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Top Project Portfolio Management Technologies

“Trying to manage a portfolio of project without appropriate tools, is like trying to play a football game without a game plan.”

                                                                                                                                      K.Tate

In recent years, project portfolio management has become more prominent and crucial for success in all sectors- public, private and nonprofit organizations.  Well implemented projects have an impactful place in the workforce, and so does their wrong selection and improper formulation. An increase in automated business technologies, computer technologies, integrated systems has led to a huge influx of project-centered work. If you are in an executive role in a company, you are responsible for overseeing various departments - finance, marketing, retail, operations, etc.  These departments have different projects running in the same duration, and hence it becomes necessary to gain visibility to these projects, more so since these projects are interconnected and have an influence on each other’s progress. An enterprise has limited resources, and project portfolio management plays a crucial role in the efficient management of these resources. Similarly, in the absence of project portfolio management tools, the visibility of these projects becomes difficult, risks of failure or delay increases and having appropriate oversight becomes challenging. Some projects might take up more resources than necessary or may be prioritized inaccurately in the absence of visibility that such tools are able to provide.

No matter if you have a very dedicated team who is working hard to manage a project, if the right problem is not being solved, it will not contribute to the efficacy of the project. It is essential to periodically review each project and test it on the basis of assumptions made, updates given and then monitors its progress. In this process, it is necessary to make conscious choices on modeling and remodeling the portfolio or to look for alternatives, if it is not being executed as planned.

Banks and credit unions need to be customer centered, open and transparent. Here are the top project portfolio management technologies which can aid them in this process.

1. CA PPM

A flagship product of CA Technologies, CA PPM is aware of the inability of one product alone to satisfy all market needs, and hence it takes steps to diversify its software PPM product portfolio. This tool provides an enterprise with the information necessary to make a thorough analysis of project portfolios and then accommodate decisions accordingly. For a bank or any other financial institution, it provides a centralized setup and manages resources, projects, and budgets, at the same time also provides a system to compare variations across the portfolio objectively.

Features

  • Strategic roadmap planning for success through exclusive research and business transformation tools.
  • The much-seeked transparency can be obtained through financial control features such as billing and invoice, with efficient support of tools for schedule and cost management.
  • A one-fit - all software, besides project portfolio management also offers services in resource and skill tracking, time tracking, and document management.
  • Both On-premises and SaaS customers can enjoy third-party business intelligence services and reporting tools connected with CA PPM’s data warehouse through an O Data Connector.
  • Four main releases of new features every year, contributing to an improved project life cycle.
  • Work with teams across portfolios, be indulged in team-based planning and automated updates.

Challenges

  • Agile central development tool, which can be integrated with CA PPM or used as a stand-alone tool is not fully developed yet, and its adoption by customers is still in its initial stages.
  • Integration with third-party systems can be complex and time-consuming.
  • Coaching and enablement is required for users at all levels.

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2. Planisware

The two Planisware PPM products are - enterprise and orchestra.  Planisware enterprise supports a mature project environment, while on the other hand, Planisware orchestra supports hybrid project environment. In insurance and banking industry it has been deployed because of its ability to manage resources and budgets, support processes and demands, enable flexible reporting and dashboards, and at the same time, make use of its time tracking abilities. From catching and creating ideas, to roadmapping, it ensures visibility and intelligence.

Features

  •     Orchestra PPM was added to Planisware enterprise PPM after acquiring NQI Corporation in March 2018.  It enables agile and robust PPM.
  •     Provides integrated solutions for driving innovation in planned projects.
  •     Supports product-based focus more than project-based focus- wherever it is more suited and applicable.
  •     Defines objectives, assess investment options, improve portfolio value.
  •     Complex programs and initiatives can be managed over multiple functions.
  •     Provides insights through resources and actual time spent, and maintains consistency across projects.

Challenges

  •     Basic and limited mobile and application based support.
  •     Overall performance, the speed of application response rate can be improved in its enterprise-wide services.

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3. Compuware Changepoint Daptiv PPM

A continuous assessment and monitoring software, it enables you to analyze any in-depth information about your portfolio and compare its progress to the original plans.  From allocating the right resources, assigning team members to projects, to improving revenue and adopting a customer-centered approach- for services organizations it remains a leading solution in project and portfolio management.

Features 

  •     Integration of database and web and mobile access make its deployment convenient.
  •     Amplifies projects and portfolios no matter how resourceful or action-oriented the tasks are.
  •     Streamlined, configurable and action-oriented.
  •     Provides top-down view, real-time data analysis, making execution meet strategy.
  •     Traditional and task-based project management.
  •     Can be configured as per need - to methodology or maturity.

Challenges

  •     Missing advanced and robust collaborative features.
  •     Difficult to learn and master.

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4. WorkOtter 

If you need to achieve more with the existing resources, WorkOtter can assist you in a resourceful project portfolio management.  To ensure streamline management, WorkOtter helps with centralizing projects, balancing the supply and demand of resources, track time and tasks, and at the same time connect teams and customers

Features

  •     It is easy to deploy and support, offers a simple interface, and can be secured within an affordable price range and is a niche player.
  •     Flexibility in tracking and reporting systems allows different perspectives and analysis.
  •     It delivers enhancements and new changes to the product on a monthly basis.
  •     Added improvements to WorkOtter’s work plan includes integration with MS Excel, and much-preferred mobile and application support.
  •     It is possible to assess project progress reports and evaluate project managers within the system.
  •     Dedicated account managers to aid in execution.

Challenges

  •     Documentation and help features are generalized and outdated.
  •     English is the only language supported.
  •     High-level responsiveness is needed in product servicing and support, which is difficult to maintain in large customer counts. It has a slow response rate presently.

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5. Upland 

The two upland software are - Power Steering and Eclipse. They are of varied nature and provide a seamless experience across different PPM maturity levels.  Capacity to meet demands and strengthened portfolio management can be steered through Upland software. You can implement an organization-wide governance process and share effective practices across the organization.

Features

  • Single system software which helps to align goals and actions.
  • Cost and speed to - value benefits offer a flexible project portfolio management.
  • Single source provider offers cloud-based technologies.
  • Provides access to third-party applications.
  • High-level customer service and support, integrated with other upland products and followed by a low attrition rate.
  • Easy to configure

Challenges

  • Non-intuitive user interface.
  • Investments in knowledge management and integration of analytics should be done to make the most of collaborative technology.

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6. Clarizen 

Through this single, cloud-based application service, collaborate and connect your way through project portfolio management. Social engagement through team chat platforms can be intelligently connected to projects, and this is one unique feature of Clarizen.  Readily available data can be used to adapt to both unforeseeable and foreseeable changes in the business environment.

Features

  • Simple project management steps can be used to inculcate transparent processes, reporting, and visibility.
  • Mutual success within teams and shorter life cycle of projects can be ensured through shared resources and aligned communications.
  • Allows early identification of resource capacity in decision-making processes.
  • Configurable workforce and automated business processes.
  • In context collaboration with an intuitive user interface.

Challenges

  • A deeper level of product consulting for a growing customer base is needed.
  • Product’s availability to perform well at any level needs to be developed.

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7. Microsoft

 Microsoft Project Server, as well as Project online, are two PPM software of Microsoft. The synergy between Office 365 and Project online enables you to manage your risks and resources in sync with prioritizing your strategic goals and executing them efficiently.

Microsoft PPM offers real-time analytics, and an effective reporting system to evaluate and optimize portfolios.

Features

  • It makes available investment guidance so that you can invest in the right projects and carry out smooth and objective decision making.
  • It helps you to make the most of rapid innovation, social collaboration, telecommuting, and big data.
  • Multiple tools to support PPM and work management processes including agile software development.
  • Microsoft introduced Microsoft planner to connect tasks in a project schedule thus enabling task tracking and control over the project.
  • Flexible and meaningful reporting through Microsoft Power BI, a crucial feature of Microsoft PPM.

Challenges

  • Dependability on third-party functions for essential processes like currency tracking and conversion.
  • Lack of mobile and application support.

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8. Workfront

It combines project portfolio management software, with automated workforce and interconnected teams, ensuring that they efficiently utilize the available resources. Through work front, it is possible to segment tasks, skills, and priorities - hence tasks can be assigned automatically through AI enabled functions and across different projects. Project planning is not time intensive, is customizable and can be automated to relieve the burden of employees.

Features

  • Customers can design their projects and processes, and adopt any new change in the product with little to no assistance from the provider.
  • Integrates PPM with third party products and services. For example- Workfront fusion allows users to connect their activities at work front with other business applications.
  • Offers both traditional and modern aspects of PPM - through traditional project views and current graphical task boards.

Challenges

  • Develop mechanisms to ensure enterprise-wide control and centralized reporting.
  • Increase support capacity for large-scale implementation and projects execution.
  • Build a comprehensive platform to support future PPM user cases.

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9. Innotas by Planview

It ensures top-down project portfolio management through optimizing resources, collaborative work and technology management. Innotas by Plainview enables you to collect, prioritize and execute plans, thus making sure that the teams are focused on delivering only the best services. It has tools to supervise everyday project execution, manage the project funnel, and ensures that business solutions are delivered to customers within a limited time and budget.

Features

  • It provides an end-to-end solution for portfolio management including demand management and transparent reporting systems.
  • Can be accessed from anywhere and is cloud-based.                
  • Apply strong governance, tracks, and controls information and at the same time, bridges the gap between initiatives and strategies.
  • It supports both traditional and alternative work execution methods along with an option of integration to third-party tools.

Challenges

  • It does not provide a configurable workflow.
  • Can be complex for customer usage.

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10. Keyedin 

Keyedin automates the workflow of project portfolio management including that of service teams alongside maintaining efficiency and productivity. Through Keyedin, you can avoid complex manual processes and allocate resources according to the project needs, without devoting more time than necessary. From project intake to project management it allows you to take prompt, decisive actions with the help of readily available data.

Features

  • Prioritize the most impactful projects by analyzing a top-down strategic view of your business.
  • It provides with a clear and simple user interface, creative dashboards and project management dashboard.
  • Efficient and robust resource management capacities- with visual representations of resource demands, project allocations.
  • High and personalized customer service and support.

Challenges

  • Addition of intelligent document management capabilities.
  • Evolvement of features for advanced benefit tracking and realizations.

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CONCLUSION

Your ideal software for managing project portfolios should be able to provide active participation and should be focused on collaborative, enterprise-wide, IT and reporting PPM. The ability to execute, providing an excellent customer experience and a strong influence on operations should be evaluated in sync while choosing the software.

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