Portfolio management is becoming more and more important each year for IT and businesses alike, but why is this trend occurring? According to Lori Ellsworth, it’s due in part to the increasing relationship between business success and the value derived from the IT organization. More companies are investing in portfolio management and more IT organizations are training their teams to do it more effectively. Ellsworth notes Gartner’s recent finding that 90% of respondents discussing portfolio management said it was the most important topic for projects and applications.
This all points to one thing: the importance of project portfolio management is huge, and organizations that want to succeed need to make sure their PPM solution is solid and achieves the goals of the organization effectively. Ellsworth goes on to explain the qualities of a good PPM solution, starting with the ability to see into all IT initiatives and, of course, establishing priorities:
Demand for IT services will always exceed supply; without visibility into how the two are balanced or a collaborative approach to making decisions, IT cannot satisfy all its customers. In today’s economy, the challenge is even greater to re-evaluate everything that is already underway and to make informed decisions going forward. Your organization needs to make smart decisions about where to continue to invest, where to cut, where to postpone and where to retire. If these decisions are made without the visibility mentioned above, and a clear approach prioritization, you might solve the near-term problem with devastating longer-term implications.
Using examples of how these qualities can help an organization excel at PPM, the article is a wonderful testament to the increasing importance of IT’s value to the business and just how that relationship can propel both into the future.