• April 18, 2022
  • Subramanyam Sripada
  • 0

Project Portfolio Management (PPM) systems provide organizations with a concrete foundation for their project management needs. Selecting right solution may be challenging and develop the right PPM implementation strategy due to the complexities involved. 

Oracle PPM Cloud provides an integrated project management suite to streamline and automate end-to-end processes. An Oracle PPM Cloud implementation can simplify project controls, increase productivity and improve decision-making. It provides a fully integrated solution designed to transform project management across the organization, from the project management team to the executive team and other key stakeholders. An Oracle PPM Cloud implementation is usually a long-term investment for any organization with the potential for a huge impact, so we recommend that you adopt a planned approach.

Define the project scope

For an Oracle PPM Cloud implementation to be successful, it must support the organization’s critical functions and consider the data and business process management elements. However, the scope of an Oracle PPM Cloud implementation is often limited to core PPM modules, without focusing much on master data management, business process management, and deeper insights from analytics. As a result, the net impact of Oracle PPM Cloud in these organizations doesn’t live up to the expectations; users are frustrated by the limitations, and the management is forced to expend more time and money to achieve results. Therefore, it is vital to understand the scope of your implementation and include master data management, business process management, and analytics elements wherever applicable.

Engage all key stakeholders

An Oracle PPM Cloud implementation fundamentally impacts how your project management team operates, and therefore, the IT department should not assume sole responsibility for the implementation. Involving the executive management and business stakeholders across the project management team early on can deliver crucial executive buy-in for the implementation and communicate its importance across the organization. These stakeholders could include top management, finance, IT teams, business process managers, end-users, or anyone impacted by the implementation process. You must obtain visible stakeholder support throughout the life cycle of the project. Engaging executive management helps with project sponsorship, supports the creation of project steering committees, ensures timely quality reviews, simplifies issue and conflict resolution, and keeps everyone informed of the project progress.

Refine the RFP process

A Request for Proposal (RFP) supports the organization’s selection of a suitable implementation partner for Oracle PPM Cloud and can stretch out over many months or even years. A competent partner can cost both time and money, and the positive returns from the implementation can also take time to manifest. Therefore, an effective Oracle PPM Cloud implementation needs the partner selection process to be quick and effective. Partners with the right skills and expertise provide the best advice and accelerate the implementation.

Allocate sufficient budgets

Organizations embark on an Oracle PPM Cloud implementation project to transform their processes and reduce costs and expect the project to deliver a timely ROI. One flawed approach to cost reduction is to cut the implementation budget, often impacting the project’s success. Budget cuts usually affect change management, training, and project management because they often view these areas as an unnecessary overhead instead of recognizing that they are critical components of a successful implementation. A lack of understanding can lead to project failure in specific scenarios where the budgets are allocated incorrectly, costs significantly exceed the estimate, and the project fails to deliver its expected ROI. Therefore, you shouldn’t try to cut costs in crucial areas like change management, training, and project management. Change management and training are essential for an Oracle PPM Cloud project to succeed, and you should institute effective change management and training programs from the beginning.

Conclusion

Many project management systems are available today, but Oracle PPM Cloud is the leading solution for the integrated management of your project financial and execution management processes. Organizations must adopt a planned approach while evaluating Oracle PPM Cloud implementation partners. The evaluation and selection criteria for choosing the right implementation partner are crucial. They must be based on your business objectives, the skills of your internal resources, and the project scope. Though these criteria may vary based on your needs, they must include strategy, change management, resource skill sets, industry expertise, data and system integration, testing and training, etc.
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