Get a Competitive Advantage with Project Portfolio Management
If running a successful business was easy, everyone would be doing it… As you know, it’s not easy to reach and maintain business success. It takes careful planning, attentive management, and a deep understanding of the potential obstacles and barriers to success. To do all this and still have time to breathe, you need to harness one crucial and powerful competitive advantage – effective project portfolio management.
You are looking for that next big thing – how do you know if you’re on the right track and have made the right decisions on how and where your company should focus next. This is where project portfolio management can be your missing link, giving you the lead on your competitors.
Visibility Is Essential
You’re busy managing multiple projects and people. This means you spend most of your day in meetings, stand-ups, scrums, and on conference calls. When do you actually have time to take a step back and review all the projects, deadlines, resources, deliverables, and client demands that are running your business? Chances are high, you don’t have much time to devote to this kind of manual review and analysis. However, with a project portfolio management tool you can soon get the visibility, understanding, and comprehensive review of how your teams, resources, and company expectations are aligning.
The more you can see – the more you can understand.
- Know why you’re investing time, people, money and technology in each project. Be ready to provide your stakeholders with the information they need to feel confident about your progress and decisions.
- Know what and who you have on your team. Have the insight to clearly understand the people on your team and their skillsets. When you know this, you can build stronger teams and align these teams with the right projects and deadlines.
- Know which technology decisions make the most sense. It only makes sense to update your technology when it makes sense for your teams. Know the barriers to success your people are facing and how these can be overcome with the right technology solutions at the right time.
Know Where You’re Going
Success doesn’t occur in a vacuum. You need to know what your business opportunities are and how best to take advantage of these. This cannot happen if you’re spending your time looking at complicated spreadsheets and trying to wade through multiple emails and project updates. With a project portfolio management solution, you can streamline project management, and get to the information you’re missing before it’s too late.
Soon enough, you’re using change to your advantage. You know and understand what is happening within your teams, you can quickly identify holes in technology, people, and budget, you can plan for application updates and roll-outs, you can adjust deliverables to support client demands – all from within one software solution.
Work Smarter Not Harder
Imagine if you had more time in your day – when you’re doing project portfolio management the right way, this is what you’ll get. The right project portfolio management tool makes it easier for you and your team to do their jobs. Everyone is communicating and keeping one another updated with their progress. Decision makers and stakeholders can easily understand how and where budget dollars are being spent and how they can better allocate funds. Track project progress and quickly identify areas for improvement and your successes.
Knowledge truly is power and the more you know about your team is working and how this aligns with your company goals, the further ahead you’ll be. Effective project portfolio management takes any questions out of how and why you’re doing what you’re doing. Manage your team with confidence and be ready to reap the rewards of your competitive advantage.