One of the biggest challenges in maintaining projects of a business is keeping track of everything in an organized manner. If a project lacks organization, it is sure to fail or, at the very least, deliver confusing results that don’t really accomplish anything. However, there are tools for project portfolio management (PPM) that make achieving project organization more attainable and provide various other benefits to businesses.
Implementing a PPM is only effective if you take the proper steps to ensure transparent project processes. It is essential for project managers and organizations to improve their PPM practices continuously. In turn, they will see continued improvement in the success of delivered projects and reap the advantages of portfolio management tools.
Benefits of PPM
Keeping projects organized is of the utmost importance, no matter the size of your business – small, medium, or large. Implementing a PPM will significantly enhance organizational capabilities and is beneficial for multiple reasons across all levels of an organization – from staff to project managers and executives.
One of the most important benefits of portfolio management is that it increases the productivity of the project team, the project manager, and the project itself. When those working on a project are given a clear strategy focusing on business goals, everyone is on the same page and aware of their responsibilities. This clarity increases everyone’s productivity and optimizes the efficiency of a project.
Efficient Use of Resources
Another one of the benefits of portfolio management is the better allocation of resources. A PPM organizes a plan that explicitly states the resources needed for a project before it is started and reviews them as it is completed. By maximizing the use of all available resources, a successful project is delivered with minimal overlap or waste, making for a cost-efficient project.
Project portfolio management is also effective for fostering innovative collaboration among team members, project managers, different project groups, and so on. A PPM enhances team and project collaboration with its data-driven decision-making that bases project priority on the overall alignment of all projects. By putting the overall success of business tasks first, teams and project managers are more inclined to work together instead of competing.
Timely Project Deliveries
Another portfolio management advantage is that more projects are delivered on time. The benefits of PPMs above play a part in improving the speed at which projects are completed.
Increased Project Success
Lastly, PPMs increase the success rates of projects by optimizing the process of project selection, providing focused objectives that increase efficiency, and increasing the ROI.
Successful PPM Framework
These benefits are only attainable when implementing a proper PPM framework. A successful PPM framework follows phases of project development. These phases include a clear strategy determined by establishing the scope and requirements of a project, visualization tools for project schedule status, and flexible guidelines that can adapt to evolving projects and organizations.
Continuous PPM Improvements
Project managers and organizations must continually improve their PPM practices to maintain the benefits of portfolio management. Project frameworks are one of many aspects of projects that need to be adaptable. As a company grows and its goals change, project managers need to improve their skills in optimizing resource usage. This can include human assets (which require adequate training and education), defining project requirements, and incorporating sufficient support.
If your business requires project organization, check out our project management services at WorkOtter. We are a SaaS PPM solution that makes achieving the benefits of a PPM simple and affordable.