4 ways a strategic portfolio management framework can streamline success

  • ServiceNow Blog
  • IT Management
  • Solutions
  • 2023
June 27, 2023

Strategic portfolio management framework: 3 workers collaborating

In today’s fast-paced business environment, determining how short-term projects fit into long-term organizational goals may seem daunting. A strategic portfolio management framework is critical for companies looking to align their projects, investments, and resources with their overall business strategy.

ServiceNow Strategic Portfolio Management (SPM) can help organizations consolidate their most pressing business priorities on a single platform. Let’s explore four ways SPM can help streamline your path to success.

1. Execute a hybrid approach from top to bottom

For many organizations, hybrid and agile methods of project delivery are being implemented only at the execution level. Due to rapidly evolving customer needs, a flexible solution that supports multiple work delivery methods is paramount.

To see the best outcomes, organizations should approach project delivery with a hybrid methodology throughout, incorporating both Waterfall and Agile. Watch our World of Work webinar to learn why a hybrid approach is key for high-performing organizations.

2. Align with business objectives

Aligning projects with business objectives can help ensure investments are in line with an organization’s long-term vision and priorities. SPM provides visibility into the relevance of each project, enabling organizations to make informed decisions about which projects to prioritize.

A properly aligned organization increases the ability to bring together funds and people so that you can respond quickly and decisively when change is needed. Gain insights from Lloyds Banking Group, Verizon, GlaxoSmithKline, and others about their experiences in Strategic Portfolio Management Summit.

3. Accelerate business value

A strategic portfolio management approach is key to managing your organization’s finances and investments. It can help you view spending, compare scenarios, plan your investments, and more. In turn, this can help you increase the amount of work delivered that’s aligned to strategy, improve business agility, drive digital transformation, and more fully engage value stream management.

Strategic Portfolio Management—the framework for success explores how SPM can help you see and fund what matters most.

4. Empower the workforce

At the forefront of any organization are its employees. To achieve the best business outcomes, all employees must be united and aligned to the same overarching goals.

Using SPM in conjunction with Strategic Planning (formerly Alignment Planner Workspace) enables better connections between business priorities and the workforce, increasing the rate of success. Find out how companies are using these tools in our Align strategy to execution and optimize results webinar.

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