Project Management Software - Here, There and Everywhere…

A few months ago, I shared an article that included a prediction that sales of project portfolio management solutions would increase from $4.2 billion (2020) to $5.6 billion by 2025. Wow, that’s a lot of money!

If you’re thinking of purchasing a solution for your project portfolio, here are some ideas on how to elevate your level of success in your selection process. Read on…

 I have seen some recurring themes in many articles focusing on project portfolio management systems:

• No mention of the underlying principles of project management – many of the articles provide information on various software options and the benefits of purchasing this solution vs. that solution. Yet, I rarely see any reference to the fact that the organization should have some understanding of what their needs are with respect to a software solution. I’ve witnessed many organizations that use different processes from one business unit to the next. How can an organization, with disparate project processes, successfully select and implement one solution that will meet the needs of the entire project portfolio? I believe that in order to select a solution, that will be advantageous to the entire portfolio, there must be foundational standards in place to help drive these decisions.

• The Purchaser – who is buying the solution? Are these articles written for CFO’s or COO’s? I’ve observed scenarios where the leadership team determines that it would be a good idea to get a project portfolio solution in place, yet the decision was made in isolation without input from the teams that would be using the solution. Inclusion of the users’ ideas and feedback should be an input to the selection of the software solution.

• It’s a project – identifying and implementing a cloud-based solution is a project. Many of these articles do not reference gathering requirements of the various stakeholders, making decisions on what features and functionality should be prioritized, matching up the requirements with the various cloud-based solutions that are available, having a discussion with several vendors, sitting through some demos, establishing a pilot team for 2 or 3 solutions and having a retrospective at the end of the pilot program to discuss the benefits, advantages and challenges of the various systems. Then, with this information in hand, you can make an informed decision on your selection. And don’t forget that sustainability is key. Many, many, many organizations don’t use all the features of the solutions they purchase or sometimes, the entire solution is put to rest because it is too onerous. 

If you’re a Project Manager, like me, then you have also witnessed scenarios in which a lot of money was wasted on solutions that no one wants to use. This isn’t just a waste of money but it’s a waste of time and it can impact productivity levels as well.

Although I have mentioned some of these recommendations previously, here is my list of considerations prior to signing on the dotted line for your new project portfolio management solution:

• Assess current capabilities – what is the current, overall status of project portfolio management in your organization?

  • Does the organization have a project standard in place with respect to how projects are initiated, planned, developed, executed, transitioned, measured and tracked? If not, I suggest that this is step #1 for your organization.

  • Is there already a software solution that has been purchased?

  • Is it being used – why or why not?  

  • If your organization already has a comprehensive software solution, why are you looking for a new one?

  • If your organization does not have a comprehensive software solution, why are you looking to make this purchase? What are your objectives for introducing a project portfolio management system? What are the expectations from the leadership team? How will this solution help the organization?  

• Make a commitment – If you were able to answer the previous questions with concise answers that provide clarity and understanding for the masses, then make a commitment to purchase a comprehensive solution for your project portfolio. What does this commitment look like?

  • Establish a project – identify a Project Manager, determine a budget, provide expectations on the part of the leadership team, solidify the scope of the project and identify a Project Sponsor from the leadership team that will be the point person for the project effort.

  • Communicate the decision to the organization with next steps which include the identification of a Project Team and an estimated timeline. Reiterate to the staff the importance of using the standards and core principles of the organization and the benefits that can be derived by introducing a comprehensive solution to the project portfolio management efforts.  Clearly communicate the commitment from the leadership team.

  • Provide the Project Manager with the authority to develop a team, and work through the critical elements associated with the typical lifecycle. This would include gathering requirements, prioritizing features and functionality, identifying various solutions, vendor interviews, demonstrations and a pilot program. Bottom line: let the people who are going to be using the solution take part in the selection process of that solution. This is also a good opportunity to solidify the standards recently developed (or identified) for the organization to ensure that the standards will align well with the solutions identified.  

 If you take the time to initiate a project with the goal of identifying the best software solution for your project portfolio, you have just elevated your level of success in adopting a new solution for the organization. Go for it!