Strategic portfolio management (SPM) software has continued to evolve rapidly, with companies just like yours understanding just how beneficial they are.
SPM software is a powerful tool that helps organisations manage their portfolio of projects, aligning them with their overall business strategy. This technology assists companies in prioritising their projects based on strategic objectives, managing resources effectively, and tracking progress comprehensively. The software is designed to provide a holistic view of your portfolio, helping you make informed decisions and promoting success in an increasingly competitive business landscape that is the project economy.
With the continuous innovation and added capabilities being bought to the table by a number of strategic portfolio management software providers, let’s take a look at 10 of the best available in 2024.
10 Strategic portfolio management software platforms for 2024
Fluid is a standout Strategic Change Platform that offers comprehensive strategic portfolio management. As a Project Portfolio Management (PPM) software platform built for PMOs, Fluid takes a dynamic approach to strategic initiatives. It excels in providing a single ecosystem for your entire project landscape, including advanced reporting analytics, intuitive collaboration, and comprehensive resource and financial management capabilities.
Fluid empowers your business to adapt faster to ever-changing market conditions and stay ahead of the competition. By offering a holistic approach to portfolio management, Fluid ensures you always have a clear view of their strategic initiatives and resources.
- Unified platform: Fluid consolidates project, program, and portfolio data in a single platform. Make rapid, insight-led decisions with real-time data.
- Strategic Change: Fluid is purpose-built to enable PMOs to turn strategic initiatives into value.
- Resource optimisation: The platform optimises resource allocation through real-time insights, preventing overcommitment and enhancing project delivery efficiency.
Planisware specialises in Strategic Project Portfolio Management (SPPM) solutions. Known for its adaptability, it caters to diverse industries, placing emphasis on strategic alignment, innovation, and governance. Its comprehensive features make it a favoured option for large organisations.
- Scenario planning: Planisware facilitates scenario-based planning, empowering PMOs to evaluate different project scenarios for informed decision-making.
- Innovation management: The platform supports innovation initiatives by streamlining idea capture, evaluation, and execution within the project portfolio.
- Advanced analytics: Planisware's analytical tools offer profound insights into project performance, enabling continuous improvement and effective risk mitigation.
Planview offers a comprehensive suite for strategic portfolio management, empowering organisations to effectively manage their projects. With a focus on visibility, collaboration, and strategic alignment, Planview facilitates the entire project lifecycle. Its functionality and powerful integrations make it the preferred choice for organisations aiming to elevate their project portfolio management capabilities.
- Strategic alignment: Planview ensures that every project aligns with organisational strategies, effectively contributing to overall business objectives.
- Resource management: The platform provides robust features for optimising resource utilisation across diverse projects, empowering PMOs to make informed decisions.
- Real-time reporting: With Planview's real-time reporting and intuitive dashboards, users gain quick insights into project health, facilitating timely decision-making.
ServiceNow goes beyond IT Service Management to provide a unified platform for Enterprise Service Management. Its PPM capabilities are designed to foster collaboration and streamline project execution. With a cloud-based approach and robust automation, ServiceNow empowers organisations to drive innovation and deliver projects with agility.
- Agile project management: ServiceNow supports Agile methodologies, enabling PMOs to manage projects with flexibility and adaptability.
- Integration with ITSM: The platform seamlessly integrates PPM with IT Service Management, promoting collaboration between project and service teams.
- Automation and workflow: ServiceNow's automation capabilities enhance workflow efficiency, reducing manual efforts in project management processes.
5. Cora PPM
Cora PPM is a specialised solution for project and portfolio management. It focuses on governance, control, and strategic alignment, making it ideal for industries with complex project portfolios. With a wide range of features, Cora PPM helps organisations effectively plan, prioritise, and execute projects while maintaining visibility and control over resources.
- Robust governance framework: Cora PPM ensures compliance with industry standards and regulatory requirements through its strong governance framework.
- Effective risk management: The platform emphasises risk management, enabling PMOs to identify, assess, and mitigate risks throughout the project lifecycle.
- Enhanced collaboration: Cora PPM offers collaborative workspaces, facilitating communication and knowledge sharing among project teams.
6. Microsoft Project
Microsoft Project is a widely utilised project management tool renowned for its capabilities in strategic portfolio management. Seamlessly integrating with other Microsoft Office applications, it offers familiarity and ease of use. With different versions and pricing options available, Microsoft Project caters to organisations of all sizes.
- Office 365 integration: Microsoft Project seamlessly integrates with Office 365, enhancing collaboration and communication within project teams.
- Timeline view: The platform provides a visual timeline view, empowering PMOs to easily track project progress and dependencies.
- Resource management: Microsoft Project offers robust resource management functionality, enabling PMOs to optimise resource allocation across projects.
Uppwise specialises in strategic project portfolio management, offering a cloud-based solution that prioritises user-friendly interfaces and collaboration features to ensure effective project delivery. With a focus on driving value and aligning projects with organisational goals, Uppwise is a popular choice among PMOs.
- Intuitive interface: Uppwise boasts an intuitive and user-friendly interface, facilitating easy adoption across teams and stakeholders.
- Collaborative tools: The platform provides robust collaborative tools, empowering teams to seamlessly collaborate and share project-related information.
- Customisable workflows: Uppwise offers PMOs the flexibility to customise workflows based on specific project requirements, supporting agile project management processes.
Asana, a versatile work management platform. It’s renowned for its simplicity and flexibility. Although not exclusively designed for PPM, it offers adaptable features for strategic project portfolio management. With a strong focus on streamlining processes and enhancing team communication, Asana has gained popularity among PMOs.
- Task and project tracking: Asana empowers teams to create tasks and projects, providing a visual representation to monitor progress and timelines effectively.
- Team collaboration: The platform fosters seamless team collaboration through discussions, file sharing, and centralised communication.
- Integration possibilities: Asana seamlessly integrates with various third-party tools, allowing PMOs to extend functionality based on specific project requirements.
Oneplan provides a range of features designed to effectively plan, track, and optimise project portfolios. The primary objective of Oneplan is to align project portfolios with strategic goals and facilitate transparent decision-making. Additionally, the platform offers advanced capabilities for resource management, reporting, and analytics.
- Interactive Gantt charts: Oneplan offers interactive Gantt charts, enabling users to visually plan projects and track timelines.
- Resource management: The platform provides robust resource management tools, empowering PMOs to optimise resource allocation across projects.
- Real-time collaboration: With real-time collaboration functionality, Oneplan facilitates seamless teamwork and efficient sharing of project updates.
Jira, developed by Atlassian, is widely recognised as a leading Agile project management tool. However, its adaptability extends beyond that, particularly when integrated with Jira Align, making it a valuable asset for strategic project portfolio management. With a comprehensive set of features including backlog management, sprint planning, and issue tracking, Jira also caters to the need for advanced reporting and analytics, empowering data-driven decision-making.
- Agile project management: Jira excels in facilitating Agile project management, enabling teams to plan, track, and deliver projects iteratively with efficiency.
- Customisable workflows: The platform offers flexible and customisable workflows, empowering PMOs to tailor processes according to the unique requirements of each project.
- Integration with Jira Align: By integrating with Jira Align, Jira becomes an invaluable tool for scaling Agile practices to the enterprise level, promoting strategic alignment and seamless collaboration.
Each of these providers of strategic portfolio management software brings their own set of unique strengths to the table, catering to a wide range of organisational needs. The selection process depends on various factors, including industry, project complexity, team size, and the specific requirements of the PMO.
5 tips to choose the right strategic portfolio management software
With so many options, how can you make sure you find the perfect fit for your organisation? We’re sharing out 5 top tips to choosing the right strategic portfolio management software for you:
- Understand your needs: First, you should determine what you need the strategic portfolio management software to do for your organisation. How can it help and drive improvement in your existing processes? Are you looking for project prioritisation, resource allocation, or reporting capabilities? Make a list of your needs to help narrow down your options.
- Consider user-friendliness: The software you choose should be intuitive and easy to use. A complicated or confusing user interface can lead to mistakes, decreased productivity and minimal user adoption.
- Check for integration capabilities: The software should be able to integrate seamlessly with the other tools your organisation is already using. This will help to streamline your processes and improve efficiency.
- Evaluate vendor support: Ideally, the software provider should offer strong customer support, including training and setup assistance, ongoing support, and regular updates.
- Assess cost: Finally, consider the cost of the software. Remember, it's not just about the upfront cost but also about the ongoing costs like maintenance and upgrades. Make sure the software fits within your budget while still meeting your needs.
If you’re ready to take the next step, schedule a call with a Fluid expert to have a chat about your needs and let us help you with your strategic portfolio management. Just want a quick look? No worries, just check out our demo to see Fluid firsthand.