A new resource from the global IT research and advisory firm offers solutions to a host of common obstacles, such as a disconnected and siloed approach, unclear organizational goals, and the complex and dynamic nature of IT, faced by chief information officers (CIOs) and IT leaders in the pursuit of strategic digital portfolio management.
TORONTO, Oct. 12, 2023 /PRNewswire/ – In the era of digital-first work across a variety of work models, including in-office, hybrid, and remote, digital resources must be strategically managed to ensure alignment with organizational goals. However, IT leaders often face challenges when managing enterprise IT portfolios across multiple product and service lines. In response, Info-Tech Research Group‘s new blueprint, Maximize the Value of IT Across Enterprise Portfolios, offers research-backed guidance to enterprise-level chief information officers (CIOs) and IT leaders in overcoming obstacles in digital portfolio management (DPM) and optimizing digital portfolios to maximize value for their organizations in the current market.
“Digital portfolio management is about distilling complex data sets down to relevant and actionable insights that allow IT leaders to make better business decisions and invest resources in the activities and assets that will drive the most value for their organizations,” says Mike Tweedie, practice lead of CIO & IT strategy at Info-Tech Research Group. “There are many challenges along the path to implementing digital portfolio management, but it has the potential to radically transform how digital resources are managed and drive operational efficiency and value creation across the enterprise.”
The firm’s blueprint suggests that optimization of DPM often happens within, rather than across, organizational siloes. Info-Tech’s approach, found in the resource, guides CIOs and IT leaders through activities to bring together siloed digital portfolios for a complete view across the organization, optimize the mix of investments to maximize the value generated by IT across portfolios, and gain transparency into the health and performance of digital talent, assets, products, and services.
A four-phase process is also explained in the new blueprint, as outlined below:
- Phase 1: Define the Business Context
The first phase asks CIOs and IT leaders to identify goals and objectives, facilitate a project kick-off meeting, and customize a portfolio map.
- Phase 2: Create an Analysis Framework
Phase two includes the determination of the value proposition and critical success factors, understanding of how business units deliver value, and the development of an analysis framework.
- Phase 3: Assess & Optimize Digital Investments
In phase three, participants will identify the top skills within the organization and opportunities to optimize, fill out the portfolio playbook included in the resource, manage portfolio risks, and map out initiatives and dependencies.
- Phase 4: Operationalize Digital Portfolio Management
The fourth and final phase provides guidance on developing a refresh plan, identifying metrics to measure effectiveness, and building a communication deck.
Info-Tech Research Group recommends for CIOs and IT leaders to consider that even small- and medium-sized enterprises require extensive resources to balance priorities at the enterprise level. In large organizations, manual data management becomes impossible, so scaling DPM efforts requires automation. The goal of digital portfolio management is to optimize for the highest value-producing combination of investments; focusing on what creates the most value for an organization and eliminating anything that does not contribute is a great place for IT to start.
To access the full resource, including Info-Tech Research Group’s methodology for digital portfolio management and a detailed breakdown of the four-phase process, download Maximize the Value of IT Across Enterprise Portfolios.
To access additional resources, download:
- Application Portfolio Management Foundations
- Develop a Project Portfolio Management Strategy
- Manage Your Technical Debt
For media inquiries on the topic or to get exclusive, timely commentary from Info-Tech’s expert industry analysts, please contact PR manager Sufyan Al-Hassan at [email protected].
Info-Tech Research Group is one of the world’s leading information technology research and advisory firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
Media professionals can register for unrestricted access to research across IT, HR, and software and over 200 IT and industry analysts through the firm’s Media Insiders program. To gain access, contact [email protected].
SOURCE Info-Tech Research Group
Originally published at https://www.prnewswire.com/news-releases/info-tech-research-group-releases-new-research-to-help-cios-and-it-leaders-overcome-challenges-in-digital-portfolio-management-301954915.html