IT Portfolio Management Step-by-Step: Unlocking the Business Value of Technology

6.1. INTRODUCTION

The IT portfolio market evaluation and software provider selection process has never been more critical. Success requires a combination of speed, accuracy, and thoroughness. To meet business and mission demands, companies need a consistent process by which they can develop and evaluate a short list of candidates and rapidly determine an industry provider's ability to meet IT portfolio management requirements.

Companies employ fire-drill tactics to collect, sort, and evaluate information from multiple sources. Too many companies begin the search for an IT portfolio management software solution (also referred to as tools) with a management imperative to buy something with little or no understanding of their internal organizational, process, and functional needs. Perhaps a recent disastrous miscalculation fuels the urgency of the "just get me a tool!" approach.

Most companies have little visibility into their IT portfolios, resulting in major redundancies. For instance, one utility company was using two identical data warehouse programs simultaneously without knowing it. When the CEO found out, the company initiated a search for an IT portfolio management software solution immediately. As discussed in earlier chapters, you need to know where your company sits on the IT portfolio maturity scale and assess the greatest pain points to make good tool choices.

Some of the primary questions companies ask when evaluating and assessing an IT portfolio management software ...