The IT portfolio management process is a method of rationalizing an organization’s suite of IT applications to meet business needs. IT portfolio managers analyze existing applications, current and future projects to identify gaps and improvement opportunities within an organization’s IT portfolio. On a cyclical basis, an IT organization is allocated funding to address these opportunities in addition to ongoing maintenance, operations and support.
IT Portfolio Management Goals
- Create single source of all existing IT assets, initiatives and potential investment opportunities
- Provide visibility of IT projects and relative value to senior management instead of an independent review
- Identify the best mix of projects faster to enable business processes
- Facilitate executive decision making
- Manage organizational budgets and prioritize projects relative to the overall IT budget
IT Portfolio Management Benefits
- Executives have centralized information that improves their understanding of the assets within their portfolio
- Managers closely monitor costs
- Redundant projects are identified and project scope is modified to combine with other related initiatives.