Are you looking for Project Portfolio Management (PPM) software to manage all your organization's projects?
There are several key factors to consider to ensure that the software you select meets your organization's specific needs.
In this article, we'll look at the essential criteria to consider when choosing project portfolio management software. We'll look at the key functionalities to target, such as project planning and tracking, resource management, team collaboration and performance analysis.
In this article we will look at :
A project portfolio management tool is specialized software designed to help companies efficiently manage and control a large volume of projects. It provides project managers, PMOs and portfolio managers with a comprehensive platform for centralizing all project-related information. This centralized approach gives stakeholders an overview of all current and future projects, enabling them to work faster, more efficiently and make better decisions.
A project portfolio management tool therefore serves as a powerful aid to organizations in effectively managing their project portfolios. It offers a comprehensive set of functions for steering, planning, monitoring and analyzing projects, enabling stakeholders to make informed decisions, and bring projects to a successful conclusion.
They enable users to assess the performance and progress of individual projects as well as the portfolio as a whole.
Project portfolio management applications also facilitate collaboration by providing a centralized platform for communication, document sharing and task management. This promotes transparency, improves productivity and streamlines workflow across multiple projects.
Analysis of your project portfolio is facilitated by the creation of reports and customizable dashboards. They provide a single or multi-project view throughout the project life cycle.
These dashboards centralize all the information and indicators you need to conduct project and portfolio reviews.
Decisions to identify the right projects and requests to include in the portfolio are made easier:
- You have an exhaustive view of requests centralized in a single platform.
- You can set up a clear, shared and explicit evaluation process.
- A simulation module enables you to compare requests with each other and with projects already underway, taking into account your budgetary or resource constraints.
Project resource capacity management is a critical feature of project portfolio management software. It helps you to effectively manage your project resources (human, financial, material, etc.). It integrates the key stages of resource management, from planning to real-time monitoring of resource utilization. Plan, allocate, track and adjust your resources throughout the project cycle.
Track the costs and financial performance of your projects in real time. Identify discrepancies between forecasts and actuals, and spot deviations immediately. For accurate, reliable budget management, you can track actual expenditure by direct entry or by interfacing your PPM solution with the main financial management tools on the market.
Facilitate budget arbitration with the Datamart from Project Monitor : Case study with the Strasbourg Eurometropolis
A dedicated risk management module provides project teams with a complete toolbox for :
First of all, it's important to define your key objectives for implementing project portfolio management software.
What are the challenges challenges you face? For example:
👉 To help you define your objectives, we have published a practical guide. This methodological guide aims to help you better define your challenges in project portfolio management.
>>Bonus: Download the practical guide "Choosing a project portfolio management software in 3 steps".
Then it's time to list all the elements you're looking for, so you can select the right software for your needs.
First of all, you'll need to think about the desired functional coverage, the ability to integrate into your expected IS, the ergonomics... But above all, you'll need to think about the support you want.
Your choice will be based on :
In order to detail your needs, we recommend that you draw up a set of specifications.
Your specifications should answer the following questions:
👉In order to better define your specifications, we have published a practical guide dedicated to ppm software. The aim of this methodological guide is to help you draw up your specifications.
Our philosophy is to advance the teams that build the future. That's why Project Monitor was developed. Our ambition is to support you, whatever your level of maturity. Our offer is fully configurable, adapting and evolving to suit your organization and your key objectives, whether you're at the initial stage of project management or at an advanced level of maturity in terms of portfolio management.
When you choose Project Monitor from Virage Group , you're not just choosing software. You're choosing a cluster of dedicated services and a community of peers united around project portfolio management. Our solution goes beyond technology, offering personalized support and specialized expertise to help you maximize the value of your projects. You also benefit from a dynamic community where you can exchange ideas, share best practices and benefit from collective experience.
Here, for example, is some concrete feedback from our customers using PPM software Project Monitor :
👉What's in it for you? In just 30 minutes, find out how PPM Project Monitor can help you with your challenges business activities , such as resource management, project arbitration and budget tracking.
See the product tour of Project Monitor
👉 What does it mean in concrete terms? An expert will demonstrate the software according to your personalized challenges . Free of charge and with no obligation!
PPM software enables the PMO to centralize and standardize project management processes, ensure visibility and control over the entire project portfolio, and improve operational efficiency. Find out what Céline DESERT, IT Transformation & PMO Project Manager at VYV3 IT, has to say in this article on PMO tools and methods. Vyv3 IT has been using Project Monitor software for 10 years as part of its PMO approach.
To create an effective project portfolio, identify your organization's strategic objectives to determine the types of projects that will support these objectives. Next, assess available resources, including budgets, skills and capabilities, to determine which projects are feasible. Then rank projects according to priority and alignment with strategic objectives. Establish a selection process to choose which projects to include in the portfolio. Once projects have been selected, allocate the necessary resources and establish key performance indicators to monitor and evaluate project progress. Finally, carry out regular reviews and adjustments to the portfolio to ensure that it remains in line with the organization's objectives and resources.
Using a dedicated application such as Project Monitor offers significant advantages over Excel. First of all, it saves considerable time when analyzing and generating project reports. With consolidated, up-to-date data, information is available quickly and easily.
In addition, PPM tools offer advanced functionalities specifically designed for portfolio management, providing a global view of the project portfolio. This allows all project information to be centralized, simplifying the decision-making process.
Several key performance indicators can be used to assess the health and progress of the project portfolio. These include adherence to deadlines and schedules, adherence to allocated budgets, quality of deliverables, stakeholder satisfaction, project success rate and resource utilization. Discover in this article examples of performance indicators for monitoring your project portfolio.