Achieving Business Goals with Project and Portfolio Management
Organization goals can be achieved with the input of Project and portfolio management (PPM). Designed to also assist with optimizing performance and become more adaptive in a constantly changing business environment. IT teams deliver value to the business, become strategically aligned with goals of the organization, and most importantly, show that value through data and reporting.
One of the values of a Project Management Office is when it provides tools to optimize project and portfolio management. By focusing on four key areas, the IT PPM can be the biggest influences in the overall strategy and an extension of the business, rather than just a function of business.
IT helps PMOs manage projects, portfolios and investments collectively by harnessing vast amounts of data, resources and deliverables under one umbrella, then providing tools that support the distillation of that information into meaningful reporting that drives all sort of decision-making.
The four key ways to leverage IT PPM for business advancement is as follows;
In order to realize the benefits of PPM in the business, organization needs to have a single, integrated prioritization system that takes into account all facets of operation across all types and sources of work. IT PPM empowers the Project Management Office (PMO) and other stakeholders with the ability to make informed decisions based on capability, capacity, change readiness and other important business drivers.
This is because IT PPM provides broad visibility into all areas of a portfolio, from deadlines and deliverables, to resources and historic results. In short, process and technology helps determine what is possible. It is important to recognize that IT implementation is a partnership with a singular goal: the long-term success of the business. While technology determines what is possible, business provides needed context for these prioritized goals, such as;
- Top down alignment
- Strategically focused
- Based on optimized Return on Investment (ROI)
- Balances all sources and types of work
- Balances innovation and time to solution
- Eliminates gaps and inefficiencies.
Managing resources while ensuring the right people are deployed to the right projects is the tricky part of project management, which is why PPM can be so helpful in enhancing overall strategy. Too often, PMOs get stuck in a rut that makes distributing resources more about urgency than accuracy. They can only see the crisis in their immediate vicinity and solving it quickly becomes a singular goal.
Resourcing should be strategic and future-focused — it must consider the current and future needs, as well as time to prepare. In the midst of change and uncertainty, it is difficult to maintain a long term strategy, but it actually becomes more important to do so. Ensuring resources align to the projects deemed important for the business to ensure that promises are actually being delivered. Furthermore, a solid resourcing strategy must also recognize that skills can be just as important as availability when it comes to distribution.
IT PPM helps PMOs balance the distribution of work across all projects and portfolios with a dedicated, single resource pool that includes an exhaustive list of the skills, certificates and capabilities of each team member so no resource is over-utilized or double booked.
Business must go on and IT PPM supports the PMO to curate data on every resource at their disposal and find them quickly and easily when it comes time to assign work. When backed by the prioritization benefit listed above, the PMO can optimize utilization by providing the right resource for the job with zero waste or overlap.
If the pandemic has taught us anything, it is that flexibility is the key to survival and that IT is imperative to that flexibility. Many PMO leaders and project managers have learned and lived the power of being flexible, agile or knowing how to pivot and the importance it plays on business today. But the truth is, pivots and change happen all the time and the IT PPM strategy needs to allow for that. Embracing a change culture and instilling measures to support change – rather than reject it – will provide business returns from project investments.
Technology can be credited with saving thousands of businesses and helping them to pivot during recent shutdowns and dramatic shifts to the way we all do business. In the realm of PPM, technology helps PMOs anticipate, plan for, and quickly adapt to change. IT can be leveraged to monitor changes in needs, goals and in alignment to make sure it is conducted at the right time in the right way.
A common theme of the past three elements is visibility. By providing the PMO’s ability to see and understand what is going on in all areas of operation, they are being provided with one of their greatest assets in supporting business goals, that is control. IT PPM is automation-driven and results-oriented. Instead of analyzing stacks and stacks of spreadsheets, personnel files and creative briefs, information is gathered digitally and then sorted effectively.
There is no substitute for the power of technology when it comes to compiling thousands of bits of information, not only making it easily accessible, but contextualizing it into meaningful reports. In short, the PMO can provide effective management that is driven by contextualized insight.
PPM is an excellent way to improve business and maximize its effectiveness, profitability and positive outcomes. By adding in the benefits of IT PPM, the organization can achieve next-level performance that will help ensure rock solid footing, even in uncertain times. Let us know your interaction with the PMO and how it benefits the organization when delivering projects.
All the very best on your project management journey.