Realizing Project Business Benefits Through EPM and PPM
Organizations are shifting their focus away from project deliverables to benefiting project business. It is desirable to be on time, within budget, on target, and on quality, but it is not the ultimate goal. This is because managing these constraints does not guarantee a successful project. Project stakeholders are now more concerned about financial impact, time to market and success parameters.
Companies and organizations start projects because of underlying business reasons. They are motivated to create a product or service, or improve productivity. To realize the expected business benefits, project stakeholders must approve and execute projects. For example, a new process is developed with the goal to streamline operations and reduce costs.
Today’s Project Manager
Project sponsors and project managers are now more involved due to shifting focus to project benefits. Project managers must help their team identify the obstacles and opportunities in realizing these benefits.
Modern PM Tools
Today’s project managers can become more business-focused with the help of technology. Enterprise project management software (EPM), such as AceProject and Wrike Enterprise, Central Desktop and AtTask and Feng Office, allows project managers to efficiently organize and track multiple concurrent tasks and collaborate with more people within and outside the organization.
Project portfolio management (PPM), features of PM software like LiquidPlanner and Planview Clarizen, Project Insight and Tenrox provide project managers, program mangers and PMOs with tools that help them align projects and business plan, select projects that will bring greater business benefits, prioritize them according to resources or goals. Advanced features include instant impact analysis reports, central change requests, and prioritization according to workload, budget, and resources.
The Bigger Picture
It is important to consider the larger organizational goals before starting projects. A clear business strategy is the result of clearly defined goals and objectives. This strategy will allow the organization to select and prioritize the projects that will make up its project portfolio. The organization’s goals will be constantly monitored and evaluated to ensure that the project portfolio is achieving the desired business results. Project managers can see the bigger picture and become more familiar with the business side by using EPM and PPM software. This will allow them to become a better business partner for the project sponsor.
Tomorrow’s Project Manager
Some PM thought leaders predict that the roles of project manager and project sponsor will become more aligned in the near future. Through enterprise project management software and project portfolio management software, technology is making project and program managers more visible within the organization. Integration is becoming more common between the PM and business sides of companies. Business-focused project managers can now move up to C-suite and senior executive positions.
Software for Project Management
If you’re interested in learning more about top rated project management software, the editors at Project-Management.com actively recommend the following: