Technology spending is rampantly spreading across many corporations. Most enterprises have joined the bandwagon in digital transformation for their products and services. Chris Curran sheds light on why Project Portfolio Management should spearhead C-Suite conversations today through an article by Sanjay Sharma.
Nowadays, recent economical shifts have driven company executives (such as CIOs) to accept PPM to aid in reducing costs while maintaining value and earnings. This was made evident during the recent recession. On the other hand, PPM also helped crafty managers to mobilize investments efficiently when the economy is currently on the rise.
An analyst has said that “by 2016, 70% of the most profitable companies will manage their business processes using real-time predictive analytics or extreme collaboration.” Therefore, companies need to know what works with the digital consumer and what does not at a faster pace to make adjustments on the fly. This is where PPM can come in to collect and coalesce around data about business goals, finances and people to make critical decisions about competing priorities at an unprecedented pace.
Moreover, PPM will provide C-Suite investment visibility throughout combined with consistent authority. Executives need detailed PPM solutions that require the following to address market gaps:
- direction setting through guiding principles and a common vision.
- establishing project investment governance and trade off scenarios analysis.
- implementing and tracking portfolio benefits realization (Actual vs. Plan).
- providing portfolio performance visibility to all levels.
So, you ask yourself when is the right time to consider applying PPM. Well, in the present digital, fast-paced business environment, you certainly need to keep up with the times.