Portfolio management ensures that IT practices and initiatives align with the business goals. However, it is not an easy task to take up. American Red Cross VP Dave Clarke compares it to Olympic mud wrestling. In this article at CIO, Martha Heller discusses 7 tips to effective portfolio management.
Portfolio Management Best Practices
Instead of making your own mistakes, it is safer to learn from others. Heller has accumulated the following 7 tips from the CIO Best Practice Exchange members for your perusal:
- Simple Tools Work Out Fine: CKE Restaurants VP and CIO Jeff Chasney insist that a simple spreadsheet is all you need for portfolio management. Fancy tools can only make the processes more complex.
- All Projects Cannot Go Live: Portfolio management is about selecting projects that align with the company objectives. A confusing business case can gather dust on your table rather than your wasting valuable resources on it.
- Clear Investment Goal Setting: The documentation must include investments you are approving or disapproving and the reason behind it. This type of portfolio management helps in making the process more transparent.
- Prioritization Rules: Chasney suggests that you take all the projects and compare their timelines. You can calculate or predict the time they will start generating revenues for the company. Prioritize projects based on that.
- Linking All to Company Goals: CIO David Edelstein narrates how everyone, from the CEO to the shop guy, is linked to one of the company initiatives. This increases engagement and instills a sense of accountability.
- More than IT: To maintain a good balance in portfolios, ensure that the IT leaders are also involved in business decision-making and strategizing.
- How to Get Started: If you are having trouble kicking off portfolio management, identify the pain points. DHL Worldwide Express VP Ron Kifer recommends that refer to case studies and recognize probable opportunities from those affected processes. However influential it might be, it is good to have support for your cause. Get an experienced leader to back your business case, if necessary.
To view the original article in full, visit the following link: https://www.cio.com/article/2441881/it-organization/portfolio-management-do-s-and-don-ts–six-tips.html