What Technologies are Transforming Project Portfolio Management
Enterprises are making use of project portfolio management tools to understand the market better and make decisions in real-time.
FREMONT, CA: Presently, the field of Project and Portfolio Management (PPM) is transforming rapidly because of its increasing demand across industries. Effective portfolio management involves evaluating projects for progress, performance, changing targets to achieve strategic goals, and moving resources to optimize returns. Let’s take a look at the latest trends that are influencing how businesses manage their business portfolios every day.
The most influential trend that has affected the project and portfolio management is Agile, which is, in recent times, one of the most popular methods of project management. Companies are transforming their business model or their internal organizations and opting for an Agile business process. Therefore, if the current roles are not relevant to the agile model, they can be modified due to some resistance.
With the increase in demand for Agile, it has become necessary for enterprises to apply interfacing organizational practices. Today, the primary issue that the companies have to deal with is the process of integrating Agile with traditional methods to increase efficiency and manage the project portfolio better.
The most crucial part of portfolio management is measuring the return on investment. In the past years, there has been a drastic transformation from the projects to products and then from products to service. Presently, organizations have started to evaluate how they can deliver their customer the best value through portfolio management. They still need to think about processes in which the value can be measured. However, due to digitalization, business leaders are migrating from project to product portfolio management.
Managing Resource Demand
The framework for controlling every project, service, initiative, and product in a company is demand management. Many organizations confuse it with demand vs. capacity management. Therefore, they try to find ways in which they can focus on the demand for resources in the companies versus the actual volume they have to deliver. But with portfolio management, companies get both the demand management and demand vs. capacity management.