If you use offline spreadsheets to manage your enterprise portfolio, I bet you are spending more in the long run than you could be. In fact, even if you are using an isolated software for one of or more your business units, you are spending more than you should be.
A recent report by AMR Research contends that as much as 75% of IT organizations have little oversight over their project portfolios and employ nonrepeatable, chaotic planning processes.
Surely you can relate to the feeling when offline spreadsheets cause you duplication of work, unsynchronized data and more. They can be the cause of inaccurate forecasts and loss of trust in your data.
I assume you’re convinced already. You understand the importance of having a reliable Portfolio Management software tohandle the overwhelming demand and constraints coming from the C-Suite and all BUs, and you are currently looking to find better equipped software to handle your fair share of troubles.
I’ve assembled a few of the industry best tips, to make your life easier:
- Decide how much you are willing to spend – The variety of PPMs, CPMs, PM Software and web based software is enormous. You better know from the beginning where exactly are your pain points? What are you trying to achieve with the introduction of this new software?
Once you gathered all your expectations, it is time to answer the question: What is your budget? The range of prices is wide.
- Implementation time – Some software is more user-friendly than others. Some software sits in a cloud, and some on premise. It is absolutely crucial to figure out which offers you the best solution tailored for your needs.
- Connectivity abilities – Even if you only focusing on Portfolio Management, keep in mind that software has the ability to be connected to a broad range of assets, such as PPM which offers project AND portfolio management, such as CPM, which offers corporate performance management.
This advantage is key. It allows you to handle your own portfolio within a company’s constraints, thereby making calculations related to corporate strategy, milestones and to obtain live reports and analysis.
- UI & UX – As I mentioned before, user friendliness is a key factor in choosing a suitable software. The reason is this, as the UI & UX make it more “appealing” for the users, it will make the implementation smoother, and make the whole transition more fluid.
Some companies invest millions of dollars on a feature-rich software, but do you require all those features? Better look at how intuitive is the software or how much training is required for all the users to feel comfortable.
- What are you planning to manage – There is a countless number of financial matters you can manage inside your portfolio. You have to make sure your prioritization is in place before you begin this process. Is it your entire budget planning and cash management? Expenses? Is it strategic corporate investments? Either way, you need to make sure you have a clear plan. Each of the paths you choose require you access various data sources. The only way to make these decisions should base your enterprise strategy and prioritize accordingly.
- Purpose – Is it your IT strategy you intend to manage? Is it budget portfolio? Is it project management? Either question deserves a different answer. Each solution can offer tailored approach for the problem.
- Corporate culture– Often an overlooked aspect, corporate culture is truly significant. One can differentiate various enterprises by the way they handle reorganization and business transformation. Based on past events, they are able to determine how changes are dealt with via change management, operational excellence and more.
Companies which have the ability to absorb changes, new software which make changes in the way people work, are better positioned and more agile for respond to other changes, like what goes on in the external market.
I would recommend reading an article in CIO Magazine, Portfolio Management Do’s and Don’ts: Six Tips for more information.
I hope this article helped you to formulate a good game plan for choosing your portfolio management software. Before going on with your next step, I recommend you also read 8 Reasons Why Budget Portfolio Management Fails in Large Organizations.