How to Effectively Manage Your Project Portfolio

How to Effectively Manage Your Project Portfolio

Today’s current trends show a significant rise in the number of digital technology initiatives implemented by businesses around the world. During this time of social distancing, going digital is truly the best way to reach your consumer effectively. At StrategicFront, we can help you implement the proper strategy for your digital project. We can also have it adapted effectively, with the help of our project management services.

Why Is Project Management Important Now?

“Historically, Canadian firms across the economy have a poor track record when it comes to investing in digital technologies.” Investments in digitalization are crucial for businesses to measure up to Canada’s accelerating trajectory. Digitization can assist in adapting to change and maintaining operations in the current developing conditions.

Project management is an area that needs improvement within many IT companies. In fact, 55% of IT organizations believe that their project management processes are neither effective, nor important. Furthermore, 21% of IT organizations reported having no one responsible or accountable for project management. This leaves an enormous amount of opportunity on the table!

Why should an effective strategy and program be put in place? Research shows that 62% of projects in organizations that have an effective project management strategy, met or exceeded the ROI. StrategicFront project management services can help make sure that your organization chooses the right strategy and is successful in their objectives.

Our Unique Approach On Portfolio Project Management Strategy 

At StrategicFront, we use a five core processes model when developing a portfolio project management strategy.

How to Effectively Manage Your Project Portfolio

We use the model pictured above to help determine which projects will deliver the best ROI for your company. Each step is critical in our process.

The first two steps need to be followed before we can implement our project management strategy on one specific project. We intake, approve and prioritize all projects for the company. From there, we look at a number of aspects to determine which project should be moved into the resource management step.

We look at all resources, both internal and external, before moving forward. This step helps evaluate the risk factor and make sure that your organization receives the best ROI.

After the project is launched, we can close it off from our process, and review the metrics to determine the success of the project.

This model enables us to find the “best” project to achieve success for the company’s desired goals. With this process in place we can create infrastructure for the company. As a result, reporting becomes more timely and trustworthy, as we facilitate the flow of information for better decision making. We can also ensure proper closure of projects, releasing resources, and managing benefits realization.

How Our Services Can Help?

We can help you establish an organized system to plan and execute your project, from start to finish. When you collaborate with our team, we will conduct a PMO maturity assessment and PMO methodology development, including agile practices. This approach involves a hands-on program, with project management services or project consulting.⁣ We will make sure that your team, vendors and executives are all aligned with the project goals. Please read some of our latest client success stories to learn more!

Talk To A Project Management Consultant In Toronto!

Our team of experts are determined to help you successfully develop and deliver your project. Your first step to improving your delivery capabilities is to contact us so we can implement this model as part of your organization. We will review your project and discuss an action plan to achieve your targets. We can’t wait to talk to you about your current project and how we can help grow your business in today’s digital world!

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