How can Top-Down Portfolio Management Solutions help modernize your approach to PPM?
If you’ve been seeking a new strategy to help modernize your approach to PPM in the coming year (and beyond), it’s time to take a serious look at the benefits of top-down portfolio management solutions. What do we mean by a top-down approach? Basically, it refers to putting the focus on your desired business outcomes — viewing every decision through the lens of achieving your preset goals. Technology — in this case, a modern PPM tool — is the facilitator of your approach, supporting your operations, identifying pain points and propelling both your PMO and your organization to success.
THE BENEFITS OF TOP-DOWN PORTFOLIO MANAGEMENT SOLUTIONS
There are multiple valid options for modernizing your approach to PPM; so, why do we focus so strongly on top-down portfolio management solutions? In addition to being outcome-driven, agile and flexible — all critical assets in today’s rapidly evolving digital environment — a top-down approach comes with several benefits that will improve the overall success of your PMO and your organization. Let’s take a look at some of the benefits of a modernized, top-down PPM solution.
They call a “bird’s-eye view” a benefit for a reason. From way up in the sky, a bird in flight sees the biggest possible picture, a panorama spread out before it. Similarly, a top-down approach to portfolio management equips the PMO with a bird’s-eye view of the organization - a big-picture platform to observe activities and data in real time across every department and every task. And it’s not just the PMO who benefits. Every stakeholder can have the same broad access and use it to drive decision-making and build support for internal initiatives.
In order to provide increased visibility, a top-down PPM solution relies on centralized data. Gone are the days of hunting down the right spreadsheet, making dozens of calls or hosting endless meetings. With a modernized approach to PPM, siloed data becomes a thing of the past. Digital top-down portfolio management solutions encompass all your data, resources, tasks, projects and deliverables in a single location that is accessible anytime, anywhere. Modernizing your PPM equates to fewer meetings, fewer balls dropped and zero stacks of paper. It also helps increase communication, reduce inter-office political battles and eliminate departmental siloes.
Improved Project Selection
There’s more to a PMO management’s job than playing taskmaster. They can play a vital role in many critical functions in your organization if only you trust them — and equip them with the tools to do so. At KeyedIn Projects, we emphasize that one of the core objectives for a PMO should be improved project selection. When you deploy a top-down solution, you empower your PMO with the knowledge to place the right bets at the right time. Project selection is elevated from a decision that is driven by time or assets to one that is determined by capabilities, benefits, execution and, most importantly, its net effect on your predetermined business goals.
Enhanced, Accurate Reporting
The visibility and centralized information afforded by top-down portfolio management solutions and modernized PPM also includes enhanced reporting. Digital PPM tools can be harnessed to create some attractive, in-depth, and truly dynamic reports that assess business health, project execution, project selection, resource allocation, pipeline projects and so much more. Advanced PPM reporting can even create forecasts and “what-if” models.
By making the decision to modernize your approach to PPM, you’ve already made great strides in becoming a more resilient, more agile organization. Take the next step by embracing a proven strategy and implementing a top-down portfolio management solution. Everyone involved with PPM and the entire organization, will thank you.
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