What is Project Portfolio Management Software?
Project portfolio management software is used to support processes related to evaluating and selecting new projects, as well as managing an existing portfolio of projects. These applications help to make smart financial investments when choosing new projects and to make the necessary adjustments to project portfolios to ensure the optimal return on investment. PPM software collects and organizes all of the data related to individual projects, consolidating it and turning it into reports based on various metrics, such as business goals, costs, resources and risks.
With a PPM solution, information such as project names, objectives, deadlines, resources, schedules and tasks are centralized to give an overview of all project information within a project portfolio. This single view of the entire portfolio helps you to understand the effect of poorly performing projects on the rest of your portfolio, as well as to pin-point successful campaigns .
A key function of project portfolio management software is to ensure strategic alignment in project selection and delivery by defining certain organizational criteria for project selection. The reporting tools of these applications allow you to monitor the success of projects in meeting these strategic goals and targets. They also provide the ability to define deliverables for specific projects, as well as to allocate owners to these deliverables and track their progress over time.
These apps allow to analyze the potential effect of changes to individual projects on the entire portfolio before implementing them, such as the impact of an acquisition or merger on project deliverability. You can also analyze the potential impact of adding new projects and whether they can meet financial and resource constraints.
Project portfolio management software is used to manage budgets related to new and existing investments. You can build forecasts over a defined time-frame and submit approved forecasts for financial analysis. These can be compared against actual budgets to keep forecasts in line as projects develop.
A core feature of PPM software is the ability to produce reports based on key performance indicators and metrics. Reports can be standardized and automated to include the most relevant data to match your current portfolio. Reports on financial forecast and budget can be generated to understand the organization’s overall financial and resource capability.
Notifications and alerts are another key component of PPM software. These apps will notify you of failing projects in good time, ensuring the right course of action is taken to prevent future damage.
Resource management is a key feature of PPM software. These tools enable you to identify resource demand and allocation inefficiencies. They help to prevent duplicated supply as well as to adjust supply based on changing project scenarios. You can create and manage resource demand profiles for roles and departments, schedule resources and analyse resource capabilities and utilization.
These tools can also be used in hiring new project workers, ensuring new hires meet skills requirements. You can also define payments based on grades and roles. These tools can also be used to create work calendars, manage time-off and track productivity across projects.
Project portfolio management software enables collaboration among project teams, with the ability to share and centralize documents and files, as well as calendars, issues and discussions. PPM software also allows you to map your project hierarchy, helping you to manage priorities and make important decisions such as when to shift resources on current projects and when to take on additional projects.
Key Features & Benefits
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