Choosing the right project portfolio management system
Project portfolio management systems ensure alignment, consistency and transparency in project controls. Choosing the right system can enable optimal capital project delivery performance and mitigate the risk of implementing a new technological system.
In today’s climate, remote workers, constrained contractors and a tight labour market are putting pressure on project delivery. Combined with globally distributed supply chains and rising expectations for speed and quality of project execution, this has driven rapid adoption of project portfolio management (PPM) solutions.
Integrated PPM solutions are attractive for leaders as they allow real-time tracking of their highest value projects. These solutions also integrate key financial, schedule risk, safety and environmental metrics. Having this information at hand reduces the time to generate insights and make strategic decisions.
Real-time visibility also serves as a sole source of information for proactive project management. Combined with advanced analytics, artificial intelligence (AI) and dashboard reporting, PPM solutions can significantly reduce project waste and set projects up for success. They also help bring projects, programmes and portfolios under control to deliver more efficient and sustainable projects.
However, the PPM software market is saturated. Organisations must understand the providers in the market to determine which is the most appropriate for their organisation.
Choosing the right PPM technology
Finding the right tool can be a complex process. It’s imperative to maximise the value of your investment, ensuring it aligns with your project management requirements and delivers successful people outcomes.
Before selecting a PPM technology platform, organisations should assess their maturity level to identify any gaps that might affect implementation.
- Is there an existing robust project management framework in place that’s actively followed?
- Are project reporting requirements, key performance indicators and planning processes defined?
- Are proper governance, delegations and risk management policies and processes in place across all projects, portfolios and programmes?
Closing maturity gaps and being well prepared in processes, risk management, governance, policy and reporting are critical before commencing implementation. Supplying the PPM solution provider with approved documentation ensures the system can be configured to the organisation’s requirements, enabling a seamless implementation process.
Choosing the right implementation partner to maximise benefits
Implementing a PPM technology platform doesn’t guarantee project success. Expecting a platform to single-handedly turn project teams into high performers is unrealistic and, if executed incorrectly, can be a drain on resources.
The importance of an implementation partner is critical to mitigate risks and ensure the project is delivered on time, within budget and aligned with organisational requirements. Without one, organisations can face greater exposure to strategic and delivery risks.
PPM systems focus on the configuration of the existing platform, not customisation. Implementation partners play a key role in helping both the PPM solution provider and the organisation ensure the system is configured to meet the needs of the organisation.
Implementation partners play a critical role in maximising system adoption across the organisation through people and change management support. Their leadership helps organisations recognise that it’s not just about the PPM system, but also about the people who will use it. An implementation partner must prioritise effective communication, stakeholder engagement and support in system training, while proactively preparing to address resistance to change.
An eye to net zero and sustainability
Modern-day project management requires careful navigation through a web of environmental, social and governance (ESG) complexities.
Robust PPM solutions are now fitted with strategic portfolio management (SPM) capabilities to balance ESG requirements.
They help create, evaluate and manage projects to focus on strategic priorities.
Through PPM solutions, the SPM component transforms how organisations integrate and report on ESG considerations and targets across all projects.
Optimised project delivery
When implemented correctly, PPM systems are revolutionising project delivery by improving visibility, collaboration, decision-making, resource management and efficiency. Integrated PPM tools are transforming how projects are managed across their entire lifecycle, with advanced analytics and AI set to drive project excellence by 2025.
Organisations need to embrace and prepare for this digital transformation by selecting the right system and people to deliver maximum value.