Strategic Portfolio Management (SPM). This product was formerly known as IT Business Management (ITBM).
” By 2025, 70% of digital investments will fail to deliver the expected business outcomes in the absence of a strategic portfolio management approach.
– Gartner, 2021“
As organizations strive to align their IT initiatives with strategic business objectives, effective strategic portfolio management becomes crucial. In today’s dynamic business landscape, organizations need to make informed decisions about which projects to prioritize, allocate resources efficiently, and track progress against strategic goals. ServiceNow offers a powerful solution for Strategic Portfolio Management (SPM) that enables organizations to streamline their portfolio management processes and achieve strategic success.
In this blog post, we will explore the key features and benefits of ServiceNow’s Strategic Portfolio Management solution and how it can help organizations unlock strategic success.
- Streamline Portfolio Management: ServiceNow’s SPM solution provides a centralized platform that allows organizations to define, capture, and assess project demands from across the enterprise. It helps organizations prioritize and align projects with strategic objectives, assess risks, and evaluate the impact of projects on business outcomes. With ServiceNow’s SPM, organizations can streamline their portfolio management processes and ensure that their resources are invested in the most strategic initiatives.
- Optimize Resource Allocation: Effective resource management is critical for successful portfolio management. ServiceNow’s SPM solution provides organizations with visibility into resource availability, capacity, and skills, allowing them to optimize resource allocation across projects. This helps organizations ensure that resources are utilized efficiently and that the right resources are allocated to the right projects at the right time.
- Monitor and Track Portfolio Performance: ServiceNow’s SPM solution enables organizations to monitor and track the performance of their portfolio in real time. It provides comprehensive analytics and reporting capabilities that allow organizations to track progress against strategic goals, assess project risks and financials, and generate custom reports and dashboards. This helps organizations make data-driven decisions and take timely actions to mitigate risks and ensure portfolio success.
- Foster Collaboration and Alignment: ServiceNow’s SPM solution promotes collaboration and alignment among stakeholders involved in portfolio management. It provides a platform for portfolio managers, project managers, and other stakeholders to collaborate, share information, and make decisions collectively. This helps organizations ensure that all stakeholders are aligned and informed, fostering collaboration and improving decision-making.
- Drive Strategic Decision-Making: ServiceNow’s SPM solution provides organizations with the tools and insights needed to make strategic decisions about their portfolio. It enables organizations to evaluate projects based on strategic alignment, financial impact, risk, and other criteria. This helps organizations make informed decisions about which projects to prioritize, invest in, or terminate, based on their strategic objectives and available resources.
- Achieve Strategic Success: By leveraging ServiceNow’s SPM solution, organizations can align their IT initiatives with strategic business objectives, optimize resource allocation, monitor portfolio performance, foster collaboration, and make data-driven decisions. This ultimately helps organizations achieve strategic success by ensuring that their portfolio of projects is aligned with business objectives, resources are utilized efficiently, and progress is tracked against strategic goals.
In conclusion, ServiceNow’s Strategic Portfolio Management solution offers organizations a powerful platform to streamline their portfolio management processes and achieve strategic success. By leveraging the key features and benefits of ServiceNow’s SPM solution, organizations can make informed decisions, optimize resources, foster collaboration, and drive strategic success in today’s dynamic business environment.