Lizzy was recently hired by a finance and accounting firm to be part of a team that will handle multiple projects. Being new to the financial industry, Lizzy is determined to learn the basics and the tricks of her chosen profession. She kept bumping into project portfolio management software and is very eager to learn more about it. But before she dives and read tons of review on project portfolio management tools and applications, she wants to know the advantages of using project portfolio management tools.
“Hey there! Lizzy here. I just recently got a job with a financial planning and accounting firm and I am really determined to make it big here in this industry. And so I did my research and gathered all the information I need online to help me with my job. I do keep hearing about project portfolio management software and I believe mastering this will really boost my skill set as a financial planner and consultant. I would like to know how project portfolio management tools can benefit not only myself but my company as well. Thanks!”
Hi Lizzy! There are indeed a plethora of benefits that come with effective project portfolio management system. And writing them all will take a long time so I will just discuss three good reasons why many companies, large and small businesses implement such strategy.
But before I list three points why you should consider using a project portfolio management software in your line of work, allow me to give you an overview on what project portfolio management is all about. For starters, project portfolio management is not a new concept. It is a method that enables business to determine which projects are worth investing in as well as views, analyzes, and manages active business pursuits. Basically, project portfolio management is a holistic approach that combines several management disciplines, such as planning, resource management and allocation, project evaluation and assessment among others.
With that said, here are 3 good reasons why you should use project portfolio management software.
#1 Combines project management with cloud computing concepts
Information is key in any business process and when you are managing a project portfolio, you want to stay informed with the latest and updated data from all reliable sources. Web based project portfolio management systems provide the best and reliable information from tons of dependable sources and stores them into one accessible yet very secure database.
#2 Functions that improves organizational planning, project evaluation, and team collaboration
A really good project portfolio software greatly enhances an organization’s capability to choose projects worth investing in. This is because many project portfolio management platforms help in centralizing business goals and offer tools and applications that leads to excellent visualization and organization of projects. Robust reporting and analytics bring data that allows businesses and even startup enterprises to see trends, analyze shifts and movements. Project portfolio management platforms also offer tools that maximize team communication and collaboration.
#3 Balance risks and resources
All business decisions carry varying degree of risks and require careful and meticulous allocation of resources. A software specifically designed for project portfolio management helps in reducing the risks in your business decisions by providing you with information, analytics, and reports. The same can also help you on how to press through with an investment once you make a decision to pursue a particular project.
Conclusion
Truth be told, project portfolio management is a huge discipline in itself. But mastering this methodology will give you great management skills and potentially enhances your abilities to handle multiple projects. Once you know that simplicities and complexities of project portfolio management, picking a software to match your needs becomes a tad less difficult.
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