Strategic portfolio management (SPM) describes the processes and tools that businesses may use to align available resources to meet strategic goals.
Time, resources, people, tools, budgets, etc., are all limited. As such, decision makers often must select which projects, products, programs, or initiatives (“investments”) to pursue, and which to abandon. Generally, these decisions are based on several factors, with perhaps the most important being how well these investments align with the organization’s strategic goals. If the initiative in question does not support desired business outcome, then it may be a suitable candidate for elimination. On the other hand, initiatives that align well with strategic objectives should be prioritized.
SPM helps organizations better identify and support those investments that are best suited to meeting strategic objectives and desired outcomes that drive the most value.
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