Having an enterprise portfolio management governance strategy is an essential component of success for many of the leading modern businesses in all major industries. There’s no denying the fact that it is increasingly critical to business management as technology continues to expand at a rapid rate. Many organizations are still struggling to get their enterprise portfolio in order, though, which can be a huge detriment to the workflow associated with their enterprise portfolio management system. With the need for project and portfolio management solutions rapidly expanding, organizations need to create expedient solutions that can easily be repeated and modified when faced with complex scenarios. Having a proper governance framework in place for the submission, review, development and implementation of organizational changes is so advantageous, businesses are doing themselves a huge disservice by not having one. To better understand the benefits of enterprise portfolio management, keep reading and consider what it could mean for your business or organization.
Be More Dynamic and Reflective
Having an effective enterprise project and portfolio management (EPPM) governance strategy allows businesses to be more dynamic and responsive to change, and to quickly make decisions that precisely reflect the needs and values of the organization. Significantly increasing your portfolio management platform’s ability to dynamically reflect your organization’s evolving business needs would be reason enough to implement or update your EPPM governance strategy. But there are many more benefits worth considering.
Collaboration for Maximum Innovation
Not only do the most successful EPPM governance strategies enable businesses to analyze their finances, be more dynamic and reflect their goals and values in all decisions and initiativesthey also allow businesses to be more innovative by fostering collaboration. Thought leaders within an organization must be able to work efficiently and unencumbered amongst one another, their project teams and any outside consultants in order to achieve business goals. A successful EPPM governance strategy allows the people within an enterprise to do just that.
More Value Out of the Investment
Organizations also get a great deal more value out of their investment in a project and portfolio management platform when they have a comprehensive governance strategy in place, rather than incurring greater overhead and lower return from a poorly governed system. Doing more with your resources and making your operation more productive, with fewer of those frustrating inefficiencies in the system, is the kind of benefit any business leader can appreciate.
New World of Financial Analysis
Financial analysis is one of the top benefits of having an enterprise portfolio management governance strategy that executives and IT leaders often speak about. Not only do companies with a detailed portfolio management governance strategy get more value out of their project and portfolio management platform, but they also have more tools to perform financial analyses. This allows business leaders to see where they are making money, where they are losing money, where they need to be more efficient and where they need to devote more resources.
Streamlined Resource and Project Management
In a nutshell, all the benefits of enterprise portfolio management have something to do with managing resources and projects. While every business and organization has different needs, the need to make projects more efficient, to make better use of your resources and to be more productive are common to all enterprises. The key is to determine what your organization’s precise goals and needs are, what you are lacking in your current portfolio management system (or lack thereof) and what you need to take you to your desired future state. Then your enterprise can develop and implement an EPPM governance strategy that will take you to that future state and keep you there, even as changes occur, long into the future.
If your business is thinking about developing a new EPPM governance strategy in order to react to the changing demands of the market more quickly without sacrificing efficiency, collaboration, communication and visibility, there are many solutions to consider. The best bet may be to invest in an outside consultancy to help implement these changes and develop a strategy that will work for the long haul. A team of expert consultants can help your enterprise realize these benefits without creating roadblocks and inefficiencies in your ongoing, day-to-day operations.