Deliver Organizational Change with Project Portfolio Management
Written by Rajesh Paila
Senior Software EngineerToday, project portfolio management (PPM) plays a vital role in organizations to accomplish positive payoffs for digital transformation projects. Project Portfolio Management applies methods, tools, and techniques to achieve new capabilities, meet demands, respond to organizational changes, or realize a unique opportunity. ServiceNow Project Portfolio Management provides a simplified, team-oriented approach to Project Portfolio Management and IT development by combining several individual applications. These applications include Demand Management, Project Management, Portfolio Management, and Resource Management.
Create a Project: Overview
A project is any conceived, collaborative effort that is designed to achieve an objective. The Project Management application helps you plan, and track projects and integrates with other applications. All approved projects will be managed through the Initiate, Plan, Implement, Deploy, and Close phases. Learn how ServiceNow ITBM can improve your company's project management processes.
- Idea the ideation module, integrated with Demand Management, provides an easy way for users to submit ideas and demand managers to evaluate before promoting them to demands.
- Ideation also helps trace the progress of an idea as it moves through the demand life cycle (idea to a demand, to a project, enhancement, change, or defect).
- Demand Management the Demand management application helps you Capture, Evaluate, Prioritize and approve business requests for implementation consideration.
- Idea is created & once accepted, is promoted to demand.
- A new Demand can create either through an idea or from the demand application itself.
- Identify how to assess and qualify demands and examine the demand workbench and roadmap.
- Project Management is where you create a project, apply templates, update the project form, create tasks, and manage a project. Additionally, identifying and creating Risks, Issues, Decisions, Actions, and Changes, planning projects through the planning console, and managing projects through project workspace and project workbench are also covered.
- Resource Management the ServiceNow Resource Management application enables resource requestors, such as project managers, to create resource plans, request resources, and analyze resource availability and utilization.
And how to request resources for demands and projects as a demand or project manager through the resource workbench and resource form. Resource Managers will learn how to view resource requests, analyze resource availability, and allocate resources. You will be able to select the appropriate request type and determine hours, planned days, or the total number of full-time equivalent resources needed and select the resource type as a group, user or role and identify the member preference as all members, any member or specific member. Additionally, you will learn to analyze resource availability through capacity planning and resource workbench, differentiate between hard and soft allocated resources, update rates using the rate override feature, and extend and approve resource plans.
- Program and Portfolio Management focuses on how to create programs and portfolios and manage them.
- How to create a program and portfolio
- Set budget targets for a portfolio, associate demands, and projects to programs and portfolios.
Why Do Organizations Need a Project Portfolio Management System?
By bringing clarity and consistency to Project Management activities, PPM helps define and pursue clearer objectives, make planning operations more realistic, optimize the allocation of resources, improve the quality of deliverables, and ensure the strategic alignment of projects.
Use Cases for ServiceNow Project Portfolio Management
- ServiceNow Demand Management allows your organization to track, govern, and promote incoming ideas and demands.
- Project Management in ServiceNow guides projects from initiation to closure.
- IT Portfolio Management in ServiceNow provides oversight and reporting on all portfolios and their initiatives.
- Resource Management in ServiceNow accurately manages resources across portfolios and projects.
- Timecard Management in ServiceNow tracks time against resources and projects.
- Financial Planning in ServiceNow integrates with PPM to provide accurate numbers for forecasting and managing funds.
- The Reporting feature in ServiceNow provides precise, automated data to empower business decisions.
Benefits of Project Portfolio Management
Improved project selection process.
Better view of the big picture.
Focus on objective business goals.
Collaboration over competition.
More efficient use of resources.
More accurate project performance data.
Increased timely project deliveries.
Decreased organizational risk.
More informed decision-making
Increased ROI
Conclusion
Projects exist to deliver enhancements to operations to make an organization better. When projects are managed effectively and efficiently, your organization has a better chance of achieving goals and objectives and optimizing value. It does not matter what the work in that project category is called. What matters is that the collective investment results in the right work being done, and the right outcomes being achieved. Watch this video on 7 Steps to a Successful ServiceNow Implementation.
Today, to successfully manage projects and products, consider Royal Cyber who can help you reap the benefits of a world-class ServiceNow software platform that seamlessly integrates with the technology infrastructure that runs the business. Discover How we Unified a Single Platform for Vulnerability Testing and Remediation with ServiceNow Integration. For more information, you can email us at [email protected] or visit www.royalcyber.com.
