Human Capital in the Hotel Industry; Project Portfolio Management Tools
Can Help Hotel Companies Manage All of Their Projects Across
their Portfolio Like the Investments They Truly Are
|January 30, 2006 - In today’s competitive environment it is just as
important to do the right thing as it is to do things right. Project
Portfolio tools that can embrace all corporate managed programs; development,
design and construction, procurement, IT, marketing, provide the link between
business strategy and service delivery. Implementing a project Portfolio
Management tool enables hotel organizations to stay competitive by maintaining
focus on long-term goals that facilitate growth and customer satisfaction.
But what is PPM? Project Portfolio Management (PPM) involves managing all projects, business initiatives and programs from the executive level down, balancing project risks and costs with business value. A PPM approach allows organizations to eliminate project overlap and waste while prioritizing spending and resource commitments according to business value across the organization. The PPM approach is based upon the recognition that managing projects in a portfolio is not only about managing detail work schedules. The PPM approach, by design, places additional focus on important project information such as strategic alignment with organization objectives, budgeted and actual costs, business case details, issues, risks and strategic value. The PPM approach differs greatly from Enterprise Project Management, (think Project server). While this approach has value for large, task driven projects especially in IT, it has proven too complex to support hotel companies who want to extend PPM practices across the organization and who most typically have a very large number of projects of varying size, scale and scope where project teams tend to be more cross-functional.
As stated by Craig MacInnis, Vice President of Development for Solution Q, developers of the solution Q PPM Tool, Eclipse, for the hotel industry,
“Some organizations have already implemented processes and tools for managing and tracking project activities. The analytics used to track project-level performance are often too detailed or functionally oriented, and the focus is often "Where are we spending?" instead of "Where should we be investing?” Just as a financial portfolio balances a mix of investments like stocks and bonds to achieve an overall financial goal, Project Portfolio Management considers all the organization's investments in terms of a common objective: achieving the business goals.”Hotel companies wanting to better manage their business initiatives are seeing the real benefits for adopting a corporate PPM approach which can be summarized as:
Solution Q, is well known in the hospitality, financial, hospital, manufacturing and legal industries for providing these organizations with the Eclipse Project and Portfolio software solution.
ECLIPSE is a web application that allows forward thinking organizations to align project portfolios with Business Strategy, while balancing risk and reward. ECLIPSE’s reporting tools are extremely powerful, allowing executives, project managers and business clients to quickly view portfolio and project information
What makes ECLIPSE so effective?
Shelly Edwards – Account Manager, Hospitality