Statistics show that the interest in Project Portfolio Management (PPM) solutions has been steadily growing over the last decade. A recent write-up in a prominent monetary magazine asserted that the total software revenue for this market grows at 10% annually. Why so much interest? For starters, many businesses still struggle to, as the writer put it, “align resources with company demands.”
Gartner, one of the leading info technologies study and advisory firms, publishes the Magic Quadrant, an annual report that highlights the leaders inside the PPM marketplace. Gartner defines a PPM answer as 1 that supports a majority of the nine areas described inside the Project Management Body of Knowledge (PMBOK) from the Project Management Institute (PMI), that are as follows:
- Project Integration Management
- Project Scope Management
- Project Time Management
- Project Cost Management
- Project Quality Management
- Project Human Resource Management
- Project Communications Management
- Project Risk Management
- Project Procurement Management
Gartner’s definition has become rather standard, which has led to the commoditization of the PPM software industry. There are, even so, plenty of tools omitted by the Magic Quadrant that help consumers solve their project portfolio management issues without a hefty investment or drawn-out implementation time frame. The key to discovering the correct solution is knowing what your requirements are and how to meet them without acquiring a lot more than you need.
Any organization with numerous projects and resources needs a way to track, allocate and manage them efficiently. Project managers merely can not maintain track of hundreds of team members and projects with out a tool for communication and data visibility.
SearchCIO-Midmarket.com recently published an post stating that a lot of firms acquire large, complex PPM solutions with much more functionality than they will ever use or want. The writer noted that these organizations wind up with a partial rollout, while a greater alternative would have been to go with a Software-as-a-Service solution that they could scale as required. Envision how much income and resource time is wasted by oversized solutions that are only partially rolled out.
Distinct organizations have different needs for PPM, but there’s some fundamental functionality that all can benefit from: Costs and profitability.