Individual professionals and results-driven organizations take some degree of risk each day. With heightened competition and pressing demands for efficient utilization of time, costs, and data, it is paramount for organizations to have a comprehensive understanding of project risks and opportunities to ensure positive ROI and alignment with business objectives.
With each project, some typical questions arise:
- How do I track deadlines, resources, and bottlenecks on multiple projects simultaneously?
- Do I have the right budget resources and skills available for each investment?
- What current projects may pose as a barrier to finalizing other projects?
- How do I align my projects to support business initiatives?
Effective Project Portfolio Management (PPM) allows organizations to conquer challenges in visibility and understanding of investments that impact stakeholder value, business growth, and, ultimately, the bottom line.
Let’s fully explore 3 rewards of an effective PPM solution to gain a competitive advantage for your organization:
#1 More efficient decision making through data driven insight
The primary goal of a project is to make sound decisions that generate value for the organization. With a system to track data for previous and future projects, leaders are able to better comprehend how the business is performing and make data-driven decisions for future projects. Effective PPM tools organize and focus on the real factors that better advance decision-making. Say goodbye to gut-feeling recommendations, and welcome smarter decision making.
#2 Streamline data and expand collaboration for greater transparency
In order to construct more sophisticated decisions, project transparency is critical. An effective PPM solution allows useful data and KPI’s to be generated and analyzed in order to increase transparency, and guide future decision making. PPM strategies promote a higher quality product, ROI tracking and forecasting, portfolio budgeting, and coordination.
#3 Maximize and allocate resources more efficiently
The primary reasons for project failure have been poor estimates, changes in scope, and weakly defined goals. Launching a sophisticated PPM strategy is proven to result in greater resource efficiency. Predictive analytics can be used to propose a more precise road map for available resources. A planning tool can determine demand for multiple projects simultaneously and allocate budgets, resources, and individual skills effectively to avoid challenges surrounding timing, budgeting, and skill demands, resulting in more successful and faster project execution.