Unlocking the data to clearly demonstrate PMO’s impact on the business
Today’s PPM tools are a vault of valuable information, but many organizations lack the proper tools to successfully report on it. Indeed, oftentimes multiple systems house critical project and program data in silos that make it hard to report on. Effective portfolio management requires reporting across not just projects and programs, but across all enterprise execution, regardless of where it occurs.
Modern day BI tools and techniques can help connect disparate sources of data to unlock the levels of insight required to enable an organization to more effectively manage all portfolios and orchestrate business transformation. There are many considerations when selecting the types of BI and Analytics tools as they relate to portfolio management. Several are listed below.
Status reporting remains a challenge for most organizations. In many cases, data is held hostage in multiple systems, forcing project managers to use manual processes to create status reports or produce different formats of reports for different people. For organizations living in the bi-modal reality, things are even more complicated, as they now need to harmonize status reports across all execution, from Agile to waterfall. And regardless of how the work is executed, business leaders and executives only want to know about the health, cost, value and delivery date of major investments, and don’t really care about all the details of the execution technique being utilized. For them, summarizing those key metrics across all projects, standardizing status report templates and automating the creation of these reports is key.
With all that data potentially locked up within the portfolio management solution’s vault, it is important that anyone – not just advanced report developers – can create ad hoc reports and dashboards with ease. Today’s BI solutions democratize report and dashboard creation with self-service tools that make it easy for even novice users to generate the reports and analysis they need. And some solutions even leverage natural language query, machine learning and sophisticated AI to help organizations even more effectively mine this wealth of data.
Even though modern day BI solutions provide attractive and powerful dashboards, they often only provide a rear-view mirror perspective of portfolio performance. And most traditional PPM tools struggle to provide offline analysis capabilities that allow an organization to model the impact of any change to a portfolio without impacting production data. To orchestrate business transformation, you need the flexibility to proactively model the impact of varying scenarios on your project, programs and other enterprise portfolios before actually making decisions. These powerful tools give insight into how adding, dropping or delaying a given project might impact a variety of dimensions, including resources, benefits, etc.
To the extent that most organizations even have roadmaps, they typically use manual processes to create them and have no process to automatically refresh them over time. Truly effective roadmapping capabilities enable the organization to automatically derive and manage critical roadmap information based on project and program metadata, including interdependencies.
To master strategic portfolio management you must first acknowledge these key imperatives: