PPM Driving Better Decision Making

By CIOReviewIndia Team

CIOReviewIndia TeamGlobal Project Portfolio Management (PPM) Market is anticipated to grow at a healthy growth rate of more than 12.91 percent over the forecast period 2019-2026, with North America leading in terms of market share owing to increasing requirement for mechanical computer aided design (MCAD) and Electronic Access Control Division (ECAD) in this region. Even, Asia-Pacific is expected to exhibit high growth rate over the forecast period. The rapid shift towards cloud-based solution, increasing need for bring your own device (BYOD), expectation of organizations to attain faster return on investment (ROI), integration of social media with PPM solutions and rising demand for agile and responsive project management tools are expected to drive the market growth exponentially. "The fundamental premise of portfolio management is that when an organization is doing or planning to do projects, they need to ensure those projects support the strategy of the organization," says Werner Meyer, Founder of ProjectLink.

Some of the benefits of PPM that can leverage businesses’ operations are:

Improved Decision Making

PPM enables better strategic execution resulting in the accomplishment of more business goals and objectives of the organization with maximized portfolio value for the organization and enhanced decision making processes resulting in better decisions.

Faster Project Turnaround Times

PPM can reduce project turnaround times by an average of 10 percent. The defined processes aligned with PPM technology allow team members to keep a consistent work flow and increase productivity.

Streamline Data and Increase Collaboration

PPM provides project transparency to improve improved performance. With PPM, users can access real-time data, giving them the insight they need to get work done. Team members no longer have to rely on hallway conversations or meetings to give project status and reduce resource time significantly.

Risk Management

PPM tools also helps in mitigating risks by providing the estimation capabilities needed to ensure that projects are estimated more accurately and the right resources are put on the right work at the right time.

However, prevalent concerns about deployment, usage and predominant security concerns associated to SaaS-based project portfolio management solutions are the factors that hamper the market growth. Sometimes organizations fail to communicate their business problem appropriately to the PPM vendors, which is because the market is facing a crisis of skilled workforce who can educate customers about the correct usage of PPM software.  

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