Align Yourself with Portfolio Management: IT and Corporate Goals Become One
Introduction
IT organizations face a mandate to maximize value to their business. In response, senior IT executives need to align investments with corporate and divisional business objectives, and increase control.
Focusing on three areas of change will help IT act on strategy and allocate resources more efficiently: by improving the way it plans, analyzes and communicates, IT can foster a partnership with the lines of business and improve alignment with corporate objectives.
Project portfolio management gives IT executives complete visibility into all of their projects and people worldwide so that they can align their efforts and staff with corporate objectives, control costs, and reduce project failures. IT executives can balance risk and return, eliminate inefficiencies, communicate with business partners in a common language, and provide strategic value.
The need is great, and the benefits quantifiable – up to a five percent savings of a company’s annual IT budget. Portfolio management can have an immediate impact through cost savings, improved efficiency, and added respect from business peers. When implemented as part of a broader project portfolio management initiative, portfolio management provides an opportunity for IT to emerge as the organization driving corporate success.
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