Within project portfolio management, portfolio planning is the first step in the process. Defining what our portfolio is, what that portfolio needs to support from a business perspective, and also defining how the performance of that portfolio can be measured accordingly against the goals and objectives that are being set.So following the portfolio planning phase, you would move into the project development, the opportunity management process. So identifying which projects should be delivered, identifying which resources are needed to deliver those projects. But also making sure that those projects are the right projects that need to be executed to support the overall strategy.
So once you move into executing the portfolio, you need to manage resources, you need to manage funds, you need to make sure that the portfolio is optimized accordingly in accordance with financial and human resources. But you also need to make sure that the portfolio is aligned and constantly aligned to the business objectives
When we talk with our customers and they want to improve predictability. They want to increase the efficiency across their business and they want to get greater control of their projects and portfolios. These are the three key areas that all of our customers look to improve upon.
So Enterprise Project Performance, portfolio management, project management, contract management, and contract management, all within an integrated solution. The processes that are available within EPP allow us to define key metrics and performance measures around those three areas to allow us to not only identify the improvement that needs to be made, but also to make sure that once those targets have been set, we can constantly monitor and identify any deviations which may prevent us from achieving the goals and objectives.
You don’t have time to analyze all 2000 projects within the your portfolio. You need to be able to quickly analyze which projects, are performing badly. And in some cases the projects which are performing well and take advantages of what’s happening with those projects and distribute that across the entire portfolio.
The benefit of a of a, of a fully integrated is the instant access to that information. Everyone is logging into the same solution, the logging into the same database, they’re getting a different experience. So if I’m a contract manager, I will only be interested in working within the parts of the solution which are related to contract management, portfolio managers, the same and similar to the project managers. But the fact that everybody is working within a single solution with a single database, it’s instant access that information. Many of the processes within portfolios and projects and contracts are interconnected anyway.
Changes made at the contract level can impact the project and obviously if it impacts the project, it can also impact the portfolio performance as well. And having visibility into every aspect of that from the portfolio level. All the way down to the contract level detail just provides a level of access to information, which is impossible without an EPP.