You have several things in portfolio management to look after for the team budget and satisfactory project results. For instance, you need to ensure you have enough resources and assets. This is possible through software portfolio management. Though IT projects were maintained manually earlier, you must have better and transparent processes to understand what is going in your portfolios now. This will allow your team to be aligned with the IT budget estimates. In this article at G2.com, Sagar Joshi shares how software portfolio management can save team budget.
Portfolio Management and Cost Savings
Top board members usually decide how projects should move forward. Then, the protocols and decisions are shared with the team to follow through. IT portfolio management is a linear process covering all the aligned projects and programs. Let’s find how it can save your team budget:
Strategies Come First
Analyzing all the projects, their investments, and current statuses are parts of a successful portfolio management process. Everything that you do should be aligned with one of the corporate strategies. Assemble an execution team whose job would be to reach those goals. While the development crew is looking after the operational aspects, the finance crew should look after the team’s budget. Appoint a governing authority that will monitor the implementation.
Next Up, Analysis
You must have an objective outlook while figuring out the strengths and weaknesses of each project. To do it perfectly, collect information on each project’s milestones, report management, expected returns, and resource scheduling.
Are They Aligned?
When you conduct an alignment analysis on projects, you get to know what is really going on in your software portfolio management. If need be, change some ground rules to save team’s budget. Balance the short wins and long-term goals with intermittent advancements.
Oversee Your Portfolio
Once you have collected insights from the previous stages, it is now time to manage the portfolio. First, check the risks, resources, and change logs to rectify or modify your strategies to perform software portfolio management.
Best Practices to Follow
- Instead of prioritizing all the stages, Joshi suggests a “phased approach”.
- Though you might be using standard processes, you might get a different result. Stay prepared for that.
- Use a proper tool that could be the watchdog for your software portfolio management approach.
IT portfolio management benefits organizations by reducing costs, helps make better decisions, keeps projects on track, and ensures timely deliveries. You must provide adequate training to your team, be transparent with stakeholders, and schedule appropriate resources to make that possible.
To view the original article in full, visit the following link: https://learn.g2.com/it-portfolio-management