Successful project portfolio management is an art form. It requires a delicate balance of understanding which projects are most beneficial and which resources are available at what times.
In many situations, however, projects perform poorly due to cost overruns and the misallocation of resources. In other instances, organizations might prioritize the wrong projects—those that prevent them from meeting their business goals, or at least slow them down.
According to a McKinsey report, large IT projects run 45 percent over budget and take 7 percent longer than planned to wrap up. In turn, they deliver 56 percent less value than expected.
In the best-case scenario, you lose money and time, agitating clients along the way. In the worst-case scenario—like McKinsey says—it might even lead to the end of the business.
The good news is that—with a project portfolio management (PPM) solution in place—you can get a much better handle on your entire portfolio. In turn, you’re able to enjoy a more profitable, high-value portfolio that generates more ROI across the entire project lifecycle.
What Is an Adaptive PPM Solution?
An adaptive PPM solution is a built-for-purpose, robust digital platform that enables project portfolio managers and project management offices (PMOs) to see the complete picture of all the projects in their portfolio from one central dashboard.
With a purpose-built PPM solution in place, project portfolio managers can make sure they prioritize the right projects while assuring that the appropriate resources and employees are in place. As such, it becomes much easier for PMOs to confirm that their work is helping the enterprise achieve its objectives as a whole.
5 Reasons to Consider an Adaptive PPM Solution
Adaptive PPM solutions deliver a number of transformative benefits to PMOs. Let’s explore five of the most powerful ones.
1. Projects align with business objectives
To get the most out of your PMO, you first need to know which projects are most impactful when it comes to achieving your organization’s long-term goals. Otherwise, you might end up doing great work, but if it doesn’t help the company from a strategic point of view, what’s the point?
An adaptive PPM solution gives you a bird’s-eye view of all the projects in your portfolio, making it easy to view and manage every project from one location. With deep insight into your portfolio, it’s easier to determine which projects to prioritize—and which to backlog or abandon all together.
2. Resources are allocated appropriately
The last thing you want is to prioritize certain projects and relay client expectations only to find out that the people or resources you need are not available. By giving you a 360-degree view of all of the resources across your organization, a robust, adaptive PPM solution prevents that from happening.
3. Productivity and profitability increases
More visibility into your projects makes it easier to successfully deliver projects on time and on budget. As a result, your organization is able to get more projects successfully completed in less time—boosting profitability along the way.
4. Real-time data analysis becomes key to operational optimizations
Powerful adaptive PPM platforms ship with built-in analytics capabilities that enable you to analyze project portfolios as well as visually contextualize your data. This gives decision makers the insight they need to make smart, informed decisions and keep strategic initiatives on track.
What’s more? Managers can use analytics to continuously refine their operations moving forward, building an increasingly efficient PMO along the way.
5. Better decisions can be made, faster
At the end of the day, deeper insight into your projects and robust analytics capabilities work together to help PMO leaders make the best decisions. With the right approach, your PMO can adopt an adaptive PPM solution to help say no to the wrong projects and yes to the projects that align with the most strategic business objectives. The right solution for your organization will give you the insight you need to make the best decisions—every time.
Take Control Over Your Projects with an Adaptive PPM Solution
Managing a project portfolio is hard work—and it gets harder and harder at scale. That said, there’s no sense in making things any more difficult than they need to be or using gut instinct to make decisions.
By investing in the right adaptive PPM solution—one that makes it easy to align projects with business goals, ensures resources are allocated effectively, and increases the chances that you make the best decisions every time—you can transform your PMO, boosting profitability and client happiness along the way.
Checkout our free adaptive PPM infographic and PPM Summary Guide to learn more about how you can take your PMO to the next level by choosing the best projects at the most optimal times.