It’s never a bad time to evaluate, refine, and upgrade your portfolio management strategy. Whether you’re new to Project Portfolio Management tools or you tout yourself as a pro, it never hurts to look at ways to improve. If you find yourself exploring Project Portfolio Management (PPM) software and are looking for the perfect place to start, here’s the handy guide to a PPM tools list you’ve been looking for.
Who Will Use Your PPM Tools?
It might seem obvious to consider the needs of your major players, but it also helps to consider those who will be affected by PPM software tools. Here are some tips as you create or expand your PPM tools list.
IT Leadership
Most leaders are involved in the purchase of software. They’ll want to see the capabilities, such as reporting and dashboard configuration. They might also want to see how the portfolio aligns with the strategic goals of the business and how milestone tracking will provide visibility into the health and risk of individual projects.
Head of the PMO
As PMO managers stand the most to gain from a centralized software solution, they often have the most interest in what functions are included. Ensure this list of criteria is included in your search and divided into “nice to have” and “need to have” for helpful evaluation.
Project Managers
When it comes to Project Managers, often, simple is best. A clean interface, easy access, and all the necessary functionality to gain visibility and access to project data are key. Keep in mind mobile access, drag and drop options, and equip your PMs with the tools they need to successfully deliver projects.
Resource Managers
Many times, Resource Managers need to be involved in a PPM purchase because they need to know which resources are assigned to which projects, help keep an updated skills database, and can help when resources need to be shifted or moved mid-flight.
Business Analysts
If you plan to conduct reporting and strategic planning, it may be helpful to involve business analysts in creating your PPM checklist. Keep in mind system integrations so BAs won’t need direct access to the system, but they will want to know what information can be captured and pulled from the system, and how they can leverage that within their BI tool.
Developers
Similar to BAs, developers won’t necessarily be using a PPM solution. However, you might want to consider what development project data can be centralized into a portfolio management software so the PMO can easily manage and measure the progress. If integrations with development tools, such as Jira, are necessary, it may be important to include them early on. It may also be helpful to sync development resources into the PPM system, allowing you to easily assign and track them when managing development projects.
Contractors
When working with contractors or external parties, it is helpful to consider the data you would like them to input into your PPM system. Hours/effort spent toward a project, expense tracking, and user permissions are common checklist items when considering contractors’ needs for PPM.
Finance
While finance might only be concerned with minimal areas of your projects, it is important to include them in an evaluation to ensure you are able to capture and deliver information that finance might need. It might be as simple as an automated project report or a more sophisticated integration with a finance tool such as Intacct. Still, either way, finance typically has needs when it comes to portfolio management software.
Aligning PPM with the Business
To ensure your PPM journey is successful, align your outcomes with your business goals. Here are four key areas where PPM can help align your PMO to the business.
- Operational Efficiency: Spend less money on projects that don’t warrant investment.
- Resource Management: Put the right people on the right projects at any given time.
- Business Agility: Be able to pivot and address changing business demands
- Customer Success: Get better stakeholder satisfaction from projects
The Perfect PPM Tools List: How to Get the Most Out of Your Portfolio
The most useful PPM tools offer seamless top-down alignment. They should provide visibility into projects and programs at every level. When your tools check all the boxes, they help ensure your portfolio is aligned with business objectives and can accurately measure their impact.
Solid PPM software includes planning, monitoring, reporting, and so much more. The following are some perks, factors, and benefits of powerful PPM solutions.
Project Planning, Management, and Execution
One of the key functions in a PPM tools list should be the ability to schedule, assign, and execute project goals. Dashboards, charts, Kanban boards, and other interactive features enable you to view dependencies, deadlines, and key deliverables for all project work on a single screen.
PPM tools help you manage the full lifecycle of projects, from ideation and request to execution and overall measurement.
Resource Management
Seamless collaborative tools ensure Resource Managers and Project Managers are on the same page when it comes to essential resource assignments. A good PPM software includes functions that allow you to search resources by skill or role for easy planning, tracking, and allocation.
Task Management
PPM is all about looking at the big picture without losing track of details in the process. PPM tools can help you manage tasks and deliverables, big and small, across your organization.
Collaborate on projects with team members, keep important project documents centralized, and track deadlines with intuitive tools that keep your whole team on the same page.
Financial Management
With PPM tools, you can easily capture project costs and centralize valuable budget data. Track time and expense data against projects to improve financial forecasts and spot areas for improvement.
Every Project Manager understands that project financial management is a critical success element and a business driver for project investment. It’s a way to ensure your finance team gets the information they need.
Reporting and Analytics
Comprehensive portfolio analyses provide valuable insights for all project stakeholders, from executives to end users.
Your PPM tools list should include automated, real-time reporting capabilities and interactive dashboards. These allow you to create different views for different users in a variety of situations. You can also track key milestones and KPIs for optimal portfolio performance.
Usability
Drive adoption and realize value quickly by choosing software that is not only functional but also easy to use. Choose configurable, customizable solutions that can be tailored to meet your needs.
Consider mobile accessibility, administration, and user-friendly features that will empower your team, not leave them lost in a jumbled interface.
Avoiding Common PPM Pitfalls
Even with the best tools at your disposal, there are some common mistakes that can lessen the benefits of PPM software. Here are some things to avoid:
- Don’t use methodologies as criteria. Top down or bottom up, agile vs. waterfall – don’t pigeonhole into a methodology that isn’t sustainable or scalable.
- Don’t let software dictate your business. If you have processes in place that are working, ensure you can preserve them. There is a balance between adapting to changes and overhauling your organization, and don’t get distracted by bells and whistles.
- Don’t take the big bang approach. It might seem like changing all at once is better, but you will need to adjust and grow into the system. Be patient.
- Don’t trade governance for agility (and vice-versa!). Just because you want to become more agile doesn’t mean you forego any process or structure.
- Don’t just use what’s on the table. Just because you have access to something doesn’t mean it is the best for your business. You will be investing time to set up and use, so don’t mistake ‘free’ for ‘easy’
Take your PPM Practices to the Next Level With PPM Software That Does it All
PPM can help your PMO have a significant impact on the business, but finding the right one can be challenging. The right software can make a world of difference, giving leadership, team members, and decision makers the tools they need to deliver results. With Sciforma Vantage, you can reap the rewards of using powerful software solutions to elevate your business.
Book a demo today to discover software built for your success.
