Project Portfolio Management (PPM) Software is a program that assists the organizations to implement portfolio management system effectively. PPM software that is suited to business model will enhance the ability of the portfolio managers to align projects with strategic objectives.
Features of Portfolio Management Software
· An effective approach to PPM software helps in successful decision making by clearing the multi project visibility. PM Managers can effectively identify Human resource talents and ensure their full potential is put to good use on needed projects.
· The portfolio management software is exceptionally useful in the management of the multiple projects that have shared resources within a company. PM Managers can organize multiple projects into specified portfolio by using various methods. The projects are systematized and prioritized in a regular manner by using the portfolio management software’s. These programs also led to the improvement in the efficiency of the managers or the executives.
· The portfolio management software assists the managers in framing key decisions and enhances their productivity. These programs have made decision reviewing much simpler. The various transactions related to the portfolio management are done easily with PM software.
· It enables the portfolio managers to evaluate business excellence and adhere to the project strategy. In the portfolio management, even a minor mistake can lead to big losses. That’s why, by using the services of PM software, one can avoid evaluate and analyse the large volume of data effortlessly without any human error.
· A comprehensive portfolio management software allows the PM Managers to implement the planned strategies swiftly and rapidly progress towards the intended goal. The specified business goal is achieved by using this system and organization is greatly benefited. This system takes care of every aspect carefully for ensuring that the project is rendered.
Benefits of portfolio management software
· Portfolio management software plan provides faster response to shifting transaction conditions.
· Portfolio management software ensures that projects in the portfolio are constantly reviewed and changed are made for producing the highest gains.
· Portfolio management software system provides complete solutions
· Portfolio management software system helps in determining the dependencies between projects easily.
· Portfolio management software system allows convenient method for expedient leveling.
· Portfolio management software system helps in presenting criticism of every management level and pints out the weak links in performance.
There is a large number of portfolio management software’s available in the market today. The PM software provides huge benefits to the organisation in terms of managing their portfolio. These programs act as a helping tool in making business plan and implementing the business strategy in professional manner.
Things to consider before selecting Portfolio Management Software
Before selecting portfolio management software, portfolio management has to consider the following aspects.
· Developing Business Strategies/Objectives
Increasing Revenue: It includes increasing revenue by diversifying the product line or increasing the market share or expanding into a new international market.
Reducing Costs: It includes reducing inventory, improving processes and outsourcing noncore activities like portfolio management
Increasing Market Share: It includes integrating elements of revenue-based objectives.
· Aligning the Business Model
· Vision and Mission
· Corporate Culture
· Business Infrastructure
· Thinking Up the Business Roadmap