The world is changing. Even more so given the Covid-19 pandemic's effects. The new management and work methods enable remote working, making it even more challenging to execute the organization's strategy for value delivery.
Organizations are now required to secure data for project documentation and team collaboration, in addition to managing remote teams. Another challenge is to facilitate uninterrupted communication between remote team members. These challenges will only get more complicated as remote work becomes more common.
To overcome this, it is worth investing in project portfolio management solutions. Project portfolio management software will bridge the communication gap between remote teams. To ensure that all team members are on the same page, you can assign tasks, prioritize them, track their progress, and centralize communication.
Appropriate software for your needs can help you solve problems in specific sectors. This article will discuss the latest trends and top ideas in enterprise project portfolio management for 2023.
Trends and changes in project portfolio management:
Project management includes the skills, knowledge, and resources necessary to reach goals. An effective project portfolio management software can provide many solutions to enterprise problems. Let's look at the top trends in project management software for 2023.
Strategic portfolio management
It is not enough to complete projects or programs on schedule and within budget. Companies today face the most significant challenge in aligning their portfolio with their strategic business goals. Portfolios focused on the continuous delivery of value for the company and its customers must be aligned with strategic objectives.
There are many PPM tools and solutions available that can be used to manage and execute the company's portfolio. These project solutions can help you translate your organization's strategic goals into project plans, products, and services that deliver value to your business in an agile and flexible way.
Integration of PPM tools in a single solution
Kanban boards, timesheets, and Gantt charts are all still used by many organizations to manage various aspects of their project portfolio. It is easy to manually register and manage all this information, mainly if it is indifferent and separate solutions.
It raises the question: Is it easier to have all these functions in one interface for your PPM software? Advaiya Solutions utilizes the power of Microsoft Project Online to provide customized portfolio management solutions that will enable you to plan and execute your strategy from one interface.
Project management and adoption of mobile apps
Remote workers love to use mobile apps for messaging and checking their emails. This trend is also evident in the 2020 Productivity & Remote Workplace Survey* by GetApp, where 51% of respondents said mobile messaging was used at least once daily to collaborate on work-related tasks.
Remote teams will be more inclined to use smartphones for real-time collaboration. Business leaders like yourself will need to invest in mobile software tools. Remote employees can keep track of project updates and check in with their stakeholders. They can also communicate with colleagues via mobile apps.
Although remote working isn't new, we now see larger teams that work remotely from multiple locations. Companies used to hire people to work at their offices, with a few exceptions. Many companies have made it possible to have employees working from anywhere in the country or the world, despite the "back-to-the-office" push.
Hubstaff's report in 2021 on remote project management found that 40% of companies employ more than 1000 remote workers. Its importance will increase in the future.
Remote work does have its disadvantages. Remote work can lead to misunderstandings and a temporary lack of communication. Some team members may need more motivation. Making a team culture and informal communication can help to solve the problem of employee misunderstanding. It is also a good idea to conduct several videoconferences throughout the week.
You can use many online tools to communicate with project managers, area managers, executive board members, product owners, and Scrum Masters. Email, instant messaging, videoconferencing, collaboration tools... all of these have replaced the insignificant and tedious face-to-face meetings.
You may lose your focus due to the proliferation of collaborative tools. Some stakeholders might need to be updated about the progress of specific portfolio initiatives. Portfolio management will be easier if you can automate communications and integrate these tools with your project and portfolio management software.
Integrating complex technologies
Many companies have been following the digital factory model since it was first introduced several years back. The work process is organized in a digital factory model, where each unit handles product supply. Although this principle benefits companies in the short term, it does not apply to IT teams. It is, therefore, crucial to ensure that there is cooperation and supply from all technical groups, as this could cause confusion in the technological stacks.
Enterprise project management software is a current trend in the industry. The company's development means that the team is more dependent on technology. Project management principles now include a technology component. This process is called PTMQ, the acronym for people's technical talent to implement technological achievements in specific projects or companies. Talent is the critical feature of PTMQ. The staff is aware of trends and adapts quickly to them. The integration of technology allows project managers to accomplish tasks more efficiently and achieve the desired results within the project budget and time.
A hybrid approach to project management
Classical approaches only use one project management strategy. Traditional specialists use this approach. Modern PPM solutions include PMBOK and PRINCE2, Agile, and the waterfall model.
These are the most popular work methods you've heard of over the past few years. They are all used in different departments for different purposes.
That is the key. While there is no single best method, each must serve its purpose within your organization. The organization's leaders may prefer traditional approaches like Waterfall or innovative ones like OKR for strategy planning. But, agile methods like Scrum and DevOps are more suited to development teams.
Hybrid management is the future of business. Companies realize that adaptability to changing environments is key to their ability to compete in markets. This means leaders must embrace models that combine traditional management methods with new Agile methodologies.
AI and automation
According to the project management institute, 81% of experts believe that AI impacts their businesses.
AI is used to manage projects and help companies implement technology for specific tasks and routine functions. It automates human labor. Software and machines can also receive data and process it to analyze and determine the productivity and efficiency of staff members.
For complex tasks such as planning and visualization, project managers use AI. Companies that don't use AI technologies for effective project portfolio management could suffer in 2023-2025 because of their competitive advantage. Companies that use AI can automate various processes, provide precise data about expenses, track project progress, and visualize.
Data security should be a significant consideration when purchasing project portfolio management solutions.
Data leaks are more common as technology and digitalization advance. This requires that information be stored and protected. Statistics show that 85% of hacks involve the human factor, and 61% concern account data. These incidents confirm the need for cybersecurity.
Mobile apps and project portfolio management systems can help you overcome the communication and productivity issues of remote work. However, data breaches are possible with these apps. Hackers can spy on your business calls and hack into your document management system to steal sensitive business information.
These concerns have increased the demand for data security features within project management tools. To protect their documentation and project communications from hackers, businesses like to choose security measures such as encryption, firewalls, and multifactor authentication.
Real-time data analysis
We will be mentioning the importance of Business Intelligence as the last trend. As you may know, project portfolios generate many data. Filling them in manually can lead to a headache and time-consuming task.
Intelligent data analysis allows you to automate the collection and synchronization of data into dashboards or reports containing relevant information for your portfolio.
Advaiya's PPM solutions will simplify this task by enabling you to:
- Create and customize your dashboards.
- Export data to Microsoft Excel
- Extract data from any tool, and create a dynamic datamart.
You will need to keep up with the changing objectives of your company and adapt to new methods and trends in portfolio management.
It doesn't matter if you are a master of all trends or if you can apply them all simultaneously. Based on your organization's nature, you should determine which trends will help you achieve positive results in your day. You will also need tools that can be adapted and flexible enough to help you implement these new trends.
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Advaiya is one of Microsoft's Gold PPM Partners that provides flexible PPM solutions to help you drive your company's portfolio management to excellence. Request a consultation to see it for yourself.
She attended the University Institute of Technology, RGPV where she received her Master’s in Computer Applications Degree. She is also a Microsoft Certified Professional and a Microsoft Certified Technology Specialist in Enterprise Project Management. She also has received a number of recognition’s at Advaiya.