Traditional project-level health indicators alone (such cost, schedule, work, risk) can’t reflect the true value being delivered by your PPM tool. Inside every PPM tool is a vault of valuable data. Unlocking that information is critical to helping you clearly demonstrate the impact your PMO is having on your business.
Define the right portfolio metrics and benchmarks.
By identifying and tapping into these powerful metrics, you can measure key performance, governance and financial indicators and benchmarks to better evaluate the effectiveness of investments and assess ROI.
Select the right KPIs to transform your business.
Your portfolio could be losing up to 46% of expected business value. Pinpointing the culprits – including inefficiency, unreliable planning, a lack of financial insight, poor resource utilization, inadequate metrics, disconnected portfolios – is an important step to reclaiming this lost business value. Focusing on the factors that most impact the organization will help you quickly determine which KPIs can help you move the needle.
Set targets and goals.
Setting achievable targets and identifying the specific activities required to make progress is the next step to fully leveraging the power of metrics and benchmarks. Choose the metrics that clearly demonstrate the value being delivered by PMO and use them to show steady progress to becoming more effective by delivering tangible results.
Track and communicate results.
With key metrics identified and the appropriate targets set, it’s easy to track and record progress. Effectively communicate those results to the entire organization clearly demonstrates the year-over-year performance improvements and progress eliminating specific pains faced by the business.