In the business world, success is often determined not only by choosing the right opportunity to pursue, but also making sure you take that opportunity at the right moment. Because most businesses have finite resources, it’s important that decision makers have the most up-to-date data in front of them to make informed decisions, instead of having to shoot from the hip. That’s where a PMO and a project portfolio management strategy can have significant impact. Let’s examine three major benefits of an effective PMO and PPM strategy.
With your PMO processes and systems in place, you have the benefit of all your projects beginning with the same set of common steps, activities, schedules, etc. This “repeatability” allows your projects to get started faster and makes it easier for your project managers to do things the right way. Going a step further, the ability to automate your PMO processes and launch projects automatically provides an even bigger jumpstart and goes a long way to ensuring consistency—and success—across all your projects. This allows you to compare “apples to apples” and more accurately assess projects.
2. Keep Risk Low
The second benefit of a robust project portfolio management strategy is that, while maximizing your resources, you’re also able to minimize risk. Project portfolio management helps identify projects that aren’t performing well or may not be helping achieve specific objectives. By finding these underperforming projects sooner, you’re able to decide whether to proceed with the project or to allocate those resources to a project that is more beneficial to company objectives.
3. Make Better Decisions
Let’s face it – it’s hard to make the best decisions for the company if you don’t have the information you need. As we talked about above, this data must be as accurate, as close to real time as possible, and relevant to the user. The key is getting the right information to the right person in the right format—all in a timely manner. This allows the decision-makers to make the best decision possible.
As you can see, project portfolio management is a critical component of any company’s strategic planning initiatives. That’s why many companies turn to project portfolio management software, like CorasManage, to help them manage their portfolio. This software keeps the PMO abreast of any changes in the project pipeline, while simultaneously enabling strategic decision making.
Learn more about CorasManage, or request a demo today!