Best Portfolio Management Tools to Enhance Your Business

When an organization plans to expand, there are various business concerns it must prioritize and attend to. Business expansion is a challenging task and deserves effective team and portfolio management. There are various strategic goals that an expanding company has to decide on and meet. Furthermore, it is also essential to keep a risk management plan handy to tackle adverse situations. In her article for the Digital Project Manager, Sarah Hoban shares several project portfolio management tools. They will help you strategize your business goals and attain the best results.

What Is Project Portfolio Management?

Portfolio regulation focuses on implementing organizational strategy into various portfolios of projects. It enables companies to align their business goals and accumulate resources. Project portfolio management (PPM) at the enterprise level focuses on managing interrelated group projects in a centralized way. You should use an enterprise project management office if you want to manage several ongoing projects. An EPMO offers:

Identification of potential risksImplementation of project selection and prioritization methodsIntroduction of resource allocationCollection of data

Signs That Show Your Team Needs Portfolio Management

Here is a list of signs that show your team is ready for the implementation of enterprise project portfolio management (EPPM):

Your team members are on the same page regarding the business strategy.They can explain their job responsibilities and how those affect the business.You spend more than half of your professional time making progress in your business pursuit.Your company has a track record of successful and timely project completion.You are working on various projects simultaneously.You have real-time visibility of your project execution plans.You can make progress again in business-critical instances.

How to Introduce Enterprise Project Portfolio Management

Here is a five-step plan to implement EPPM at your firm:

Understand the current state of your business.Implement OKRs or KPIs at the organizational level.Compare the ongoing projects and align them accordingly.Introduce a recording system that enhances your portfolio tracking.Supervise and track your project.

How EPPM Software Helps a Manager

To enhance your EPPM processes, a project manager should:

Reduce the time team members spend reporting tasksOptimize their performance to improve your project executionProvide necessary information to your leaders on time

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