Engerati explores new Enterprise Portfolio Management solutions and how they can help utility executives manage portfolios of projects in line with their strategic goals.
Engerati, Europe’s largest engaged community of utilities and power sector professionals, recently interviewed Barry Quart, VP Marketing for Copperleaf®, on how enterprise project portfolio management (PPM) solutions can help utilities and other asset-intensive organizations select the right portfolio of projects to execute and the optimal timing at which to execute them.
In this article, they highlight the demand from senior executives sitting above the project management office who want assurance that they are focusing their limited resources on the portfolio of projects that will deliver the greatest value and drive the organization’s strategic objectives. Engerati explores new PPM-related solutions and how optimization software and a consistent approach to evaluating diverse projects on a common scale can help decision makers make informed trade-offs between competing projects. Barry explains:
One of the key differences between manually prioritizing projects and using optimization software is the latter’s understanding of how a project’s value depends on when it is executed . . . When faced with budget constraints, organizations have to feel confident that they are making the right decisions about which projects to execute now and which ones can wait.
The goal of optimization is to maximize portfolio value, however each organization has its own unique way of defining value. Engerati explains how a Value Framework can assess each project’s value based on an organization’s strategic objectives including financial benefits, risk factors, service level definitions, and key performance indicators. Optimization can then determine the best combination of projects and timing that will deliver the most value while staying within the prescribed cost targets.
Many don’t realize the magnitude of the improvements they can achieve through better portfolio management. Our results show that companies can improve the value delivered by their portfolios up to 20% when using the Copperleaf optimization process as compared to traditional prioritization methods.
Read the full article on the Engerati website.
The Copperleaf product suite provides Enterprise Portfolio Management specifically suited to the needs of organizations managing large numbers of physical assets. To learn more about Enterprise PPM and how it helps organizations evaluate trade-off decisions between diverse investments, check out our white paper or watch our webinar PPM For Utilities: How Enterprise Portfolio Management Optimizes Investment.