Often known as PPM, project portfolio management is a modern way of managing the project portfolio within an organization. All the projects may or may not be related to one another, but they all fall under one umbrella and managing and assigning them resources can be done smoothly. Portfolio management in project management also involves the assignment of resources for the project like project managers and incorporating them into the portfolio. Furthermore, it also offers advanced controls to ensure that the ongoing projects are meeting the current demands and align with the business goals, strategies and niche.
Why Project Portfolio Management is Essential?
As per the Project Management Institute, “portfolio management is a way to bridge the gap between strategy and implementation.” The project manager is responsible for ensuring the right project is given to the assigned person and for the optimum workflow to generate high returns on investment. This strategy is quite essential for an organization that has multiple projects to handle. The project management ensures that all the operational processes are streamlined for the optimum workflow and resource assignment within the organization.
Project ideas and projects can come anytime, companies need to streamline their operations to ensure they finish and deliver the consignment at the right time. However, not always a company has the optimum resources to finish the project as soon as it is assigned. Lastly, efficient project management helps the company focus on the projects that are important for them and brings more money to the table and prioritizes them accordingly.
What Type of Companies can Benefit from Project Portfolio Management?
As per the research, more than 71% of the companies have a project portfolio management system indicating that most of these companies rely on project portfolio management software to meet their professional needs. Furthermore, this number is on a constant surge as most of the companies are opting for the PPM model to uplift productivity.
But which sort of companies can rely on the project portfolio management software? The answer is PPM software can be handy for a company having multiple projects to handle. Companies expanding in the following genre can use the project portfolio management software.
- Fintech: In the fintech genre, it is all about accuracy, companies need to ensure that credit, debit, card details and banking information is precisely saved and safe. Employing an investment portfolio management software can significantly mitigate the risks involved. Moreover, it facilitates a smooth working environment within an organization and promotes accuracy to meet the project objectives.
- Construction & Real Estate: In the chaos of meeting the major demands, companies often miss out on the minor details that play a vital role in the project. One such industry that faces this issue is construction and real estate because their projects take years to complete and a lot of changes in that duration. To complete the rapid changes brought in the budget, requirements and workflow can significantly impact the project dynamics. But real estate portfolio management software always allows you to focus on the construction tasks and keep following the project objectives.
- Information Technology: Companies and organizations functioning in the IT industry have a talented workforce with great budgets. But the concern here is, that IT projects need precise management of resources, capital and workflow which is not possible without employing an enterprise project portfolio management software. By employing a PPM, IT companies can save their employees from overburdening and fulfil project demands in the peak times.
- Project Management Teams: As per the reports, only 29% of the companies finish and deliver the projects within the deadline. This report shows how most companies cannot complete and deliver the project within the assigned date. However, companies with smaller teams have less projects when compared to the big companies but all of them need project and portfolio management software to fulfil the project objectives. Adding a PPM can significantly improve the workflow while mitigating the risks involved in the delivery of projects.
- Managing Teams: Managing teams within an organization is a crucial task because all of them must function in sync and bring the best out of everyone. Furthermore, the tasks should be equally distributed among teams and within teams, employees should be given a particular responsibility. All the tasks distributed should be done as soon as possible and instant changes to the schedule should also be brought to light. With project portfolio management software, the project speed can be optimized and meeting the goals is also easy.
Advantages of Project Portfolio Management
By investing in project portfolio management software, companies can reap an array of benefits it offers. Some of the benefits of project portfolio management software are:
- Align Projects with Company Objectives: As per a survey, companies without objectives face multiple issues in aligning the projects and helping define the priorities involved with the projects. A PPM promotes a transparent and open discussion between the teams and how it can be beneficial for the company. Lastly, it sets clear communication regarding the projects with the company first attitude.
- Facilitates in Prioritizing Projects: Assigning a great project portfolio management software will significantly help in prioritizing the tasks and projects that need more attention. Furthermore, great project managers ensure to offer the right resources drawing the most amount of revenue hence they need more care. Furthermore, in the rush of managing big projects, companies often tend to forget the small ones. A project portfolio management software ensures that the small projects also get optimum resources and are also done within the deadline.
- Easy Decision Making: Decision making is a crucial aspect in making sound and informed business decisions. The best portfolio management software provides you with the right metrics and data that help project managers make the right decisions. Whether managing a team or project, decision making is an essential parameter while handling a project or company. With project and portfolio management software it is easy to take the right business decisions and promote productivity with the team and company.
- Monitoring the Projects: Often teams collaborate on tiny things while they miss on most of the things that are involved in the projects. With project and portfolio management software, it is extremely easy to monitor the projects and ensure all the necessary ones are getting optimum resources and which ones are missing on the tasks or slowing down. Therefore, monitoring the projects is an essential part of the business and PPM software will significantly help in the same.
- Focus on the Goals: A company should focus on its goals and fulfill its objectives by managing the projects efficiently. Using project and portfolio management software, companies can closely monitor the projects and recognize all of them are getting the optimum amount of attention. Furthermore, meeting the organization’s objectives and revenue estimates is an essential factor that ensures the growth of the company. Lastly, the PPM software cultivates the feeling of company first attitude among the employees and promotes equality.
That was all about the project portfolio management software and how it can bring positivity in the workplace and promote resource allocation and management. However, companies should invest in the right PPM that is backed with essential features they need for their growth. If you own a growing organization and are looking for a portfolio management software development packed with all the essential features aligned with your business demands, then you can contact Dreamer Technoland. With more than 8 years of expertise in custom software development, we will closely understand your demands and deliver an appropriate software solution. Get in touch to get instant help with software development!