{"id":22983,"date":"2023-08-18T12:42:36","date_gmt":"2023-08-18T17:42:36","guid":{"rendered":"https:\/\/blog.planview.com\/?p=22983"},"modified":"2025-02-20T11:10:32","modified_gmt":"2025-02-20T17:10:32","slug":"how-to-implement-strategic-portfolio-management","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/how-to-implement-strategic-portfolio-management\/","title":{"rendered":"How to Implement Strategic Portfolio Management"},"content":{"rendered":"\n<p>Effective strategic portfolio management (SPM) can increase revenue, market share, and speed of innovation \u2013 especially when paired with the right SPM software.<\/p>\n\n\n\n<p>Strategic portfolio management is designed to drive today\u2019s complex, cross-functional initiatives. It can be a great equalizer, enabling the organization to operate as a dynamic entity rather than a collection of silos.<\/p>\n\n\n\n<p>However, SPM implementation isn\u2019t a point-and-click process. It\u2019s a journey that requires a paradigm shift for many companies. Lucky for you, we\u2019ve identified the core components necessary for successfully implementing strategic portfolio management and utilizing SPM software in your company. But first, let\u2019s take a brief look at what SPM is and what it isn\u2019t.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blog.planview.com\/how-to-implement-strategic-portfolio-management\/#The_Differences_Between_Strategic_Portfolio_Management_and_Project_Portfolio_Management\" >The Differences Between Strategic Portfolio Management and Project Portfolio Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blog.planview.com\/how-to-implement-strategic-portfolio-management\/#Why_Your_Organization_Needs_Strategic_Portfolio_Management\" >Why Your Organization Needs Strategic Portfolio Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blog.planview.com\/how-to-implement-strategic-portfolio-management\/#The_Recipe_for_Success_Implementing_SPM_in_Your_Organization\" >The Recipe for Success: Implementing SPM in Your Organization<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blog.planview.com\/how-to-implement-strategic-portfolio-management\/#Accelerate_Value_and_Achieve_Your_Big_Picture_Goals\" >Accelerate Value and Achieve Your Big Picture Goals<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Differences_Between_Strategic_Portfolio_Management_and_Project_Portfolio_Management\"><\/span>The Differences Between Strategic Portfolio Management and Project Portfolio Management<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Both SPM and PPM are vital for achieving the company\u2019s initiatives but on different levels. Companies use PPM to manage project and work delivery on a functional scale. The focus is driving execution aligned with company strategy.<\/p>\n\n\n\n<p>In contrast, strategic portfolio management looks at the bigger picture. Its domain is to help you plan and manage cross-functional programs and products <a href=\"https:\/\/www.pmi.org\/learning\/library\/strategic-alignment-connecting-between-strategy-execution-5962\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">linked to strategic objectives<\/a>. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Using SPM, you can select, prioritize, and fund the investments that will have the most impact on the organization and orchestrate across teams to realize business outcomes.<\/p>\n<\/blockquote>\n\n\n\n<p>Strategic portfolio management\u2019s focus on outcomes differs from PPM. While project portfolio management may measure success via outputs such as lines of code and adherence to budget, SPM measures it by <a href=\"https:\/\/www.planview.com\/resources\/guide\/a-guide-to-okrs\/how-to-write-okrs\/\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">looking at the results delivered<\/a>, such as sales growth and adoption.<\/p>\n\n\n\n<p>With that said, having a solid foundation in PPM can help your company become better positioned when <a href=\"https:\/\/www.planview.com\/products-solutions\/solutions\/strategic-portfolio-management\/\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">starting an SPM journey<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Your_Organization_Needs_Strategic_Portfolio_Management\"><\/span>Why Your Organization Needs Strategic Portfolio Management<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Strategic portfolio management garners insights derived from across the company. Practiced with the right technologies, SPM provides a constant pulse on the company\u2019s resources, capacity, project status, and other factors \u2013 which are all fundamentally linked.<\/p>\n\n\n\n<p>Having real-time intelligence yields many benefits. Here are a few of the main ones:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Connect investments and work delivery to company strategy: <\/strong>This is a continuous process that keeps everyone and everything always aligned with strategy. The company can prioritize the highest-value initiatives and ensure execution based on strategic goals. SPM makes it easier to identify and swiftly address dependencies, risks, and constraints<\/li>\n\n\n\n<li><strong>Respond to disruptions more quickly and effectively:<\/strong> Far from a reactive endeavor, SPM boosts the company\u2019s agility. You can swiftly seize new opportunities, capitalize on emerging trends, and adapt to changes ahead; and do it and better than the competition<\/li>\n\n\n\n<li><strong>Reduce your time to market: <\/strong>SPM equips your organization to deliver value to customers faster. Executives and managers can make quicker, more informed decisions. Teams are empowered to innovate, shift gears as needed, and get products and services out quickly<\/li>\n\n\n\n<li><strong>Improve return on investment: <\/strong>Your company is more likely to achieve its strategic objectives for product usage, customer satisfaction, and other success metrics<\/li>\n<\/ul>\n\n\n\n<p>And to get the best results out of your SPM software, you need a comprehensive strategic portfolio management solution that empowers your organization to transform and drive business value on your terms and timeline.<\/p>\n\n\n\n<p>If you\u2019d like to know more about SPM and what it can do for your organization, access our eBook titled <a href=\"https:\/\/info.planview.com\/align-adapt-transform-with-spm-_ebook_sp_en_reg.html\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">\u201cAlign, Adapt, and Transform with Strategic Portfolio Management.\u201d<\/a> Learn how to advocate for SPM within your organization and how you can use it to turn your big-picture ideas into actual business value.<\/p>\n\n\n\n<p>How can you put strategic portfolio management and your SPM software solution into action? Let\u2019s look.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Recipe_for_Success_Implementing_SPM_in_Your_Organization\"><\/span>The Recipe for Success: Implementing SPM in Your Organization<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We touched on what SPM is and what it isn\u2019t. We looked at how SPM can benefit your organization. So, how do you actually implement it and start to see those benefits?<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>The first thing to remember is that a successful SPM transformation requires careful planning and execution. And every journey is as unique as the business embarking on that journey. <\/p>\n<\/blockquote>\n\n\n\n<p>But you can get an idea of what yours may look like by reading about the <a href=\"https:\/\/success.planview.com\/Strategic_Portfolio_Management\/Planview_Strategic_Portfolio_Management_Maturity_Journey\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">strategic portfolio management maturity journey<\/a>.<\/p>\n\n\n\n<p>The takeaway? Your transformation may not look exactly the same as another enterprise\u2019s one. With that said, we have identified five capabilities that are critical to the success of implementing SPM in your organization:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Visibility<\/strong><\/li>\n\n\n\n<li><strong>Alignment between strategy and execution<\/strong><\/li>\n\n\n\n<li><strong>Agility<\/strong><\/li>\n\n\n\n<li><strong>Being data-driven<\/strong><\/li>\n\n\n\n<li><strong>Flexible, streamlined governance<\/strong><\/li>\n<\/ul>\n\n\n\n<p>These five elements are essential for <a href=\"https:\/\/www.planview.com\/products-solutions\/solutions\/strategic-portfolio-management\/\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">maximizing the success of your SPM implementation<\/a>. By creating a strategy that includes these core components and an effective SPM software solution, you can empower your organization to drive value, even when faced with change and disruption.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Accelerate_Value_and_Achieve_Your_Big_Picture_Goals\"><\/span>Accelerate Value and Achieve Your Big Picture Goals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Strategic portfolio management is a necessity for surviving and thriving in an environment of constant change. Companies can close the strategy execution gap and create a dynamic link between them. You can quickly make the shifts needed to address disruptions and capitalize on opportunities that bring value to your enterprise \u2013 all while helping you maintain your competitive edge.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>In a professional landscape that\u2019s constantly changing, why not evolve with it? You can drive strategy and achieve your business outcomes with strategic portfolio management.<\/p>\n<\/blockquote>\n\n\n\n<p>Learn how to successfully implement SPM in your organization by watching our on-demand webinar titled <a href=\"https:\/\/info.planview.com\/5-critical-components-to-spm-implementation-_webinar_sp_en_reg.html\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">5 Critical Components of Successful SPM Implementation.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn how to successfully implement SPM in your organization.<\/p>\n","protected":false},"author":207,"featured_media":22984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[9684],"tags":[],"class_list":["post-22983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategic-portfolio-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to Implement SPM Software in Your Organization<\/title>\n<meta name=\"description\" content=\"Learn how to implement strategic portfolio management in your organization and get the most results from SPM software\" \/>\n<meta name=\"robots\" content=\"index, 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