The concept of portfolio management for enterprise-class businesses and their departments has evolved over the years. What began as a project-focused view of the business grew steadily until it comprised a more holistic view of the entire business. This business portfolio includes a range of business assets, from projects to resources and processes.
Having a comprehensive portfolio management solution will help your business determine answers to a variety of important questions, like:
Am I allocating resources to the right segments of my business?
Many times, valuable business resources are consumed by projects and assets that don’t have much value to the organization. As a result, these resources are no longer available for use by higher value projects. That’s where the value of portfolio management comes in. While each department prioritizes its own assets and projects, portfolio management gives decision makers a holistic view of the whole organizations. This allows leaders to make informed decisions based on the different components of their business.
Is my business operating at its highest capacity?
Without a clear, concise view of your its assets, it can be difficult to know if your business is functioning at its optimal level. For example, you might have an entire set of resources that are being underutilized (or even worse, entirely unused). With a portfolio management system in place, you can use those resources to their full capacity, increasing production and ultimately increasing productivity.
Can we accept new business or will we need to expand?
Presented with the opportunity to take on new business, it’s important business leaders are able to make a well-informed decision on the requirements to take on that business. Portfolio management provides decision makers with that information by compiling data across all areas of the business. This makes it easy to identify any areas of need before new business is signed, allowing for quicker turnaround times and eliminating pinch points before they arise.
Are you interested in implementing a portfolio management solution for your business or organization? Look no further than Coras, the last portfolio management software you’ll ever need. Coras is an out-of-the-box portfolio management solution that can be fully customized to fit your company’s specific needs. Learn more: www.coras.com.