Top 10 Benefits of Project Portfolio Management Solutions
Published On June 28, 2022
Project portfolio management is the framework to standardize the management process. The ground for profitable and strategically aligned road maps while also providing efficient resource management.
Project portfolio management and solutions
Project Portfolio Management Solutions evaluates the potential projects by accounting for each project’s risk, implementation, and alignment to the organizational strategy.
Identification and Evaluation
Oracle PPM Cloud requires the selection of projects with eminent evaluation. This process aims to create a master list of projects and opportunities that need to be considered as part of a portfolio. The core of assessment is the evaluation of data collection. Gathering and analyzing qualitative and quantitative project data enables organizations to perform detailed reviews and prioritize accordingly.
To see the bigger picture
Organizations that handle more extensive projects lose track as time progresses. This is due to complexity and issues arising as the project proceeds. Oracle Project Portfolio Management Cloud keeps track of the project’s long-term goal. It stabilizes the project management and ensures tracking of the plan to achieve the goal.
Business goals
All project requires business goals and required objectives to achieve them. The downfall of any project is that the foundation is not laid appropriately or followed once the project kick-starts. Oracle PPM Cloud creates a culture where the goals and objectives are set before the project is kick-started. This allows the project managers to discuss and act immediately on issues arising from the project.
Change of strategy
There are instances where a project goes on hold for several reasons, or the project strategy has to be changed for a possible outcome. Any changes in design, productivity, or macroeconomic modifications might affect the balance of the project. Project Portfolio Management Solutions helps continuously monitor the project and report the project’s status at a recurring interval.
Use of resources
Resources are significant for projects. Resource allocation also plays a vital emphasis in the projects. Oracle PPM Cloud efficiently uses the resources. Proper resourcing helps in the smooth flow of the project. Resourcing might become problematic when organizations handle a pool of projects, especially on the technical end. Project management solutions also address these.
Addressing the competition
Organizations with different project groups with other goals can function as competing units vying for financial and human resources. Oracle Project Portfolio Management Cloud tackles this challenge by ensuring the alignment of projects with overall strategy and using a meticulous, standardized approach to evaluate demands from different functions. It also reduces redundancies in tasks.
Minimize the risk and Maximise the investment
Risk is inevitable in a project. Organizations prefer low-risk and maximum returns to high-risk to maximum return on any project investment. Project Portfolio Management Solutions is designed so that projects are invested on a portfolio level on a project level. If projects are treated as corporate investments in a portfolio, then corporate approval and standards occur at the portfolio level and not at the project level.
Time and budget
Utmost systems fall victim to overspending due to poor cost estimation, mismanaged resource allocation, and miscommunicated project scheduling. Delivering projects at an agreed timeline and within the budget is essential so you start reaping your benefits and your association has the bandwidth for other profitable tasks. Portfolio management strategies this in such a way that it is achievable.
Technological advancement
Nowadays, Organizations have various tools that can be leveraged for portfolio management to track the project status. This helps understand the project’s current situation; issues can be recorded and reported. A weekly status call can be held on each project between the project manager and the resources to have a healthy discussion.
Increased Return on investment
Any Industry/ association has a goal to achieve increased returns. ROI is the revenue/ profit generated after the deployment of the projects. Investing in portfolio management tools and training your people makes it possible to improve project success and make cost-saving decisions. Oracle PPM Cloud Solutions enable companies to identify the best investment opportunities and efficiently manage them from design to maintenance to maximize ROI.
Project Management with Rite Software
Rite Software is an oracle cloud service and oracle partner with rich experience in oracle project portfolio management solutions. We are driven by the best practices approach and proven methodology. Services from the roadmap to maintenance, future upgrades, and support are provided. You receive quarterly software updates from Oracle, ensuring you always have access to the latest features and more advanced capabilities driven by Artificial Intelligence and Machine Learning.
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