UMT360 is focused on delivering PPM2.0 for our customers – the new PPM which provides organizations with the complete perspective they need to make better decisions about projects – decisions which ultimately will translate to more ROI. But what does PPM 2.0 really mean?
PPM has evolved significantly over the last 15 years. Organizations have automated their execution oriented PPM capabilities such as schedule management, resource management and time reporting, to create a strong system of record. But traditional PPM is limited largely because it doesn’t include the integration of financial management best practices which would help organizations gauge the economic impact of decisions and allow them to make adjustments along the way to increase success rates.
The limitations are at the root of disturbing project success stats. The Standish Group reveals in its CHAOS Report that 42% of projects are delivered late or over budget and 21% of projects fail to be completed or implemented. Gartner finds that 33% of completed projects experience cost overruns. Our own experience with hundreds of UMT360 engagements has shown us that companies are failing to realize up to 46% of the planned business value from their portfolio investments.
Today, business leaders want more from their PPM investment; they want more successful project outcomes. They’re seeking out Integrated Portfolio Management solutions which provide a complete perspective by connecting siloed business and technology asset portfolios to optimize resources – both people and money. That functionality gives them a way to justify decisions and costs around existing and new investments.
PPM2.0 is the result of organizations combining Integrated Portfolio Management techniques with traditional PPM capabilities. This smarter PPM helps to better connect the worlds of finance and PPM to gain complete financial transparency across all projects, optimize the capital spend and ultimately, improve success rates and ROI.