A company’s portfolio can be filled with various projects belonging to different disciplines.
When you need to keep track of a large volume of projects, it’s easy that you may lose sight of the greater picture, and a few important elements may slide through the crack.
Strategic IT projects portfolio management help to keep your project portfolios organised.
In this article, we’ll walk you through the fundamental concepts of strategic portfolio management and how it is beneficial for an efficient release management plan.
What Is Strategic IT Projects Portfolio Management?
Strategic IT projects portfolio management involves various techniques and methods to determine how to focus the available organisational resources within a portfolio to fulfil its strategic objectives.
- Strategic IT projects portfolio management includes determining
- Which projects should be pursued,
- Which projects should be halted, postponed or abandoned
- From where to unlock resources to assign for programs that align better with the organisation’s strategic goals.
Benefits of Strategic IT Projects Portfolio Management
Strategic IT projects portfolio management helps you realign your operations by consistently considering the bigger picture.
In a company, most of the time is dedicated resolve emerging problems and focus on long-term strategy. Therefore, your team may lose track of your long-term organisational plan.
That requires regular analysis and reviewing the existing portfolios.
Strategic IT projects portfolio management also comes with the advantage of additional efficiencies. The process itself encompasses selecting projects that will assist your company in accomplishing its goals.
The result? Your business will consistently achieve success, and your brand image will get renowned, making your organisation propel forward.
Strategic IT Projects Portfolio Management Project
Inventory
However, before you begin shuffling the resources and cancelling projects, you need to have a precise understanding of what exactly you’re trying to accomplish.
Go through the project and organisational data, including budgets, resources, and priorities, to get an accurate illustration of what you’re currently working with and what you should actually focus on.
After segregating your projects, develop a gating process for breaking your projects up into manageable tasks.
Finally, check each task to determine and ensure that all these projects contribute to your overall strategic goals.
Analyse
Once you’ve prepared an inventory, it’s time to determine metrics for measuring the success of your portfolio projects.
Analyse your release management plan, project schedule, budget, and resource data.
Group each area by business unit and objective before ranking every project’s priority.
Now, finalise the gating process.
Align
This process involves:
- Examine where your resources are getting used,
- Scanning potential risks that may create issues to your workflow
- Eliminate emerging redundancies.
This step ensures every project in your IT portfolio is functioning harmoniously to accomplish the organisational goal.
Manage
In this step, the actual management comes into play. It involves monitoring your portfolio and making updates wherever and whenever necessary.
- Updating your portfolio includes:
- Delaying or cancelling projects,
- Redeploying company resources
- Budget revision
- Announcing portfolio changes if you’ve diverted from your strategic objectives.
Managing your portfolio is a never-ending task. Hire the best IT portfolio management services to achieve significant success in your business.
