Understanding The Background of Agile Portfolio Management Software.
If you search, how to manage a business successfully? You will find thousands of articles and blogs along with suggestions of some best books that will teach you to manage the business from start to finish. Still, many products are deemed as a failure even after being released on time and within budget.
It is a fact that companies mostly fail because they usually start developing a product without knowing what it will offer them or how much it should cost. Many new companies fail because their initial ideas turn out poorly after investing months into development.
Agile Portfolio Management aims to solve these problems.
The idea behind agile portfolio management software is simple: plan for all possible outcomes before deciding whether you can afford to invest more time into your current projects.
If things don’t work out as planned with one thing, there’s always another option waiting — which means the cost of failure is minimized.
What is Agile Portfolio Management?
Earlier it used to take years to recognize whether the product would be productive or not. It is actually true. Before agile, industries used to identify the problems, plan the solution using the predictive approach (Waterfall technique for software projects), and then bring the solution either as a product or software.
Though by the time a product or software is developed and released, it may not be relevant, or customers no longer require it. Due to this, several companies have to bear huge losses.
However, in 2001, in February, when 17 software development leaders gathered at the Wasatch mountains of Utah for holiday and relaxation. But soon, this holiday became a game-changing event for every company and as they emerged with — Agile Manifesto.
Identifying the best agile portfolio management software.
Agile portfolio management software is the answer to a fast-changing and volatile environment. As businesses become more agile, they can react quickly when market conditions change, which means that agility enables them mass feedback from their customers in near real-time.
It provides the roadmap for an organization to identify, prioritize, organize and manage different products. This is done in a streamlined way so that value can be optimized on projects which are sustainable over time.
A best agile portfolio management should have the following abilities.
● Have in-built templates based on the nature of the project.
● Gather/elicit requirements and create Epics.
● Create a Product Backlog.
● Use different prioritization techniques to create a Prioritized Product Backlog.
● Create Release & Sprint Plans.
● Enable creation of User Stories.
● Support estimating through techniques based on Story Points.
● Enable task estimation and scheduling via Gantt Charts.
● Assign resources and manage resource utilization.
● Visualize the project through Task/Scrum Boards.
● Track the project progress and reflect them on Sprint Burndown Charts.
● Support documentation associated with deliverables.
● Manage project budgets and actual costs.
● Offer seamless collaboration across teams and stakeholders.
● Consolidate business value across projects into a portfolio.
● Provide analytics, alerts, and notifications for proactive project management.
● Integrate seamlessly with enterprise applications such as ERPs, HRMS, Accounting and others.
In Conclusion
The agile project portfolio management software allows stakeholders focus on value delivery in short durations (2 to 6 weeks), keep the ears to the ground, and make project changes to reflect market realities.
This type of discussion shifts the focus from long-term funding and deliverables into short-term incremental investments where requirements could be quickly reprioritized as needed.
