A successful portfolio management program requires a collaborative effort from all stakeholders. In today’s fast-paced business environment, it is more important than ever to understand the importance of collaboration and how it can contribute to your organisation’s success.
We recently configured Microsoft Project Online for a client to enable them to both “see”, and collaborate on their portfolio outcomes. This work included the delivery of business intelligence dashboards to give visibility to the organisation of the portfolio of projects.
The ability to see and collaborate on the portfolio outcomes is important for two reasons:
First, it enables better decision making. The organisation can quickly see which projects are in scope and which ones need to be brought back into alignment with business objectives.
Second, it builds consensus within the organisation around what the priorities are. This is important because it can help to avoid the dreaded “silo mentality” where different parts of the organisation are pursuing their own agenda rather than working towards a common goal.
In order for Microsoft Project Online to be configured, we had to understand how data from multiple forms and systems could be brought together and analysed in a meaningful way. We also needed to consider what information would best support project managers on a day-to-day basis.
The client is extremely happy with the outcome and we thought it would be worth sharing a case study of how important collaboration can be in portfolio management. The benefits that were realised as a result of this project are:
1. Improved Visibility – When everyone has visibility of the project, they can understand what is happening and make better decisions. This improved visibility also helps to avoid surprises. More effective decision making – by having a centralised location.
2. Alignment with Business Objectives – The business intelligence dashboards give a quick snapshot of how the portfolio is performing against business objectives. This enables the organisation to course correct quickly if projects are veering off track.
3. Improved Communication – By having a central location where everyone can see what is happening, it reduces the need for emails and telephone calls which improves efficiency.
4. Improved Problem Solving – The collaboration nurtures portfolio problem solving, improves the quality of ideas and removed barriers to problem solving by breaking down organisation silos.
5. Improves the Morale – Collaboration allows members of the portfolio team to be involved in decisions that effect their work. This improves morale and productivity within teams since they feel valued and are more motivated.
Collaboration is no longer limited to the office, as people can now connect on any device from anywhere in the world. This technology allows for better communication across various departments and locations, fostering more effective collaboration overall.
If you would like to find out more about how we can help with your portfolio management and business intelligence requirements, please contact us on 1300 920 543.