Project Portfolio Management, in short known as PPM, is a widely-used term in corporate and enterprises. It is a word, usually, used by the project managers or the project management teams, as a whole. It describes a set of methodologies that enables businesses to organize and manage multiple projects inside a portfolio.
For the success of a business portfolio, it is a must that it should be defined and aligned in a manner that can help businesses to achieve the objectives efficiently. Hence, the primary reason behind adopting a PPM solution is to optimize the resources, strategies and overall workflow for maximum return on investment.
Project portfolio management tools, such as MEGOWORK LTD., enable users (mainly including portfolio managers) to not only organize but also organize the projects in a portfolio. Moreover, it gives them the ease of taking a broader look at the portfolio and helps them make better business decisions.
When working with a PPM solution and designing a portfolio, it is imperative that the portfolio manager first find out the answer to how different projects are performing individually. Whether you are gaining any benefit out of your portfolio or you are en-route to a risky path, the PPM tool will offer you all the answers that you seek for decisions.
Secondly, the managers will evaluate and find out the project that can deliver higher value over others and deliver resources, time and efforts accordingly for maximum ROI.
If you wish to keep your projects pipeline on the right track and make sure fewer blunders but higher outcomes, you need a PPM solution for your business.
- You get to work with a single platform from where you can easily manage all your project portfolio, simplifying and streamlining processes for better productivity. You can streamline the way employees collaborate, work, amass data or make decisions.
- Effective planning is the success of every business endeavor, no matter how challenging it is. PPM allows you to devise better strategies through calculated planning and decisions, while also allowing you to predict capacity demands.
- With the right PPM in place, you get to have a top to bottom view of all the metrics. As a result, you get to sustained compliance and better support critical decisions across the board.
- When you have every project in view or on one dashboard, you can start comparing the projects and manage them in a more agile manner.
- You also get to prioritize the projects and begin those projects that drive higher return on investment.
- You can allocate the right resources to the right projects which will be based on pure talent and skills, and not simply relationships.
- By eliminating bottlenecks and reducing operating expenses, you get to create a striving culture of collaboration and growth.
- With PPM, the costs related to the projects as well as the scope of the projects become more lucid and transparent.
- PPM allows you to device an efficient governance framework. The frameworks enables easy to implement standards and it further makes sure that the projects are delivering the results as planned and committed.
- The automated status reporting, delivered by PPM solutions, enable you to have a clear understanding of the impacts which are the results of your decisions.