The Business Case for Project Portfolio Management
The expression “better, faster, cheaper” is commonly associated with supply chain initiatives, where companies have developed an edge by getting products to market faster and more efficiently than their competitors. However, in the new world of cloud computing, more companies are looking at their IT department as a competitive differentiator by enabling them to quickly deploy hosted applications that can level the playing field with larger, established competitors.
The expansion of cloud-based and hosted Software-as-a-Service (SaaS) solutions has enabled companies from the Fortune 500 to Small and Medium Businesses (SMB) to seek out new solutions to automate and optimize critical areas of their business- -such as revenue management, price modeling and inventory management. The good news for CIO’s is this renewed emphasis on applications as business enablers and efficiency drivers has brought IT back to the boardroom table.
Businesses are increasingly realizing that the ability to respond quickly, efficiently and strategically to market dynamics is heavily dependent on innovation driven by IT management.
However, the growing challenge for IT departments is that this heightened profile is also increasing demands to manage and prioritize a growing list of projects. According to the Aberdeen Group research report Project Portfolio Management for IT: How to Achieve the Greatest ROI on Projects from November 2010, the top pressure cited by IT was the “need to use project resources more effectively”, cited by 43% of respondents.
In this environment, both large and small companies are turning to Project Portfolio Management (PPM) and IT Governance solutions to benchmark and streamline strategic initiatives. These solutions are helping overtaxed IT departments manage project requests, resources, budgets and projects and ultimately position IT as a key enabler to the enterprise reach its strategic goals.
In this white paper, we will present industry best practice data as well as real-world examples of how companies are using PPM solutions to help drive innovations with their organizations, while delivering on key performance goals like being on time, on budget, on quota and on target.