Project Portfolio Management Software
Project management is considered one of the most essential factions of business infrastructure. However, one of the main challenges businesses face when it comes to handling their projects is a pronounced gap between the number of tasks they have undertaken and the resources & labor they possess to carry out these tasks.
To that end, Project Portfolio Management Software is gaining considerable traction over the years, especially given the fact that nearly 55% of organizations claim to have difficulties aligning their business goals with projects and resources (2019 Project and Portfolio Management Landscape survey).
But what exactly is a project portfolio management software? How does it work? What does it do?
Before getting into the nitty-gritty, let us get a better understanding of what this technology means for business enterprises.
Project portfolio management, also known as PPM software, is a management tool designed to align the software, portfolios, and projects of an organization for collaboration and analysis. It allows managers and PMOs the ability to see the big picture and gain a holistic insight into the potential returns on any project they undertake. PPM software not only consolidates and organizes data related to ongoing and proposed projects but also empowers project portfolio managers with the ability to forecast and analyze the scope of investment in new projects in the future.
There is no dearth of PPM software available on the market today. So, does that mean it is wise to just take a shot in the dark and select the first one you stumble upon? The answer is a resounding No.
Before jumping into the vast ocean of project management software in the current market, it is important to take a step back, and assess exactly what your company needs from your project portfolio management software. A best-in-class PPM software consists of certain salient features that ensure the optimum level of attention and analysis required to execute projects without a hitch. To make it a bit easier, here are the top 5 project portfolio management software features to be considered in your ideal PPM solution:
Every project undertaken by a company has distinct differences, whether in terms of size, time, objectives, or endpoints. Keeping this in mind, PPM software is equipped with flexible workflow functionalities, to make sure that each project, across the entire organization, gets the same level of service from a single universally accessible platform.
Automated and scheduled reminders and notifications
Reminders and automated scheduled alters are essential to efficiently handling project management tasks. The PPM systems should, therefore, possess the ability to trigger notifications to all members of the concerned teams, as and when any change occurs at any stage of project execution, to ensure complete project control and oversight.
To maintain efficiency throughout the project execution process, prioritization is paramount. PPM software that features Gantt charts gives teams the ability to prioritize, track, and allocate suitable time to each specific task associated with the project. Given that Gantt charts are simple and visually immersive solutions to easily comprehending and managing the progression of projects and tasks, they are a key feature to watch out for in an ideal project portfolio management software.
Transparency and open communication between team members is crucial to the success of any project, which is why an efficient PPM software must facilitate insight sharing, updates, and direct communication in real-time among all members concerned with the particular project.
Another necessary feature to watch out for in project portfolio management software is timely reporting. Myriad reports based on team achievements or periodic updates on the progression of the project, among others, are critical components to demonstrating optimum value, maintaining executive support, and keeping an overall track of everything associated with the project at hand.
These are but a few of the outstanding features that encompass a robust project portfolio management system. If you are looking for a solution that comprises all these benefits and more, look no further than the TouchBase-PPM Software, an enterprise-wide Project & Portfolio Management software, equipped with ready-for-use project templates, multi-level WBS and tons more benefits to fulfill all your project portfolio management needs.