When it comes to incorporating IT portfolio management and communication with stakeholders, the term success can mean many things. Most managers and executives are looking for easy ways to manage active projects as well as their current progress. While many businesses make attempts to integrate and govern IT portfolio models, they are met with failure for a few simple reasons.

Some of most common reasons for these failures included narrow or incomplete planning of the end state, implementing technology to buy processes, and implementing PMOs with focus on lifecycle management rather than the quality of the deliverables.

How to simplify IT portfolio governance

To make IT portfolio management communication with stakeholders simpler and more organized, you can start by viewing governance in three distinct categories. The first category is called asset management and includes looking at assets in a broad sense that focuses on outcomes. Asset management need not necessarily be about viewing tangible assets like computers and servers, although they can be considered a part of the complete asset pool. This form of management focuses on IT applications and how they can influence business processes to obtain positive results and outcomes.

The second category of IT portfolio governance includes project management that solely handles execution of projects that lead to divesting, renewing as well as creating new assets. The third category in examining IT portfolio management is called resource management that allows your business to operate and execute projects by placing the right professionals in the right place.

Challenges of IT portfolio governance

While it is a good idea to categorize and organize IT portfolio management, it is best not to allow them to be developed, executed, and operated separately. You should also know that you cannot expect to use store-bought software to tackle these problems as your business faces unique challenges. Since each organization and stakeholder is different, you will have to identify and implement service agreements, practices and other processes for your assets. When you understand the different weaknesses and strengths in your business model, you can apply logical, effective and affordable management measures to govern IT applications.

When dealing with resource management and IT portfolio management, you should consider several factors like timelines, timely completion of projects, balancing the projects, ensuring quality results, making educated predictions, adding value and finding the right professionals to handle different aspects of IT application management as well as stakeholders. You should remember that IT portfolio governance is generally not transformational but transitional.