IT Portfolio Management Best Practices

 

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IT Portfolio management helps businesses to successfully choose, manage, and execute projects within a portfolio. 

To begin, strategy crafts your business decisions by identifying your organisational strengths and weaknesses and accurate resource allocation. 

But without implementation, your strategy becomes null and void. Your IT portfolio management defines the transition from planning to implementation, adapting to modifications, and effective execution. 

In this write-up, we’ll discuss what portfolio management is, recommend certain best practices, and illustrate why implementing portfolio management software is crucial for your business to be successful.

What Is IT Portfolio Management? 

The IT project portfolio management involves selecting, prioritising, and controlling your company’s projects and tasks. With such a centralised management solution and consistent monitoring, you can establish standard governance throughout your enterprise. 

With IT portfolio management, when a project gets prioritised and resources are allocated when it’s aligned with the organisational strategies, values, and long-term goals. While an underperforming or misaligned project either gets rescheduled, modified or altogether cancelled. 

Implementing IT portfolio management empowers you to make more informed decisions on effectively delivering against your organisational strategy.

Why Should You Invest In IT Portfolio Management? 

Tracking the status of every portfolio, managing the budget, ownership, communication and investment rounds can be challenging when you’ve limited resources. Without an IT portfolio management solution, your educated guesses might not actually fulfil the organisational objectives. 

Your company receives enhanced transparency in the release management process, updated investment data, and current project statuses with a management tool. 

Every company may have a unique way of conducting business. Therefore, flexibility is necessary. Investing in off-the-shelf management software is the ideal option, but if you can customise your management tool to meet your requirements, it’s priceless.

What Are IT Portfolio Management Best Practices?


Create A Detailed Project Inventory 

Detailed information about all the projects offers a great understanding vital to your effective IT portfolio management. 

Include the following- 

  • project’s title, 
  • Associated important timeline 
  • Estimated costs for completion 
  • Business objectives 
  • Business Benefits 
  • Potential ROI.

Strategic Project Evaluation 


The core criteria to determine which individual project will be prioritised and receive funding is how closely the particular project aligns with strategic organisational objectives for the year. 

Other factors that need consideration include the risks involved in a project is and whether it requires massive restructuring.


Score, Segregate and Prioritise Your Project 


After completing the project evaluation, you may realise that your organisation has more projects than you may actually prioritise and fund. 

Meeting your organisation’s financial goal will need efficient planning. 

A scoring system drives efficient categorisation. It can help you draw the line depending on how many projects the existing resources and your allocated budget can support.

In-depth Review And Portfolio Management 


IT Portfolio managers need to monitor asset performance at a quarterly, monthly or bi-monthly level. 

The portfolio manager can then input the information into the IT portfolio management tool and assign a status with the required data. 

During the review process, stakeholders and portfolio managers will examine and identify projects worthy of additional funding allocation, the ones to halt and cancel.
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