Best Project Portfolio Management Solutions

In most cases, yes, PPM is a software. The best PPM solutions are software or even SaaS in today's fast-growing, ever-changing marketplace. In fact, many solutions are even moving toward more cloud-based options, as that is what the industry is demanding.

Project management commonly involves the general daily tasks concerning project planning, such as status, surveillance, inquiry, etc. The focus is on immediate goals and priorities: what activities are to be completed today, by whom, etc. These tools are available to help teams clarify daily goals, maintain budgets and timekeeping, and celebrate daily accomplishments and successes.

Project portfolio management is created for long-term far-reaching projects, processes, or product development. A worthwhile PPM will assist enterprise organizations in better understanding how a planned project, process, or new product development may affect the overall organization's performance and impact current resources. The PPM will show a comprehensive perspective of each and every project or process and how the new anticipated project or process may affect the relationships and dependencies between the processes throughout the entire enterprise. Managers, clients, and all stakeholders will have access to the PPM perspective, which will ensure all parties involved are aware of the anticipated success or potential challenges an enterprise may experience and provide direction for course correction.

PPM tools provide direction for an organization to ensure the success of an anticipated project or process. PPM tools provide insight and facilitate the establishment of realistic long-term goals, planning processes, and strategic perspectives. Using the goals and guidelines set forth by a PPM tool, organizations can avoid unnecessary predictable disasters, prevent significant financial loss, save money, and maintain the highest levels of productivity and profitability.

The basic tools in portfolio management are:

• Predictive analysis: A value-added portfolio management will offer some form of predictive analysis. Users will get a complete analysis of the objective and goals of the project or process. Every step will be broken down, itemized, and prioritized to ensure the best ROI and guarantee success.
  
  
• Collaboration: The success of any project relies heavily on the ability of team members, executives, participants, and stakeholders to openly communicate and collaborate on the status of a project. Real-time feedback and input are extremely important to keep a project or process moving forward according to established goals and guidelines. All approved parties should have equal open access to keep communication lines open and foster an environment of teamwork and shared success.
  
  
• Risk assessment: A highly-regarded factor of portfolio management is risk assessment. Users should be privy to potential risks or problems outlined by portfolio management that would make a project or the process difficult to complete successfully. This helps decision-makers decide if the project is cost-effective and if a profitable outcome can be achieved.

Benefits of PPM software include:

• Improved decision-making: A highly-regarded PPM tool will provide complete visibility both backward and forward to help design a successful strategic plan to achieve the highest profitable outcome. Past projects and processes will be reviewed with regard to costs, time management, resources used, outcomes, etc., and determine the best possible methods to move forward with success and achieve even more profitable outcomes.
  
  
• Maintain organizational goals: A winning PPM tool will help ensure that every project chosen is aligned with the organization's directives, strategies, and goals. If a project does not meet the criteria to help move an organization forward in its stated goals, then it may result in wasted resources, unnecessary financial strain, and affect the organization's profitability and standing with clients, employees, and stakeholders.
  
  
• Increase profitability: A PPM tool will improve the opportunity for an organization to choose the appropriate projects and ensure they are completed in a timely and successful manner. The PPM will ensure that there are trained staff and necessary resources available to achieve the best cost-saving outcomes and deliver the highest profitability and ROI.

When choosing PPM software for your company, look for the following features:

• Gantt Chart: Gantt charts are fundamental in team workflow planning. This friendly, visually stimulating, easy-to-understand chart is very effective in helping teams recognize, record, and designate the appropriate amount of time and resources needed to complete a project/task in a timely manner. A Gantt chart is a desirable, necessary feature to expect in a PPM solution.
  
  
• Adjustable workflows: The PPM software selected should offer the flexibility to adjust workflows as needed. Every organization will have unique processes, objectives, or criteria, and changes may be necessary to deliver an effective, successful outcome for each specific organization.
  
  
• Enhanced productivity: Every participant in the process will have an individual personalized dashboard that keeps everyone updated on progress. The PPM should provide a real-time status view, invite open collaboration, and present how everyone’s contributions relate to the overall success of the project. This way everyone understands the priorities and objectives and is encouraged to do their very best to achieve group success. All contributors, participants, and stakeholders are continually aware of the progress being made, what is expected of all participants, and the timeline of when the project or process is to be completed.