ePPM is the abbreviated form of electronic project portfolio management. Since more businesses are investing in digital initiatives, a centralized body is the need of the hour. In this article at KeyedIn, Tony Antoccia explains the definition of ePPM and its growing relevance in today’s businesses.
The ePPM Benefits
For effective project portfolio management, you need to have the correct set of data at the right time. Without ePPM, it lengthens the process as well as complicates it due to stakeholder biases. Below are other benefits of implementing ePPM across the organization:
Connecting with People and Strategy: ePPM can derive value for projects by sending information to the right set of people. With more visibility in investments, productivity, and project wins, you gain more stakeholder buy-ins. The organization can align with its strategic goals. The employees will get regular updates on changes in corporate strategies, project performance, and resource utilization. They can take proactive measures to increase the success probability of ongoing projects. For example, the project managers can take steps to minimize IT costs because they get regular cost reports from the financial department, thanks to ePPM.
Getting an Accurate Picture: The top management gains insights through ePPM regarding the company’s business plan. They can get an accurate analysis of the ground reality and how far they are from the goals. ePPM reflects the amount each project has spent so far, and if any of them has the risk of overshooting the deadline. You can decide if the goals need to change or the project is on track. Leaders will get an idea when the project is likely to complete and if critical resources are missing. If you implement ePPM the right way, every team member will have a real-time update of the project status. Advanced insights from the application let leaders make informed decisions before it is too late to implement.
Better Comparative Analysis: If your ePPM is centralized, any project manager can access the lessons learned documents from previous projects. They can also predict future prospects by looking at projects that the organization has undertaken. Your project details are no longer isolated. You can make a comparative analysis in terms of resources, budget, costs, tasks, and progress status. The managers will be more equipped to handle their stakeholders.
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