By Patrick Tickle
Oct. 20, 2011
Enterprise software - ranging from ERP, CRM to HCM- has transformed leading organizations. These mega business applications have automated processes and given organizations insights that allow them to increase profitability and better manage their operations. As leading analysts, companies and IT experts are beginning to recognize, a new application, one more strategic and less process focused, is rapidly gaining traction.
Project portfolio management (PPM for short), from its inception, was primarily leveraged to gain unprecedented levels of visibility and control over IT- from project managing implementations to tracking return on investment.
Yet the key facets of PPM, including its ability to provide unparalleled visibility into metrics, manage resources and prioritize, provide more than tactical analysis; it provides the information needed to make strategic decisions, along with integrated planning and execution.
Think of it this way, the first "P" in PPM can stand for project, program, planning, product and/or people. It's that versatile.
In a recent report from Gartner, Market Share Analysis: Project and Portfolio Management Software, Worldwide, 2010 by Laurie Wurster and Asheesh Raina, the firm finds that "2010 represented the return to strong growth" in the PPM market, with revenue in this segment growing by over 14 percent worldwide. This compares with Gartner's 2010 overall enterprise software growth forecast of 4.5 percent.