When choosing the right project portfolio management tool, think about creating value
When embarking on the search for a technological partner to digitalize your project portfolio management, you can legitimately feel a little disoriented in front of the abundance of solutions. The market abounds with value proposition solutions, with varying degrees of sophistication and complexity. You may even be tempted to immediately immerse yourself in exploring the detail of the various functionalities offered.
However, a project management solution is designed to respond to the needs and problems that you encounter. And, to select the right answer, you must have clearly formulated the question! In other words, to make sure you choose the right solution, don't start from the tools, but from yourself. THE right partner for you is the one who can best respond to the challenges and issues your organization faces in terms of project management. To do this, focus the analysis on your most critical needs: those that have a direct impact on the value created by the projects, and therefore on the health and vitality of the organization.
Whether it's adopting a professional tool for the first time or replacing a technology that has become obsolete, here are some criteria to consider to guide your research and help you choose the right partner.
Productivity: the main criteria to choose a PPM tool
Project productivity is one of the main factors determining the profitability of your project management office. Virtually all organizations have untapped sources of productivity, which very often include the opportunity to eliminate wasted time on tasks with low added value.
Take for example the time spent by your teams entering, aggregating or searching for information, formatting and sharing reports, sending alerts related to projects, etc. Could this working time not be put to better use?
Such waste is not inevitable, since the automation of key tasks can easily eradicate them. Tracking them down and eliminating them to boost your productivity should therefore be one of the objectives through which you will evaluate the software solutions.
Market position: software to reduce project lifecycles
Besides productivity, a good use of resources is crucial to optimize the duration of projects - which, in turn, conditions the competitiveness of an organization. Your ability to minimize your projects life cycle to sell your products and services more quickly and accelerate the innovation chain affects not only the organization's revenue and cash flow, but also customer satisfaction and marketshare.
Reducing the duration of projects implies being able to easily mobilize the appropriate resources and ensuring that they work to the maximum of their capacity on higher value projects. The ability to properly assess the execution risks associated with a project as early as the application assessment phase will also help you avoid "quagmires". Finally, the speed of execution also depends on the speed of decisions, hence the importance of establishing and maintaining effective channels for sharing information and communication with decision-makers.
So many needs and criteria that you may want to take into account in your tool assessment.
Strategic direction: a solution for selecting the right projects
If the criteria considered so far mainly focused on the quality and relevance of work execution, the selection of projects to be carried out is even more crucial. Investing in projects that are decorrelated from strategic objectives will not really create value for your organization - which should be the ultimate goal of any project management activity. The need for a structured process to collect, evaluate, select and prioritize project ideas must therefore be another criterion for selecting a technological partner.
In each of these areas, properly identifying your needs and expectations will translate them into prerequisites against which you will be able to assess the relevance of the features and solutions available, and will help you frame your choice.
This analysis focused on profitability and value can also be used to convince your managers of the relevance of your decision.
To go further, download our guide "Selecting the right technological partner ", which details a structured method for choosing the most suitable project portfolio management solution.