Increased Adoption of PPM due to Lucrative Cloud-based Project Portfolio Management Solutions

Project Management can be defined as the centralized management of the projects of an organization. All the projects are managed under one umbrella and are known as a portfolio for overseeing, and management of any competent resources. It involves the intake process of projects that includes identification of the potential projects, assigning them to the project manager, authorizing them, and including them into the overall portfolio. Project Management facilitates extensive control, and monitoring for ensuring the ongoing projects that have direct relevance to the overall strategies, and goals of the business are completed within the given time frame.

Project portfolio management bridges the gap between strategy, and implementation. It is the responsibility of the portfolio manager to ensure that projects are completed within the deadline to enhance the efficiency of the company. It is usual for businesses to have a long list of projects needed to be completed. But, due to insufficient time, money, or other resources, it is sometimes difficult to be done in the right way. Project portfolio management is crucial for understanding the significance of a project that is highly beneficial for the organization.

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In 2021, the sales of PPM solutions reached around $4634.4 million, and it is projected to have a value of around $8161.8 in 2030. The BFSI sector drives numerous transformations with digital business enabling, big data management, and legacy overhaul that results in complex project portfolios. Moreover, the industry regulations ensure the security of sensitive financial data created more complications.

Moreover, the numerous changes undergoing in the financial industry, with the integration of the advanced challenges have created numerous opportunities for project portfolio management. The long-standing financial institutions are enabling innovations to keep up with the competition. All the above-mentioned factors make it extremely difficult to evaluate, manage, and execute projects and hence increase the demand for project portfolio management.

In large healthcare organizations, the dependence on information systems has increased for conducting day-to-day activities. The development of technology leads to the growth of the organization. The rapid digitization, and increase in the requirement for handling patient data, and medical history has led to a surging need for project portfolio management solutions, as it saves paperwork, and also facilitates sharing of information to healthcare businesses for quick response to emergency circumstances.

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The cloud-based project management tool is inexpensive; most cloud services are priced on a subscription basis. Companies save a lot, with no need of buying servers or other infrastructure. Moreover, it also reduces the expenditure on the IT teams for maintenance of the software, and hardware. In addition, the cloud-based project portfolio management solutions offer ease in implementation as compared to onsite project management. It reduces the downtime required for implementation.

Therefore, the improved requirement to manage all the projects under one umbrella without missing out on any task leads to a surge in demand for project portfolio management solutions.

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