I first identify the resources that I have in my organization. This means creating an inventory of all our active projects and establishing the common strategy each of these projects should work towards. Once I've listed all my resources, I analyze the various metrics of the projects to find areas of overlap or inefficiencies.
Once I have all this data in hand about Alto's projects, I communicate with other stakeholders my findings and recommended strategy. Once everyone is on the same page, I use a structured system to track, collaborate and effectively deliver.
I use 6 steps to successful portfolio manage
Communicate results of my PPM process - This enables me to get further buy-in from management and stakeholders on my portfolio strategy.
Manage resource allocation dynamically - While the strategy stays fixed, competing priorities and risks will pop up. Knowing how to allocate resources effectively ensures our projects will move along smoothly.
Remove information silos - My tool allows anyone in your organization to get visibility into the projects, resources, and people who are helping us achieve our strategies.
Design puts stakeholders first - They are just like customers, so our strategies are framed in a way that benefits our internal and external stakeholders.
Continually evaluate progress - I track progress daily. This gives you a pulse on how your teams are functioning in case you need to make any changes.
Create a meeting cadence - I create or join a consistent cadence of meetings and check-ins which ensures everyone stays in the loop on the progress of the Design portfolio.
What is product portfolio management?
Product portfolio management focuses on the management of an organization's product lines or portfolio of projects. Unlike a product manager, a product portfolio manager (VP, SVP) has to analyze each project/product in the organization's product line and understand how they are related to each other and if there are any overlaps in terms of resources and processes. The product portfolio manager will decide how to best allocate resources between the different products.