Improve Business Impact By Focusing On The Most Strategic, High ROI Opportunities
Demand Management improves the strategic value of project portfolio management (PPM) by capturing, evaluating and prioritizing all proposed projects and work. A consistent and thoughtful Demand Management process ensures that projects and work are aligned with corporate strategy and that the ROI of approved investments is well understood. Having a poor Demand Management process – or, worse, none at all – risks wasting precious resources on pet projects, redundant efforts, or work that doesn’t contribute to the objectives of the organization. Fortunately, PowerSteering project portfolio management software provides exceptional support for virtually any pre-project lifecycle – including Ideas, Job Requests, Project Suggestions, and Charters.
Capture and Assess All Demand, including Non-Project Work
In order to effectively select, staff, and schedule projects, an organization must understand all of the possible work that will place demand on its resources. PowerSteering can allow any user to submit ideas, requests or suggestions through customer-defined forms. Such “work intake” processes can be used to capture everything from strategic projects, for example during an annual planning process, to routine work requests, such as IT help tickets. For organizations looking to cast a wide net to spur innovation, PowerSteering can also allow non-users – such as front-line staff, customers, or partners – to submit ideas through an Idea Portal.
Assess Project ROI and Capture Business Cases
Once captured, ideas and demand can be automatically sorted into different queues to be assessed by subject matter experts or steering committees. PowerSteering’s governance processes can ensure that each request has been properly scrutinized before advancing to the next phase of the approval process. For example, projects costing more than $100,000 could require more validation and sign-offs than projects of less than $10,000, and be routed through a completely different workflow. For assessment, information captured during the submission and review process can easily be translated into initial scores for key business drivers such as alignment, cost, benefit, and risk. As a proposal advances through the approval processes, increasingly detailed estimates can be required, up to and including full business case development. As cost and resource needs are flushed out, PowerSteering can automatically generate ROI estimates, and capture budgets and forecasts.
Capture Ideas & Work Requests and route them to the right queues for review & approval.
Improve Project Prioritization & Selection to Increase Portfolio Value
PowerSteering provides exceptional support for project selection and prioritization, ranging from simple ranking by data entry to fully automated calculations of strategic alignment, financial reward, and risk.
Prioritize Demand against any custom criteria & assess against in-flight projects.
PowerSteering’s unique Measures capability allows our customers to implement project scoring and prioritization models that are based upon true business drivers and meet their unique needs. The attributes, questions, answers, and calculations can all be set up by the customer to meet their business needs. Market factors, goals, and stakeholder input can all also contribute to the process. Priorities and business drivers are easily presented on Dashboards, Executive Reviews, and reports providing the transparency needed to make the best project and work selection decisions.
PowerSteering also supports a continuous portfolio planning process that allows new initiatives to be introduced and evaluated in the context of in-flight initiatives and capacity. This makes it easy to select the best initiatives and properly slot them into the pipeline according to priority, value, and capacity.
PowerSteering’s governance capabilities make it easy to approve/authorize funding for any component of the project while at the same time having an understanding of the total cost and value of the proposal. Projects that are selected are reflected as consuming the overall budget and resource availability of the organization. Cancellations will return budget to the organization. Changes are easily made to the cost and benefits of any initiative, and these are continuously reflected in the overall budget summaries.