Oracle Fusion Project Portfolio Management - A Leap forward to Next-Generation Solution (Part-1)
Guest post by
Ankita Gupta, Lead Consultant, Infosys
Globally, organizations use projects to translate strategies into actions and objectives into realities. Most project-intensive companies rely heavily on Project & Portfolio Management (PPM) applications/systems/tools
- To achieve the stated objectives within time, budget & resource constraints
- To maintain control & visibility through the project life cycle, and
- To report accurately on the status & performance of the project
The current release of Oracle Fusion Project Portfolio Management (PPM) 11g Release1 comes with offerings which are well integrated and promises a one-stop shop for project managers. It creates an environment where project managers can have real time access to critical information and exercise proactive control measures without being dependent on other sources.
Oracle Fusion Applications Project Portfolio Management 11g Release1 module footprint:
- Oracle Fusion Project Foundation
- Oracle Fusion Project Costing
- Oracle Fusion Project Billing
- Oracle Fusion Project Control
- Oracle Fusion Project Performance Reporting &
- Oracle Fusion Project Integration Gateway
Detailed below are the emerging key industry trends in the project & portfolio management space.
- Increasing Need for Information and Business Analytics capabilities
Reporting capabilities of Project & Portfolio Management (PPM) applications have evolved over the years, to help organizations effectively manage and report on project performance, addressing the information needs of a wide variety of users and stakeholders. With increasing expectation on senior management executives to participate in operational activities, senior executives will feel the need to equip themselves with the right kind of Project & Portfolio Management tools to help predict project outcomes and establish strategies to achieve them. Project & Portfolio Management applications that offer robust business analytic capabilities will be highly sought after.
- Single Source of truth for all project related data
Project & Portfolio Management tools have been evolving in the recent years towards adopting world class business processes so as to become a single source of truth for both the financial as well as the operational and managerial data on projects
- Social Project Management the new norm
Project teams are increasingly becoming virtual & distributed hence emphasizing the need for better communication and collaboration tools. The increasing number of Social networking platforms also provides collaboration workspaces for project managers and team to interact within the community and share experiences and learnings. With ever increasing information in various forms on the web, they offer huge opportunity to compliment the Project & Portfolio Management offerings.
- Software as a Service (SaaS)
SaaS as a model has progressed in its competitiveness and acceptability over the years. PPM solutions on SaaS will gain significance in the coming years, bringing with it scope for innovations in the Project & Portfolio Management space.
In part-2 of this blog, we will discuss our point of view on these industry trends and Oracle Fusion functionality.
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