Quick Take

• A small percentage of business executives are satisfied with project status reporting
• Project Portfolio Management (PPM) is the centralized management of the processes, methods, and technologies
• All too often project management involves guesswork.
• With Projectric, your organization can enjoy better transparency, governance, resource management, collaboration, project prioritization, project management, resource management, and project portfolio reporting

The Problem with Projects

According to Gartner, only 33% of business executives feel that project managers are doing status reporting well.

Yikes.

But it gets worse:

• Failed IT projects alone cost the United States $50-$150B in lost revenue and productivity (Gallup)
• The industry-wise success rate of projects is only 64%.
  (PMI Pulse of the Profession 2020)
• Organizations that undervalue project management report that an average of 67 percent more of their projects fail outright (PMI Pulse of the Profession 2020)
• The 2019 AIPM and KPMG Project Management Survey found that only 51 percent of organizations use collaboration software to improve project delivery
• Only 22% of organizations use project management software (Wellingtone)
  
• Only 23% of organizations use standardized project management practices across the entire organization. (PMI)
• 55% of organizations don’t have access to real-time KPIs (Wellingtone)
  
• Only 32% of organizations say that they’re satisfied with their current PM maturity level (Wellingtone)
  
• At least one in six IT projects turns into a “black swan” with a cost overrun of 200% and a schedule overrun of 70% (HBR)
  
• A PwC study of more than 10,000 projects found that only 2.5% completed 100% of their projects successfully (Gallup)

Look on the Bright Side

There is some good news:

• Between 2017 and 2018, the percentage of organizations using spreadsheets to manage their agile projects dropped from 74% to 67%. Instead, these organizations moved to specialized PM tools. (VersionOne)
• 77% of high-performing projects use project management software. (Hive)

In the 2020 PMI Pulse, executive leaders identified factors that are the most important for success. The top three were: organizational agility (35 percent), choosing the right technologies to invest in (32 percent), and securing relevant skills (31 percent).

Many Project Management Office (PMO) managers know that prioritizing projects, meeting deadlines, and achieving ROI is challenging and and all too often involves guesswork. If you are finding that your predictions are inaccurate, that you don’t have visibility into status, and that your control over processes is failing, it may be time to introduce a Project Portfolio Management (PPM) software solution into your organization.

What is Project Portfolio Management Software?

PPM is the centralized management of the processes, methods, and technologies used by project managers and Project Management Offices to analyze and collectively manage current or proposed projects based on numerous key characteristics of success.

Project Portfolio Management enables organizations to more effectively accomplish:

• Project Prioritization
• Resource Management
• Project Management
• Project Portfolio Reporting

If your current solutions struggle with these functions, then it’s likely time to invest.

With an effective PPM solution, your team will be equipped with:

Transparency

PPM software can help you gain the insights you need to prioritize your portfolio of projects. With a PPM system, you, your team, and your management will have portfolio-wide, powerful, consistent tools that can evaluate the progress of projects and quickly pinpoint problem areas.

Governance

Take back control of your portfolio by monitoring the status, quality, and compliance of your projects from start to finish.

Resource Management

Determine the best resources for each project based on workloads and what-if forecasts. Record hours and labor costs per project. Forecast future needs so you can prevent projects from starting late or running long.

Collaboration

Provide your team with tools to communicate and work together via a central, enterprise-wide platform. Share updates easily through project notes and email notification features. An integrated, effective, and intelligent PPM solution enables you and your team to invest wisely and deliver fully.

The Projectric Solution

By implementing Projectric, you’ll introduce an intuitive, full-featured, easy-to-use solution to your organization that truly bridges the gap between business and project management through features designed for success.

Using Projectric you can accomplish:

Get Better Project Results

So when is it time to introduce a PPM solution to your organization?

Now!

We stand ready to help you introduce a leading PPM software to your organization. Contact us at [email protected] or request a demo.