Having already been positioned early this year in Gartner’s 2021 Strategic Portfolio Management Magic Quadrant, UMT360’s Strategic Portfolio Management (SPM) software is now also included in a new Forrester analysis of the SPM market. Forrester’s Now Tech: Strategic Portfolio Management Tools is the second major analyst report featuring UMT360’s software, and positions UMT360 as one of a small handful of vendors included in both reports.
Strategic portfolio management helps organizations “improve ability to achieve strategic outcomes.”
Similar to Gartner’s Strategic Portfolio Management Magic Quadrant, the new Forrester report highlights the importance of integrating comprehensive portfolio management capabilities with the adaptive project management tools used to execute work. Forrester’s report emphasizes the importance of these tools being able to help “senior leaders to translate strategies into actionable plans by leveraging various capabilities ranging from ideation to market analysis, enterprise architecture, resources, and financial management.”
Strategic portfolio management tools must offer top-down planning capabilities
Forrester’s report highlights a few key reasons why organizations should adopt strategic portfolio management software. These include:
- Roadmapping tools that enable leaders to identify which opportunities will deliver the best potential outcomes while monitoring ongoing performance
- What-If scenario analysis tools that provide the organization with visibility into actual performance to support change decisions
- Resource capacity planning tools that deliver organizational insight into available resources by role, skill, team, or name to prioritize the portfolio or to sequence delivery
Why organizations might need an strategic portfolio management tool
According to Forrester’s report, organizations and their leaders looking to drive business agility should invest in Strategic Portfolio Management solutions to “identify areas of innovation, adapt to changing priorities, and adequately fund resilient systems”. Forrester defines Strategic Portfolio Management tools as:
Technologies that automate the translation of enterprise strategic plans into product and service plans that bring actual business value through the prioritization and delivery of work initiatives. SPM acts as the analysis and communication vehicle for the entire organization.
Forrester’s Now Tech: Strategic Portfolio Management Tools, Q3 2021