Key Features of Portfolio Management Software
Portfolio management is about connecting strategy and execution. What better way to integrate these business ideas than with PPM software built to ease project decision-making and produce better outcomes? Companies need project portfolio management software to maintain a focused and coordinated portfolio of projects aligned to achieve broader organizational goals. But not all PPM solutions come with the same features and capabilities.
Here are some key features to look for when it comes to selecting the best PPM software for your business:
Teams must define program objectives and target dates to keep projects organized and on track. PPM software features help businesses create realistic roadmaps based on company vision, goals, and strategies. Program managers can quickly draw up plans, define delivery timeframes, set milestones at crucial stages, set release dates, and set up automation to communicate these phases to everyone involved with the project.
Every project runs a bit differently from the last, each with its requirements and needs to produce positive outcomes. Portfolio planning prioritizes and transfers resources to other projects within a portfolio to avoid overspending. A PPM tool that scores projects based on both quantitative and qualitative data uses computations from many KPIs that measure cost, values, and their weight on the company. A crucial PPM feature to look for involves prioritizing portfolio projects according to their overall value to the organization, not just their cost or scope.
Risk management tools
Filtering risks based on their level of impact and probability of materializing is an essential feature of risk management software that PPM tools should also incorporate. Project portfolio software comes with features that conduct simulations to measure the effects of various risks on resources, costs, and tasks. Then, it should also offer risk management options to get the project back on track. Some tools come with customizable options that enable users to automate risk responses and take action accordingly.
Monitor multiple projects
A hallmark of PPM software tools is the ability to monitor the progress of multiple projects at once without compromising visibility. Managers can oversee milestones and deliverables across the portfolio to align project timelines, resources, personnel, and more. Complete transparency also allows leaders to resolve project issues, manage scope crawl, and mitigate risks as they happen. PPM tools also let managers re-evaluate project portfolios depending on market scenarios, filters, market penetration, and more.
Resource optimization workflows
Resource optimization plays a significant role in whether or not a project succeeds or fails. When resources are managed ineffectively, budgets can quickly get out of hand. Project portfolio management tools should have efficient resource optimization workflows, and comparison maps to help users make business decisions based on data insights. A great tool will also have the ability to recommend better scenarios based on the resources available. Generating predictive scenarios can help managers use resources wisely and send reports to involved parties.
Budget forecasts are essential tools to help businesses stay on track, assess project results, and make strategic moves. PPM tools with budget maintenance features enable teams to stay on budget by tracking spending, labor, and other operational costs crucial to quality deliverables. Leaders can use cost tracking features to set realistic goals and update stakeholders throughout the project lifecycle. Plus, they’re designed to calculate estimates, project costs, and revenues and operate billing and payments.
Templates and reporting tools
Lastly, robust project portfolio management solutions should offer teams resources such as templates and reporting tools that simplify communication and streamline repeatable activities. Creating workflows from scratch offers teams a level of customization, but with templates, teams can create unique workflows for their tasks with speed. Built-in project deliverable templates help users visualize KPIs like alignment, risks, scheduling, and status across the entire portfolio.
In addition to these features, teams should also find a project portfolio management tool that can be integrated with business systems like ERP, sales, and CRM for ultimate end-to-end transparency.