Competitive pressure, especially on companies disrupted by technology or using technology in their offerings, means that companies feel the urgent need to get advantage in the market quickly. Time to market is often a make-or-break need. Whether first mover advantage or fast follower – speed is critical.
Whether there's a budget reduction or a need to drive margins, it can be tricky to control spending on projects.
These are hard questions to answer well, especially if leadership needs to reduce spending. Where and how do we do that? How do we know we're right?
Project Portfolio Management can help answer those questions. Having the ability to pull up at your fingertips how your project resources are being spent and making the right paring decisions is very important.
How do you know if the money you are spending on your products and projects are the right investments?
Project Portfolio Management is a tool you can put in place that goes beyond simple chain-of-command management structures and allows a more robust analysis that can help you gain competitive advantage.
Portfolio management pulls all the project teams into one visible bucket so it's a lot easier for managers to make sure that the people employed to build a product are actually working on the right things.
If you need to change the direction of your company, you will have to shift the allocation of your company's resources.
How do you find out how your resources are actually deployed? Do you have an accurate picture of the active projects and their status.
Without Project Portfolio Management tools, it can be very hard to know exactly who is working on what well enough so you can make a shift in strategic direction. The knowledge of what is actually being worked on gives you the power to say what adjustments need to be made to implement a strategic shift.
Without a means to implement standards and measure performance, it's very hard to improve quality and overall project performance.
If you don't have these kinds of protections in place, performance is dependent on key individuals rather than on systemic solutions.