A Comprehensive Introduction To IT Service Portfolio Management

 

IT Service Portfolio Management

Service portfolio management involves the governance and management of IT service portfolios. With the IT Service Portfolio Management tools, you can document and manage your project portfolios using a standardised, structured format.

So What Exactly Is Service Portfolio Management?

Portfolio Management involves a single, centralised location combining the information portfolio managers and service owners require to: 
  • Develop a pipeline or workflow of services that fulfil the greatest objectives of your organisation.
  • Prevent redundant processes such as service duplication and overlap. 
  • Rapid identification of low-value services so that resources can be redeployed. 
In the IT realm, service portfolio management constitutes the creation, organisation, and management of a portfolio of IT services your organisation is handling, such as communication-related services or infrastructure-related services. 

The fundamental objective of implementing IT service portfolio management is to streamline your IT operations and fulfil customer demands by optimising the value of your services and reducing operational costs. 

With the correct portfolio management tools, you can accomplish these goals. A service portfolio comprises data about the organisation of services you’re offering and data about each service (status, valuation, resources assigned, and other related items).

Phases of IT Service Portfolio Management

Service/Project pipeline 

This phase includes the status of services that are planned but not yet operational or active for use. These services generally constitute proposed projects or services undergoing review for suitability. You can leverage this portfolio component to understand and determine the future business growth and timeline required for each service.

Service/Project catalogue 

Consists of every service in a particular portfolio that is not only operational and active for utilisation but also open for design and development.

Retired Services/Projects

Catalogue of services that are once operational or completed but are no longer active for usage. With the overview, you can retrieve any essential historical information in the future for reference. 

Ensure to hire an experienced professional partner for DataOps and IT portfolio management to reduce complexities and remove the bottleneck from your operational workflow. 

With quality service portfolio management, you can monitor, track and manage the complete portfolio of IT projects available to your firm. Your hired partner applies necessary modules and features to help you visualise and justify every service based on business requirements by ensuring they deliver maximum value for your business within managed risks and costs.

What Are The Benefits Of IT Service Portfolio Management? 

  • Align the services you provide with the strategic business goals. 
  • Fulfil the service demands of your clients and end-users within the stipulated timeline. 
  • Transform your business from a cost-based service to a value-offering service. 
  • Make better, informed decisions for creating new services, improving and delivering current services, and retiring unnecessary services.
  • Enhance the productivity of your IT support team through better identification and increased focus on the services/projects that generate the most business value. 
  • Make your entire organisational operation cost-efficiency by consolidating duplicate services, improving under-performing services, and eliminating low-value, unnecessary projects. 
  • Document the different services offered or projects following a standardised, well-structured format.
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