Project Portfolio Management – An Executive’s Guide to Get it Right

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Project Portfolio Management

The need for project portfolio management (PPM) cascades into an array of key industries and sectors. Although PPM is in the nascent stage for several industries, its utility and ease of operation have made it popular across multiple domains. Industrial units are focusing on improving their digital infrastructure to reap the benefits of agile, streamlined, and integrated networking.

The quest for digital transformation across the industrial sector has paved the way for several new software and hardware technologies. In this scenario, it is safe to state that project portfolio management has become a popular platform for industrial and commercial units. New software technologies and systems are continually being developed to manage projects of inconsistent nature. The synergies of efficient software deployment and intellectual resources have culminated in effective project management methods.

The multiplicity of requirements in a single industrial project

A single project in an industrial unit is characterized by multiple requirements pertaining to data management, workforce supervision, analysis and testing, and relationship management. In such a scenario, it is obvious for industrial decision-makers to employ effective project management techniques and nodes.

Manual analysis of projects often results in an underestimation of the magnitude of these projects. This can have adverse consequences for project managers and employees who may experience unanticipated backlogs and anomalous requirements. Therefore, the project portfolio management market has emerged as a prudent solution for large industrial units and commercial centers. The use of proficient software technologies can help in managing a range of components of a project.

Decoding the underhanded requirements of deploying PPM software

While project portfolio management may seem to be a panacea to the problems of project managers, its value cannot be gauged based on prima facie facts and evidence. In most cases, the success of PPM largely depends on the type of strategy adopted by the unit to induct PPM. Successful implementation strategies have used PPM as a progressive tool that is deployed by project managers in multiple phases. In other words, all the available software technologies and systems cannot be integrated into a single run. A planned process of trials, testing, and checks is required to understand the level of software proficiency that is manageable by the employees.

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Furthermore, employees need to be trained to handle new software technologies and systems. Capacity planning and resource optimization are two important aspects of PPM, and both of these precede the deployment of full-fledged PPM strategies. Once companies and organizations have gauged their capacity in terms of handling PPM programs, a custom line can be chosen by the managers.

Key processes managed via PPM

PPM software systems are primarily focused on developing a centralized control to oversee multiple processes within an organization. An extensive project involves data management, information collation, and the development of optimized models to foster agility throughout the process. The development of new software systems to manage operations is an important consideration for several companies. As project managers scale the managerial operations to fit modern standards of manufacturing and servicing, the demand for project portfolio management software shall increase.

An organizational setup is characterized by a constant modification to its control structures. In this scenario, project managers are required to deploy high-end software to manage changes in an organization. Furthermore, PPM software helps in managing resources that would otherwise remain underutilized due to human errors. Moreover, financial management and risk management are amongst other services that are covered under project portfolio management. The ability to customize PPM strategies and software according to the requirements of an organization is an important feat for companies.

Some of the important providers of project portfolio management services and software are Microsoft, Clarizen, Changepoint, SAP SE, Oracle, and Mavenlink.

Final thoughts

As leading businesses deploy software technologies for optimal management of large-scale projects, new companies are expected to follow the suit. The relevance of project portfolio management (PPM) cannot be undermined in times of constant business disruption and unforeseen changes. Henceforth, project managers lay credence in the use of project portfolio management software.  Besides, the importance of quality control and financial management has also compelled businesses to use PPM software and systems. Business analysts consider agility, operational efficiency, and return on investments (ROI) as important watchwords for business growth. The ability to achieve positive results on all the aforesaid parameters through the deployment of project portfolio management programs is an important feat.

Most companies and business units are in the middle of their journey towards achieving optimal digital transformation.  The use of prudent software technologies for project portfolio management shall help these companies in improving their digital game. Moreover, the operational, financial, and welfare benefits earned from PPM software are a matter of attention for leading businesses.

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An engineer by education, Keshab Singha working as a Senior Analyst at Transparency Market Research, a market-intelligence firm based in India and the United States and works with the company's editorial team. His sound awareness of people helps him understand the pulse of the audience. He brings a counter-intuitive thought to the discussion adding a customer point of view which has become central to success in today’s digitally driven business.

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