Project management is a process of creating, establishing, and accomplishing business strategies. It brings transparency into the workspace. It can assist in making fact-based and smart business decisions.
Deep Dive into Project Portfolio Management
Project portfolio management (PPM) acts as an easy reference tool for organizations. It helps in resource management as it tracks all the methods, processes, and technologies. PPM helps in mixing and matching the resources for optimal planning before starting a new project.
Portfolio is the centralized management of one or more project portfolios for all the strategic ideas. It validates success of organizations regarding selection and execution of projects. PPM finds applications in BFSI, government, engineering & construction, healthcare, telecom& IT, and other such industries.
How it Works?
PPM provides better decision making as it uses the metrics of previous projects as resource material for the future projects. It can reduce risks involving finances, resource utilization, misdirected efforts, and governance. Centralization approach of project portfolio management can minimize project cost and project complexity.
An Affordable Cloud-based Solution:
Recently, Workfront developed cloud-based project management software that is suitable for IT, architecture, accounting, and other such industries. Managers can utilize resource management tools to assign tasks and track performances. Communication tools on the other hand, can aid managers and employees in assigning work, checking status updates, tracking deadlines, and project approvals.
Automation and digitization processes can increase business efficiency and productivity. This may encourage many organizations to adopt PPM tools. According to a report by Grand View Research, Inc.; the global project portfolio management market is predicted to gain nearly USD 8.8 billion by 2025.
Growing complexity in banking processes triggered by increased multi-regional processes and outsourcing can drive demand from BFSI. Asia Pacific is anticipated to dominate the global market on account of CAGR over the forecast period (2014 to 2025). Emergence of Small and Medium Enterprises (SMEs) and high adoption of Bring Your Own Device (BYOD) can impel the regional expansion.
Prominent players operating in the worldwide market are Microsoft; Oracle; Workfront, Inc.; Celoxis Technologies Pvt. Ltd.; and HP Development Company, L.P.
In-Depth research research report on project portfolio management market: