The Methodology Behind Successful Portfolio Management Strategy
The benefits of skilled portfolio management are vast. If done properly, portfolio management can add visual control of an organization’s enterprise and unit level application portfolio to their Information Technology (IT) space. More importantly, portfolio management empowers organizations with analysis and visibility into the current state of their operations, whether that is vendor product management or application management, customer satisfaction or operational performance levels.
This increased visibility helps enterprises identify standards, best practices and strategic assets. It also supports analysis and decision-making to achieve constant operational improvements, such as possible elimination of poor performing or duplicative applications. Finally, successful portfolios identify strategic gaps in the selection of projects and assets for potential future investment and improvement.
In order to be successful, portfolio management in healthcare should:
An approach towards accomplishing this level of successful portfolio management is to utilize tools that build-on and retain information for program management, project management and overall reporting. Program management tools in tandem with portfolio management frameworks can also be used for yearly planning engagements, which can further provide an integrated system for on-going portfolio optimization. These tools should be used with a methodology that includes a current state validation, survey creation and analysis, portfolio roadmap and recommendations.
The current state validation is aimed at producing an application inventory for each facility to identify missing or incorrect applications, clarify functions, define departments and identify costs and resources by application.
After that, the survey and analysis should focus on conducting interviews with IT leadership personnel to better understand the strategic goals and create a client-centric survey for each application. The goals to answer questions like “how many users are actively engaged with the application?” or “how satisfied are the end-users with the application?”
This step should also address the application training process and effectiveness of such training, as well as focus on departmental interviews to validate findings in the survey process, and provide validation of application portfolio upgrades and enterprise projects. Another over-arching goal is to provide an analysis of end-user data concerning the utilization and satisfaction of applications within the portfolio.
The final step is creating a portfolio roadmap and recommendations. This is done by populating your program management tools with normalized data that tracks the applications, resources, utilization rates, and satisfaction rates captured. It also entails defining the analysis and report design requirements with IT leadership and aggregating all survey findings into a current state assessment for all applications.
Despite how vast the benefits of portfolio management can be to an IT organization within healthcare, without the proper methodologies and tools, these benefits can be short-lived. Healthcare organizations looking to actualize the values of a portfolio management framework within their organizations should partner with a firm like Leidos Healthcare who can work with their IT leaders to develop a current state validation, survey creation and analysis, and portfolio roadmap and recommendations.