Portfolio management is the act of managing multiple projects as a whole across an organization. These projects should all tie in to the strategic business goals and provide a comprehensive portfolio. However, this isn’t always necessarily the case. Here are four common portfolio management challenges and how to solve them.
Education
There is a severe lack of education among many of those who take on portfolio management. There might also be a resistance to adopt to the new task or to tools that might make it easier for them. This can be a challenge with getting people to use a new portfolio management tool, but it can be remedied by educating them on the value to all users at all levels.
One way to help educate them is to show how portfolio management can simplify their lives both as project and as portfolio managers. For example, highlighting the fact that when using a tool, portfolio management can be a huge asset to the business. Through improved visibility, connected data and the flexibility to have it grow and adapt with your company, using a portfolio management solution enables stakeholders to plan, manage and execute work in a timely, organized and accurate way.
Understanding the value that it can bring to a company to not only see projects from a portfolio view but also to begin to automate some of it is a key component to the success of your project portfolio. It’s never easy to get people to change their behavior, but showing the value and efficiency of using it can be the first step to a resolution.
Formatting
When managing a portfolio, it can be a real challenge to try and see various projects from multiple places in the same format. It is easy to get views of everything across your portfolio, but getting it in a similar format to compare things one-to-one is difficult. This can be due to different systems capturing and reporting differently, different project managers capturing information differently, and more.
So while getting everything in a similar and consistent format is a challenge, implementing a portfolio management tool can solve this issue. It will bring in that data and display it in an organized and clearly laid out format so it’s easy to understand and quickly analyze.
Reporting
Effective reporting can come in many forms. Unfortunately, because systems use different formats, data can be inconsistent and nothing is automated, building a report can be extremely cumbersome and time consuming. Once a report is created, it is already outdated. Many companies use reports that aren’t operating in real-time and are incredibly manual, which could also lead to potential errors and inefficiencies.
Accurate, real-time, automated reporting allows visibility into an organization and helps it reach its goals and objectives. Since there is nothing static about portfolio management, it is imperative to have reporting set up from the onset of a project so all of the changes can be analyzed.
Integration
When your data and information is spread across multiple systems or projects, you can’t get a comprehensive or accurate view into what is currently going on. Just like with reporting, it can also be difficult to pull it all together in real-time, in one place, with a consistent format. It is too time-consuming and inefficient to maintain multiple systems and manually pull all of it together.
So what is the solution? The solution is implementing a portfolio management software like Coras. Through this solution, companies are enabled to plan, manage and execute work. It provides all the data and information needed to effectively manage portfolios, from aggregating data to optimizing analytics. Plus, it’s easier than ever to share real-time reporting so everyone knows what is going on with a certain project or multiple projects, at any given time.
With Coras, portfolio management challenges can be a thing of the past.
You get all of the data and information you need to effectively manage your projects and portfolios. Through quick implementation, easy training and seamless integration, this software will reduce your burdens.
Discover how to deliver more value and keep up with your company’s evolving needs with https://www.coras.com/.