Regardless of size, over 90 percent of organizations surveyed rate themselves at the bottom rungs of project portfolio management (PPM) maturity, according to a new benchmark study conducted by the Center for Business Practices, the research arm of project management consulting firm PM Solutions.
More than 70 percent of organizations reported that their PPM process has been in place for less than two years. Most organizations have developed their PPM process in-house (87 percent), and just 13 percent have implemented a project portfolio management software tool.
“The research validates a trend we’ve seen with our own clients — that as organizations mature in their project management disciplines, they are embracing PPM as a desired business practice,” said Karen White, director of consulting services for PM Solutions. “We can further conclude that as organizations improve their PPM practices, they receive incrementally higher benefits.”
Overall, key benefits identified by those practicing PPM include:
• Increase in overall cost savings (42.6 percent)
• Smarter budget allocation — the organization is now spending money in the right areas (46.3 percent)
• Improved focus — the organization is now working on the right projects (57.4 percent)
• Better project alignment with the organization’s overall business strategy (70.4 percent)