Should You Consider IT Portfolio Management Solutions?

1
(No Transcript)
2

• Your companys portfolio encompasses a collection
  of any type of project, investment, initiative,
  or any other business element.
• And if you need to keep track of all your
  business elements, you may lose sight of the
  bigger picture and miss out on a few important
  things.
• Strategy IT portfolio management is a solution to
  prevent missing out on essential things.
• Want to know more about the concept? Were here
  to walk you through it.
• In this write-up, we will discuss what exactly is
  strategic IT portfolio management and why its
  important for your business.
• What Is Strategic IT Portfolio Management?
• Strategic IT portfolio management refers to the
  process implemented by a company to determine the
  optimal utilization of the available resources
  within a portfolio to fulfill its strategic
  objectives.
• Strategic IT project portfolio management
  involves making complex decisions to decide which
  projects should be pursued, which should be
  eliminated or paused, and which resources can be
  utilized or freed up to concentrate on projects
  that align better with your organizations
  strategic goals.

3

• Why Strategic IT Portfolio Management Is
  Essential?
• Strategic IT portfolio management offers huge
  benefits to your organization.
• Helps You To Focus On Long-Term Goal
• As discussed earlier, with Strategic IT portfolio
  management, youll not miss out on the important
  components of the project that drive your
  organization towards its business goal.
• One of the biggest oversight your organization
  can have is losing track of your ultimate
  long-term strategy. Since most of your workforce
  spends significant time planning to achieve
  short-term goals and solving current problems, it
  is possible to get distracted.
• With strategic IT project portfolio management
  implementation, you can ensure that all of the
  projects your organization is currently handling
  or planning to take up in the near future are
  always aligned with your long-term organizational
  goals.
• That involves regular portfolio analysis and
  review to keep everyone in your company updated
  and on the same page.

4

• Better Project Selection Process
• Strategic IT portfolio management utilizes
  various qualitative and qualitative methods,
  including scoring models, ranking techniques,
  etc. (depending on your business requirements),
  to evaluate and select projects that can deliver
  the best value to your organization.
• It focuses on picking the accurate set of
  projects that complies with business objectives,
  risk, availability of resources, and other
  elements.
• With strategic IT project portfolio management,
  any business decision is based on practical,
  well-defined, and relevant criteria rather than
  ambiguous components.
• Promotes Collaboration Rather Than Competition
• In your organization, various project teams
  function with different goals. This creates
  competition among different business units while
  requesting financial and human resources. For
  example, one team may function on development
  while the other on the quality assurance of
  current projects.
• Strategic IT project portfolio management
  mitigates this challenge. It uses meticulous,
  standardized techniques to evaluate requirements
  from different functioning units. It also
  eliminates project management redundancies and
  empowers project managers to leverage mutual
  teams for an effective collaborative workspace.

5

• Improved Timely Project Delivery
• PMIs 2017 report revealed that prominent
  successful organizations have an average timely
  completion rate of 88 of their projects compared
  to underperforming enterprises, which can only
  manage a rate of 32.
• The report also discusses how successful
  enterprises complete 90 of their projects within
  the allocated budget while 75 of projects of the
  underperforming organizations go beyond the set
  budget for project completion.
• One of the significant criteria attributed by the
  PMI report to the success rate of high-performing
  organizations is that they aim to narrow the gap
  between strategy formulation and execution, the
  fundamental principles of portfolio management.
• Getting Started With Strategic IT Portfolio
  Management The scope of strategic IT portfolio
  management is vast.
• It involves various approaches and methodologies.
  You need to identify the process and tactics
  thats relevant for your business.
• Therefore, hiring professional IT portfolio
  solutions is one of the best ways to deploy
  portfolio management within your organization.

6
(No Transcript)
7
(No Transcript)