Many benefits are associated with project portfolio management. Optimizing project portfolios is an effective way of balancing capacity against demand, linking resources and plans to project execution. It is also helpful in maximizing human resources for efficiency and control. The following are the benefits associated with project portfolio management.
Better Decision Making
Driving better business decisions is one of the significant benefits of project portfolio management. Having good data can significantly help you in making right decisions. It will also make your business more visible from a top-down, strategic perspective. You can do this by hiring a reliable firm. This can help you in predicting the future factors such as resource utilization based on the past project metrics. Knowing what is happening in the current projects can help you in finding out which projects are contributing to your corporate objectives.
Every company should come up with portfolios that minimize risks and balance the necessary deeds for making good profits. Risk management is an effective way or avoiding overspending. Overspending is caused by many factors such as inaccurate scheduling, poor project estimating, lack of visibility in the project data and improper resource allocation. Proper utilization of PPM toolset can help you in decreasing overspending by ten percent. You can use these tools to make sure that your projects are accurately estimated.
Increasing Project Delivery Success
Project failure is caused by certain factors including poorly defined requirements, schedule delays, cost overruns, unresolved issues, technical limitations, mismanaged resources and improper strategy alignment. PPM can help you in minimizing these factors. Many organizations have been using PPM tools to plan their projects, estimate projects cost and ensuring strategic alignment.
Fast Project Turn Times
PPM can help you in reducing your project’s turn times by ten percent. PPM technology is aligned with processes that allow the team members to increase productivity and increase the workflow. Strategically aligned projects are helpful in increasing the business value. A short time to market can help you in realizing this value sooner and give your business a head start on its competition.
Increasing Collaboration and Streamlining Data
Many businesses are still relying on manual tools such as Excel worksheets. Some of them are located on the client’s computers, but they are not useful for enterprise use. Business people should avoid transferring data and updating through email since it can become outdated quickly. This is an issue that can lead to project inconsistencies and conflicts. With PPM, users can easily access real-time data and get the insight needed to get the job done.