Managing a large number of proposed and existing projects is no easy task, but it is certainly easier in the digital era. Effective project portfolio management can make all the difference between success and failure while it could also mean better ROI for your organization. Reports say that organizations that have an efficient portfolio management system had 62 percent of their products either meet or outdo the ROI expectations as of 2012. Digitalization can be a good place to start if you want to manage your portfolio right and enhance your ROI. Here is why you want to adopt digitalization in your portfolio management process.
Uncertainty or unpredictability does not spell success for projects, in fact, many projects fail as a result of this. Digitalization can remove some of the uncertainty in project portfolio management. It can help draw useful insights from processed data, in the form of charts, graphs, and tables. Project managers can use digitalized tools to gauge if projects are beneficial or otherwise. This is much simpler and less time-consuming than in a non-digitalized environment where they will have to manually make calculations and analysis to make sense of the data. Project managers can also look at patterns in previous project performances to predict the course that existing projects will take through digitalization tools. It becomes easier to assess risks versus returns in projects, even before its implementation. PMOs do not have to make decisions based on purely previous experience and guesses. They can make well-informed decisions on the assets that are to be included in the portfolio and otherwise with the help of digitalized tools, making it a sound addition to portfolio management.
Improved project efficiency
Digitalization can help pin down factors that are leading to overshoots in your project budget or deadline. Digitalization tools are all about enhancing project efficiency and productivity. They can help to identify bottlenecks before they escalate, so the project execution continues smoothly throughout. Project managers can also draw actionable insights from these tools, on how to enhance success metrics. Since digitalization tools are automated, it does not require the project manager to monitor project progress at all times. It can help them assess the project course and progress with little effort, as and when needed, and make changes for better project efficiency, to ensure that all projects are always on track.