software can elevate a teams’ productivity because they would gain access to the necessary tools and information for their jobs.
On top of it all, the right application adapts to your teams’ existing workflows, allowing everyone to become more efficient without undergoing radical changes. What’s more, you can steer your organization to become inventive by taking cues from other companies that find different ways to use project portfolio management solutions.
- To gather complete requirements for projects.
Completing a project without gathering all the requirements beforehand is a tall order. It leads to delays that cost both the company and client money. However, you can prevent this situation when you have a PPM software as your aide.
Among the project portfolio management tools are scheduling and resource planning. These allow you to outline your project structure as well as the different phases and what you need to deliver on the deadlines. When you know when you have to finish a certain task, you can collect the information and resources required to complete them way beforehand. On top of that, you can see how each task is related to each other so you know when to have the relevant data and tools ready.
Additionally, a PPM solution lets you create a centralized store of knowledge. This means that anyone with the right access permissions can view the information they need to produce high-quality outputs. This is complemented by the ability to show whether you are overusing or underusing resources to create a balance that lets you achieve your goals within the set timeline.
- To gain visibility into the project portfolio.
How can project management change the game? It gives you answers to some of your most crucial questions, like how many projects are you handling at the moment? How many more projects are you capable of putting on your plate? Do you have enough resources to delegate for these new projects? It even assists you in selecting the right projects to take on so that your team is not overwhelmed by responsibilities. You can also check for possible issues that may affect your plans for taking on new projects. By doing so, you can ensure that your employees are well-equipped and, most especially, have the time to take on additional duties.
- To stay on top of changes.
Information is always a key factor in project management so it is critical that you have a complete overview of your team’s project activities and overall performance. It also makes project management less difficult to do when you have an idea about what has changed since the last time you launched your project-related applications.
This is possible when you have a dashboard where you can find real-time updates around-the-clock. Since it offers visualized data, it is easy for you to spot the changes and there is no longer any need for you to drill-down into the details when all you require is a fast look. As a result, you can be quick in making smart decisions that can affect the outcome of your efforts.
- To base decisions on past data.
The world generates 2.5 quintillion bytes of data daily at a fast speed that is driven by the explosion of the Internet of Things (IoT), as reported in a Forbes article. Since there are about 3.7 billion people using the Internet, this is no surprise. Your team, your clients, and your partners are, of course, contributing to this, too. But that is in the general scheme of things.
The world generates 2.5 quintillion bytes of data every day and the Internet of Things is one of the biggest contributors.
While it is helpful to have as much data as possible, it can hurt your business when you are misusing it. Eighty-five percent of companies in industries ranging from aviation to utilities are not using their data.
Your organization does not have to be one of them. Though you may focus mostly on real-time information and forecasts, past data can be beneficial. Among the portfolio planning tools available is historical reporting. You can generate standard or custom reports on your timesheets, expenses, portfolio, and other aspects. With the insights you can gain from the past, you can steer your project, and the company in general, towards the better path. Plus, you can avoid the errors you made in previous undertakings!
- To create a synergy of tools.
The project portfolio management process involves multivarious tools and solutions that can be conflicting when not handled properly. With the right software, you can surmount the problem of seemingly incompatible platforms. That is because you would have access to connectors that let you link projects regardless of the file type, your different cloud applications, and numerous PM and PPM tools.
When you have synchronized these things, you can protect your investments and maximize them for as long as possible. What’s more, you can streamline the flow of data between them so that you only have a single truth.
Selecting the Right PPM
There are numerous portfolio management tools and techniques, but not all may be applicable to your organization. Experimentation may be necessary before you find the right fit for your teams. Nevertheless, you can count on the best PPM solution to stay with you every step of the way.