Businesses are often faced with stiff challenges in maintaining the low project, operational costs, and increasing their profits. And rightly so!
Sadly, that is not the case always.
Running a profitable enterprise requires a lot of control around procurement, resource utilization, real estate costs, talent, technology costs, project management, travel expenses, marketing, R&D budgets, etc.
The larger the organization, the greater the complexity w.r.t a diverse, dispersed, and global workforce, cultural implications, local government regulations as well as an equally complex organization hierarchy spanning multiple departments.
Each department has its own budget, strategic goals, and timelines to meet these goals.
At any given time there are multiple initiatives, projects that are being undertaken by the various functions across the organization involving multiple teams both local and global.
Thus having a handle on all of these projects across the organization is not an easy task by any means.
It is just overwhelming!
Imagine the workforce, efforts and cost you would need to constantly monitor and stay on top of all initiatives run in your company.
No wonder, companies globally make conscious investments for multiple work management, collaboration, and productivity management tools for their teams.
Brings Your Organization Together
A project portfolio management tool is capable of handling all your strategic initiatives centrally.
Your entire team is aboard a single platform for all its activities.
The significant benefit of a project portfolio management tool is in its ability to track all initiatives under one roof.
The decision-makers can access the progress of the key projects in real-time and track the performance of their business.
At the same time, the project managers can easily highlight risks and issues that need immediate management attention and action.
The management team can quickly identify any non-performing projects and act decisively in a timely manner.
Thus saving efforts and costs on initiatives that have outlived their purpose or would not prove profitable as expected earlier.
All these man-hours saved can be repurposed for other profitable pursuits.
