With 2022 expected to be a year full of industry-defining trends like an increased focus on agile practices, complex technology integration, use of automation software, and other interesting trends, it’s more important than ever before to ensure that you adopt the right tools to keep you competitive.
An important tool that you should consider is a good Project Portfolio Management (PPM) software solution, as it will provide the necessary structure to help transform your business. Here is why you should use a top PPM tool from Cora Systems in 2022:
1. Enhances Better Alignment of Projects to Business Goals
One of the biggest entities that PPM software can help with is ensuring better alignment between projects and business goals. Because they are centrally located, PPM tools can play a significant role in providing you with insight into how best to allocate resources like people and funding. That way, it becomes easier to ensure that your project fits within your company’s strategic plan scope.
2. Allows For More Accurate Budgeting
PPM tools can help you get a better sense of how much money is being spent on what project. A good tool will automatically capture data about your projects, allowing you to easily upload this information into a centralized database. This allows you to quickly create reports based on the data that shows how each of your projects is performing financially, which can help you to better prioritize budgets.
3. Makes it Easier to Assess Project Risks and Impact
With a good, centralized PPM tool, you can accurately track the value achieved by your investments as well as the risk that specific projects pose to your company. For example, if a project is low-risk and low-reward but doesn’t align with strategic objectives for 2022, it may be better to cancel it. PPM tools make it easy to measure the value and risk associated with individual projects, making it much easier for you to make decisions based on data rather than intuition.
4. Reduces the Number of Redundant Projects and Kill or Hold Projects With Ease
A top PPM tool makes it easy for managers to quickly identify duplicate or similar projects. If two projects are redundant, the PPM tool can help you get rid of one of them, significantly reducing costs without impacting progress on your business objectives.
Another good thing about a strong PPM tool is that it will allow you to easily keep track of projects that have been scheduled to finish but aren’t actually making progress. This way, you can get rid of these projects more quickly and focus on the ones that are delivering results.
A good PPM tool will check for milestones automatically so it becomes easier for everyone involved to get a better sense of whether a project is going according to plan or not.
5. Enhances Communication and Teamwork
With a PPM tool, it becomes much easier for you to communicate with managers across your company, as well as maintain clarity around who is responsible for each project. This means that everyone will have an accurate picture of how their projects contribute to the overall mission.
What’s more, Project Portfolio Management software reduces the possibility of focusing on only a few projects that are aligned to one business leader or department. With such software, you are able to widen the view while also fostering cohesiveness within a team.
To Sum Up
A good Project Portfolio Management software solution will provide you with more autonomy and consistency, as it comes with a centralized location that allows for better sharing of information.
By using the right tool, you can make better decisions about how to prioritize projects from a strategic perspective while also painting an accurate picture of financial performance.