Well, the title of this article is absolutely veracious.
Agile Portfolio Management ensures that an organization renders highest-value for the investment made by stakeholders. An exceptional Portfolio comprehends and embraces the agile concepts, while also taking into account the different determinants required to handle multiple numbers of teams and projects, with efficiency!
Agile Portfolio Management is principally concerned with how companies recognize, determine, prioritize, plan and handle different products and solutions.
And be that as it may, a business can gain tremendous value from Agile Portfolio Management for the proper implementation and execution of its projects.
So, What Are The Many Spectacular Benefits Of Agile Portfolio Management?
(I) Setting Your Priorities Straight
Well, there have been innumerable times when we have witnessed companies prioritizing their tasks in aadhoc manner. This has led to the failure of establishing project goals and effectively working out on them. As a consequence of the same, our plan of action becomes circumscribed.
With the implementation of an effective Portfolio Management software tool, your team can precisely focus on the projects that deliver the highest value for the investment. The introduction of a scorecard can measure the significance of a project and align it directly with the priorities and strategies of your company.
(II) Data Driven Decisions
It is known that data driven decisions has always been the key to successful decision making.
The current economic condition, particularly forged because of the COVID19 pandemic, demands you to have reliable data. It is key to sustaining in the market. Maintaining a comprehensive collection of such data can be difficult.
Nonetheless, Agile PPM Tools can empower you to track and maintain valuable data. These tools can, therefore, quite exceptionally, help you to make rational decisions in regards to your projects.
(III) Change Is Inevitable
It is high time for project managers to realize, that, because of the emergence of COVID19 and the subsequent advent of extremely innovative technology, the degree of progress is occurring at a much swifter rate. And, therefore, the model of Agile Portfolio Management, that was developed to tackle the continuous transitions, acts as a savior, to help them in facilitating a fast and adaptable project preparation.
(IV) Depreciate Risks, Maximize Business Impact
Risks can concoct stark dents on several aspects of a business, whether it is time, technical or even a compromise on objectives.
Minimizing risks can prevent a business to miscalculate gross efforts required to accomplish the ongoing and upcoming projects. Project revisions unnecessarily escalate the figures of budget and delay both project delivery and your resources.
Agile PPM strategy detects budget deviations between planned and actual work. It, therefore, helps you to desist financial risks even before a project commences.
With standardized project management methods and processes centered around a dependable framework, Agile Portfolio Management can routinely analyze costs versus benefits, helping the resources to plain sail towards segregating trivial projects. The earlier these projects are identified, the sooner the lumped risks are reduced.
Thus, Agile PPM alerts you about the random technical inadequacies, potential budget overruns and schedule delays. So, when these respective risks are mitigated, your business can assuredly be able to deliver high-value, low-risk projects.
(V) Optimal Resource Utilization
Agile Portfolio Management necessitates your resources to invest their maximum efforts into the most fruitful ventures. Therefore, duplicate efforts are not wasted on activities which are not rewarding.
The portfolio manager can, thus, exercise control over resource utilization and allocate an optimal workload to each resource.
Hence, this process can serve the organization to make the most optimum use of available resources by deploying them on to the highest priority projects.
(VI) Marking the Path of Success
Success needs to repeat itself in the future. Repeatable success means repeat business. So, while monitoring the current projects, it is equally important to mark the path that led to the success of the selfsame outline.
And with an effective Agile Portfolio Management strategy, a business can leverage the processes and lessons learned from previous projects.
So, if you have resources that are willing to accept change from time to time, then Agile Portfolio Management can create a better streamlined environment for your organization, ultimately yielding your business, higher productivity results.