Why visibility is the key to successful Project & Portfolio Management
Without portfolio visibility, you can’t make effective decisions. You can’t take a proactive approach. You can’t forecast problems before they happen. You end up encountering bottlenecks or miscommunications, and these can lead to project silos or, worse, project failures.
A PMO manages many moving pieces in the portfolio puzzle. It’s essential that every part of the process and every employee can work and function at their optimum. The data resources outlined in this guide should go a long way toward improving productivity and time to completion. They should also improve job satisfaction, employee engagement and talent retention.
Opening up data on your project from all angles can breathe new life into how projects and portfolios are managed. It’s not about overwhelming PMOs. It’s about ensuring they have access to the right data at the right time so they can guide projects to completion.
By looking closer at where projects fail, Planview AdaptiveWork is built around these common friction points. It untangles the complexities and delivers a solution and system that enhances visibility and informs decision-making while reducing manual work.
This article will identify the key data you need to successfully manage your portfolio.
Single source of truth for enhanced collaboration
Of the projects that fail, 30% are the result of ineffective communication. That’s according to the Project Management Institute. Portfolio project management platforms can help eradicate some of the common problem areas. How? They create a single source of truth. All documents and data can be accessed on one platform. But confidentiality and privacy still won’t be impacted, as you have control over the parameters of who can see what.
When it comes to documents, there are some that you need the whole team to access. That way, you ensure there is less duplicated work, improved consistency, and that everyone works on-brand and toward the same objective. It prevents departments from becoming fractious or beating to their own drum.
Having a central platform where all brand documents and policies can be accessed reduces friction while boosting productivity. It removes some of the biggest headaches that enterprises currently face regarding communication and collaboration.
You can also use integrations that show collaboration analytics. That way, you can monitor time spent in meetings and how your employees are interacting on a professional level.
With the right tool and implementation, you can reduce manual work through automation, integrations and notifications.
Resource and capacity planning
Resources and capacity planning are really the bread and butter of effective portfolio management. It enhances visibility and helps your resource managers make more proactive decisions.
You can rest assured that resource managers can see ahead of time how many hours of work need to be filled and when. They can easily find the best fit for the job with filters and ensure that any gaps are filled in advance. Where necessary, you can plan for unexpected absences.
Ensuring that all deadlines are met without interruption is a key enhancement that resource and capacity planning can offer.
You will be able to see across the board. Vitally, all resources from every facility, location and department will be visible. That way, you can know where all your people are.
Enhanced report access
Gone are the days when you had to blank out hours—maybe entire weeks—in your diary to create data reports. With tools like Planview AdaptiveWork, you can create custom reports that automatically update with the data that matters to you. With enhanced report access, you can increase visibility into your projects and see whether they are on track and on budget.