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How can data support your P3M initiatives?
5 January 2023
P3M & Data
Data has been used to support project, programme and portfolio management (P3M) for many years but, for the most part, data collection has existed within silos, providing only ‘moment in time’ snapshot views across dashboards, reporting and metrics.
However, data can support our P3M initiatives in so many more ways.
Data sets are often duplicated across multiple projects and programmes, possibly creating multiple versions of the truth, while gaps in data can frequently go unnoticed and skew decision-making at key points. Building a coherent data ecosystem to the right standards generates the right connections to overcome these problems and reveals powerful (and accurate) insights into P3M delivery and performance. Moreover, with an archive of historical data from previous project and programmes, data can be used to predict outcomes and results with accuracy.
Advances in data analytics and machine learning are starting to offer more and greater opportunities in predictive analytics, to support our projects and programmes, along with giving early risk warnings.
Data visualisation is also now helping to draw data sets together, to integrate our dashboards and make them easily accessible for project and programme teams to make informed decisions.
Data therefore presents huge opportunities to enhance P3M and delivery within organisations, with mature adopters now seeing a significant competitive advantage. Are you making the best use of your data and the opportunities it can provide?