How can you use EPM software to manage multiple projects?

1 What is EPM software?

EPM software is a software that enables you to manage multiple projects as part of a portfolio or a program. A portfolio is a collection of projects that are related by a common objective, such as increasing revenue, improving customer satisfaction, or reducing costs. A program is a group of projects that are coordinated to achieve a specific outcome, such as launching a new product, implementing a new system, or expanding to a new market. EPM software allows you to define, prioritize, and align your projects with your strategic goals, as well as allocate and optimize your resources, budget, and schedule.

2 How does EPM software work?

EPM software works by integrating data from various sources, such as project management tools, financial systems, human resources systems, and business intelligence tools. It then provides you with a dashboard or a report that shows you the status, performance, and risks of your projects, as well as the dependencies, interdependencies, and conflicts among them. You can use EPM software to create scenarios, compare alternatives, and make decisions based on real-time information and analysis. You can also use EPM software to communicate and collaborate with your project teams, stakeholders, and clients.

3 What are the benefits of EPM software?

EPM software can benefit you as a business administrator in several ways. First, it can help you align your projects with your strategic vision and objectives, and ensure that they deliver the expected value and benefits. Second, it can help you optimize your resource utilization and allocation, and avoid overloading or underutilizing your staff, equipment, or materials. Third, it can help you monitor and control your project costs, quality, scope, and schedule, and identify and mitigate any issues or risks that might affect your project outcomes. Fourth, it can help you improve your project governance and accountability, and ensure that your projects comply with the relevant standards, regulations, and policies. Fifth, it can help you enhance your project communication and collaboration, and foster a culture of trust, transparency, and teamwork.

4 What are the challenges of EPM software?

EPM software is not a magic bullet that can solve all your project management problems. It also comes with some challenges that you need to be aware of and address. One challenge is the data quality and accuracy. EPM software relies on the data that you input or import from other sources, so you need to make sure that the data is reliable, consistent, and up-to-date. Another challenge is the user adoption and resistance. EPM software requires a change in the way you and your project teams work, so you need to provide adequate training, support, and incentives to encourage and motivate your users to use the software effectively. A third challenge is the software selection and implementation. EPM software is a complex and costly investment, so you need to do your research, compare your options, and choose the software that best suits your needs, budget, and expectations.