The ability to swiftly modify the focus of a portfolio to respond to actual or anticipated changes in internal or external circumstances should be a basic factor underlying any PPM strategy.
But in practice, can your organisation’s PPM solution deliver?
With the rapid acceleration in digital transformation seen over recent months, it’s clear that businesses that fail to invest sufficient resources in modernising their PPM could be putting themselves at a disadvantage.
What’s wrong with an annual meeting?
An annual meeting to set budgets used to feel like the best way to stay in control of a portfolio’s progress.
But this infrequent allocation of funding and personnel makes swift action difficult. It stifles the response to external changes where an adjustment of strategic priorities is required.
And it can leave resources from scrapped projects in limbo until the next annual meeting.
One customer told us that at their annual meeting they never considered what should happen to any budget freed up if a project was cancelled during the year.
Fortunately, there is now a better way. Technological capabilities have moved on, and a viable alternative is available. A modern enterprise PPM solution.
5 benefits a modern enterprise PPM solution brings to the table:
- Exceptional visibility
Having a clear overview of an organisation’s portfolio enables it to be closely aligned with the strategic priorities of the business.
This level of visibility combined with a shift in focus from projects to products and outcomes through digital product management, moves the concept of swift strategic action from the realms of ‘nice-to-have’ in theory into reality.
- Complex portfolio changes focused on strategic alignment
While a certain level of complexity in business operations is necessary to be responsive to increasing customer expectations, a modern PPM helps simplify any portfolio changes—only those that are strategically aligned are actioned, and they are properly coordinated, so you can raise the bar and improve customer experience.
- A continuous decision-making model
Using a roadmap with scenario planning to assess the consequences of different courses of action gives key stakeholders the freedom to seize opportunities without the traditional wait for others to submit scheduled project reports. The necessary information about resource relationships and dependencies is already available within the system.
- Strategic resource reallocation
If a project is scrapped before it reaches its planned conclusion, you can reallocate leftover resources to the highest priority areas identified. This stops them being left unused in limbo, or being squandered on less important programmes that happen to crop up at that time.
- Streamlining of projects after M&A
There can be few PPM changes as complex as those resulting from mergers or acquisitions. But with an enterprise PPM, it’s much more straightforward to ensure that resources are aligned with the new strategic goals, while keeping team members from all sides happy.
A modern PPM helps with M&A strategic alignment and team empowerment
A modern PPM also helps you improve morale and motivation by empowering your teams to deliver results more efficiently, with less interdepartmental friction.
Why make do with an inflexible system that fails to meet your business challenges, when you can meet them head on in 2022 with a modern enterprise PPM?