Introduction - IT Portfolio "Best Practices" (01:32)
This video features Joan Walker and is intended to inform professionals why modern corporations are turning to IT portfolio firms. This segment orients viewers to the topics that will be covered in this video including why projects fail, creating a portfolio, best practices, and software tools that support management.
Introducing IT Portfolio Management (05:00)
An IT portfolio is an agreed to list of initiatives or projects that must be executed in a timely manner. The management company aligns programs with business-enabled capabilities, fundamental operational enhancements, and technology innovation. Walker describes how IT portfolio management ensures a balance between business and the IT department, is more efficient, and saves money.
Why IT Projects Fail & Creating a Management Portfolio (05:14)
Projects fail because of unclear objectives, unrealistic schedule, shifting requirements, missing skills, or increased technical complexity. IT portfolio management maximizes the value of investments, reduces risk, and enables better communication through departments. Key steps include planning, prioritization, communication, realization, and a review process.
Challenges: IT Portfolio Management (02:37)
Ensure that you have proper criteria and evidence to have all participants agree to the program or projects. Explain the process before implementing new tools. Good communication is essential; consider the metrics when evaluating current IT portfolios.
Software Tools (02:17)
Walker suggests Innotas, Clarizen, Changepoint, Workfront, and Microsoft Project Portfolio Management. Examine whether the project is scalable or cloud-based. Walker explains how her company helped a client of the Department of Defense to streamline their resources.
Conclusion - IT Portfolio "Best Practices (02:48)
Best Practices include taking into account both business and IT strategy, review business projects before portfolio prioritization, and keep a balance of different types of projects using a balance scorecard to easily convey success to stakeholders. Walker advises putting in a structured system to help IT support the business.
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