Piling on the projects is not going to give you an advantage in the IT world, especially if your organization lacks communication. Mario Trentim of PMI.org says if you want your projects to succeed, portfolio management should be your new best friend. It helps companies deliver projects on time, under budget, and with an increased ROI. This all happens because of the increased communication portfolio management brings, which comes from strengthening these five different components:
- Clarity: the objectives, policies, and procedures must be clear if you want people to deliver. They can’t act on what they don’t understand.
- Openness: Explain why you think portfolio management is so important.
- Alignment: Show your organization how you can add business value, by communicating the key performance indicators and the reasons behind them.
- Discipline: Well thought-out communication isn’t going to happen on its own. Set up processes and procedures to keep communication on track.
- Accountability: Everyone in the organization is responsible for the portfolio results. To ensure this, you must communicate the corporate portfolio strategy, and make sure the project KPIs and portfolio KPIs are aligned.