You May Be Wondering, What Is Portfolio Management Software?
Project portfolio management software is an application or programme that helps the senior Project Management Officers (PMOs) manage different projects, products or services, and gives you the ability to see the ongoing performance, resource details, targets and costs of active projects.
Why Do Organisations Use It?
The software allows managers to organise the data from various different projects into one portfolio, which gives us insights into what resources may be needed for the completion of the project and it will track and convey the overall progress across a business’s projects. Portfolio management software is particularly useful in the financial sector where various metrics need to be collected to convey a ‘bigger picture’ understanding of project progression
1. An Enhanced Understanding Of The Bigger Picture
It helps PMOs in organisations stay on track with long term business objectives, and ensures that each project aligns with a company’s overall strategic goals. The software is also useful during meetings with company stakeholders where you may have to prove each project’s value and convey overall project progress to senior stakeholders.
2. PPM Software Helps You Efficiently Manage Company Resources
This centralised software for all live projects connects its users to accurate data on the cloud. Project indicators can help PMOs assess each portfolio’s performance to ensure everything is on track for success. The software enables managers to recognise emerging trends that may negatively impact performance. Up to date metrics are available so that users can make quick strategic changes to portfolios in real time.
3. The Whole Organisation Is Better Connected
PPM software unifies both teams and stakeholders, ensuring that everyone is on the same page. You have access to informative and actionable feedback in real time when looking at your portfolio of projects rather than just individual ones. The software encourages managers to be more cohesive as a team.
4. Data & WorkFlow Visualisation
PPM workflow visualisation is a key element to minimising risk on high-risk projects. These kinds of projects must align with the corporation’s long term objectives otherwise they may need to be paused or stopped completely. On high-risk projects, it is imperative to use data to provide well informed decision making. Data-centric software such as this empowers leaders to make the right decisions.
5. Intuitive User Interface
Planners help organisations to schedule and prioritise resources more efficiently ahead of time to ensure every project is providing the most value it can to achieve the highest ROI possible for the business. High functionality helps managers to organise projects, update reports, allocate team resources and understand data and analytics more efficiently.
To Summarise
PPM is a secure, reliable software that helps organisations reduce risks, maximise profits and allocate resources in a smart and timely manner.
