Tutorial: How to choose the best project portfolio management software?

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 : 

What is project portfolio management software?

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.

Why do you need project portfolio management software?

10 good reasons to opt for a PPM (Project Portfolio Management) tool :

  1. Enhanced visibility: With a Project Portfolio Management (PPM) tool, all project data is centralized in a single platform. All stakeholders have a 360° view of the projects that concern them, or of all the organization's projects. This ensures that your teams have access to reliable, up-to-date and consolidated data. With a single platform, your staff can easily find all project information.
  2. Facilitate decision-making: With PPM software, you have precise, up-to-date data on the progress and performance of your projects. Customizable reports and indicators enable you to react quickly and ensure the success of your projects.
  3. Optimize project arbitration and prioritization: A global view of your portfolio enables you to improve the quality and reliability of your arbitration and prioritization decisions. Numerous features, including simulation functions, help you select the right projects to launch and those to prioritize.
  4. Align your projects with strategic objectives: With project portfolio management software, you have the data to easily prioritize your projects according to their strategic alignment, resource availability and potential impact. This approach ensures that your efforts are focused on projects aligned with your organization's objectives.
  5. Optimize resource utilization: A project portfolio management tool helps you to allocate resources in a balanced way according to priorities, skills and capacity.
  6. Control your budget: A PPM solution provides budget tracking for each project, enabling more efficient budget management and better forecasting of expenditure. You can also interface your tool with your financial management software.
  7. Reduce risk: A PPM tool provides a toolbox for accurate risk assessment and facilitates the implementation of risk management strategies.
  8. Improve communication and collaboration: With such a tool, collaboration between teams is fostered by providing a common platform for communication and information sharing. This facilitates task coordination, progress monitoring and harmonious collaboration between collaborators, improving overall efficiency.
  9. Facilitate change management and the dissemination of best practices: With project portfolio management software, you can implement standardized management processes and promote the adoption of best practices. The PPM tool provides models and templates, fostering an effective project management culture and the continuous improvement of project performance and results.
  10. Maximize your return on investment: The global view of portfolio projects offered by PPM software ensures that each project is aligned with corporate strategy. As a result, you can optimize the use of resources to achieve your objectives.

Top 7 features of project portfolio software

  1. Decision-making dashboards
  2. Arbitration of project requests
  3. Resource management
  4. Budget management
  5. Gantt chart
  6. Time tracking
  7. Project risk management

1. Decision-making dashboards 

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.

2. Arbitration of project applications

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.

3. Resource management

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.

4. Budget management

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

5. Schedule management and Gantt charts

6. Time tracking

7. Project risk management 

A dedicated risk management module provides project teams with a complete toolbox for :

The essentials of a good PPM tool

How do you choose the best project portfolio management software for your company based on your key objectives?

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.

>>Download the practical guide "Drawing up specifications for project portfolio management software".

Why choose Project Monitor from Virage Group ?

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.

The PPM tool Project Monitor offers you the advantages of a complete, simple and adaptable solution

A team of experts to support you every step of the way

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.

250 customers put their trust in us

Here, for example, is some concrete feedback from our customers using PPM software Project Monitor :

Next steps 

👉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!

Request a demo

Other frequently asked questions about project portfolio management

How can PPM software help PMOs?

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.

How do you create a project portfolio?

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.

What are the advantages of a dedicated portfolio management application over Excel? 

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.

What are the performance indicators for monitoring the project portfolio?

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.