In present times, business organizations are increasingly employing software development and IT to drive innovation and to make better use of limited resources. But achieving this is not an easy task, as organizations ought to face a lot of challenges in implementation of new/existing projects.
Overcrowding of projects and improper allocation of resources are some of the challenges faced by most of the firms. Project Portfolio Management or PPM can rescue the situation through its proactive project management approach and ability to control the possible risks undertaken by the project.
Project Portfolio Management or PPM is the centralized management of processes, methods, and technologies that can be employed in an organization for the successful implementation of their processes. PPM allows integrated management of time, resources, skills, cost, communication, reporting and forecasting, and risk management functions. Cost reductions, better decision support, better IT governance, etc are some of the key benefits offered by PPM.
According to Chief Technology Officer, Eluminary, there will be five stages before the start of any business process. For most of the projects, certain actions and operations in the initial stages are repeated, which will not be documented as a company procedure.
Formal documentation of the project must be done even at the second stage. He also added that the process definition and its confirmation as a standard business process actually happen at the third stage.
Fourth stage includes the actual execution and management of the project based on certain fixed metrics. Obviously, deliberate process optimization or improvement is done as a final stage process. As we look into these five stages of project, there is lot of standardized process which needs to be managed with a project management approach.
It is necessary to integrate PPM and business process, for the smooth flow and functioning of any project. For this companies must first of all specify their processes and workflow mechanism. Then evaluate the process to determine how PPM methodology must be integrated to the same to make it more efficient.
There are many benefits in PPM integration to business process. As current methodologies employed in the development of processes are subjected to large expenditure and long work hours, it is really intelligent to find solutions to get out of the situation. Integrating PPM in processes will reduce time and cost to an acceptable limit.