A project portfolio is the compilation of strategically segmented projects. Some companies may have only one that includes all projects, while larger companies currently have multiple portfolios for separate creative disciplines. Project portfolio management (PPM) is the process that encompasses keeping all the portfolios on track and thriving.
Mostly, people get confused between the roles of a portfolio manager and project manager. The key difference between IT service portfolio management and IT project management is volume.
While IT project managers are responsible for driving the success of some particular projects within the portfolio, IT service portfolio managers are appointed to ensure the successful functioning of one or more portfolios.
Project Portfolio Managers need to ensure
- The strategic objectives of the company are fulfilled
- Optimum outcome through efficient management
In this write-up, we’ll discuss 7 IT portfolio management best practices to improve your organisational outcome.
5 Ways To Improve Your IT Portfolio Management
1. Understand Your Business Strategy
A successful IT service portfolio management starts with a robust business strategy since it determines any firm’s project scope and long-term operation.
An accurate implementation of business strategy ensures the success of your projects. All the organisational operations depend on a clearly defined and adequately communicated business strategy.
2. Always Consider the Top-Down Approach
A bottom-up IT portfolio management method neglects business strategy. This may result in over utilisation of resources, overworked employees, lack of innovation and projects getting cancelled.
Robust IT enterprise solutions for portfolio management depend on the opposite approach: The top-down approach. In this method, all the decision-making begins at the top.
With this approach, most vital projects to organisational strategy are implemented first and get guaranteed access to required resources. Any remaining resources can be utilised for promising yet more tentative projects.
3. Support From Executive Board Members
For the successful functioning of a company with high performance, the IT portfolio manager must get buy-in and support from the top of your organisation.
A study conducted by Project Management Institute reveals that 90% of highly successful firms companies are empowered by strong CEO and executive support for their IT service portfolio management strategies.
4. Form a High-Performing Implementation Team
A strong IT portfolio management is defined by a strong implementation team. All the departments’ collaborative functioning, experience, and professional training aids in making informed project decisions.
The implementation R and the portfolio manager can also review portfolios to identify issues like resource over-allocation, high-risk non-essential projects, and projects with depleting budgets while only in mid-timeline.
Also Read: How IT Enterprise Solutions Can Be Helpful For Your Business?
5. Always Try Asking the Correct Questions
A portfolio manager needs to ask questions about all projects within the portfolio. IT service portfolio management requires consistently being alert for issues arising in a wide range of projects and demand information for guidance. Below are some questions accurate portfolio management-
Ongoing Projects-
- What is the performance status of the projects?
- Are there any delays or issues?
- Are any of the current projects co-dependent?
- Are there any chances of conflicts among the projects in the pipeline?
- Are all resources getting utilised effectively?
Proposed Projects-
- Does the new project align with your business strategy?
- Do you have the required budget and resources for it?
- Do all the stakeholders of the new project have realistic expectations for the results?
- Does the new project necessitate investing in new software infrastructure?
IT enterprise solutions for portfolio management offer a centralised oversight for all projects under a portfolio and enable adequate resources consumption, better budget utilisation, and optimum time management.
