What are the capabilities of project portfolio management?
An ideal project portfolio management software focuses on enhancing all areas of a project, from inception to delivery. It enables project leaders to gain key insights into the progress of the project across all stages seamlessly. A PPM software also drives business results for project managers that want to optimize operations and enhance visibility.
A robust online project management software is also highly personalized to the requirements of the enterprise. Industry-oriented solutions also allow managers to customize their project health dashboard, and track metrics relevant to their operations. Some of the key capabilities of a project portfolio management software are mentioned below.
Strategic planning and design of projects
A key capability that an online project management software provides is the extensive planning tools available within the solution suite. Data analysis, visualization, and presentation tools ensure that stakeholders have comprehensive access to data to prepare scientifically accurate project plans. Project management solutions also allow for highly specific planning tools, such as BOM/BOQs for contractors and builders, enabling them to have better control over project financials over time.
Auditing and monitoring of projects
A healthy project portfolio is one that can be audited at any time. All details are captured by a sophisticated project portfolio management software, enabling managers to gain key insights at any time. This significantly reduces risk and enables greater transparency into all projects within the portfolio. Monitoring tools, such as status updates, milestone tracking, remote data capture, etc. help in empowering stakeholders to perform corrective action when necessary.
Project financial management
Large-scale projects that are increasingly complex in scope, often run over budgets and scheduled timelines. This is primarily due to a lack of a complete financial management system, that allows for budgeting, tracking, and monitoring. As financial management is a core project management process, it is important for a PPM software to ensure revenue forecasting, ROI/IRR tracking, milestone funding, consumption, and other relevant metrics.
In-built work-breakdown structures and scheduling
A key benefit that is required by most project leaders is a comprehensive work-breakdown structure management system. A PPM software should enable managers to track timesheets, assign project work, and track performance as per the relevant stages. A built-in scheduling feature automates the manually intensive load of designing schedules for projects repeatedly. The best solutions are intuitive and easy to implement, ensuring their daily utilization.
In conclusion
An ideal project portfolio management software incorporates the best of innovative features and customizes the offering to the needs of the enterprise. They leverage automation to streamline processes across business units and provide collaboration-based tools for ease of updating.
They also provide robust project monitoring tools to managers who can review project work on a regular basis. That is why industry leaders prefer to work with TouchBase, a ProductDossier product, for their project portfolio management requirement.
