TORONTO, July 29, 2024 ~ As the rapid advancement of AI technologies continues to reshape industries and markets, organizations are urgently seeking effective ways to optimize their project portfolios and maximize investment returns. However, many organizations are facing significant challenges in project portfolio management (PPM), such as misalignment with strategic goals, inefficient resource allocation, and difficulty measuring project value. These challenges put organizations at risk of wasted investments and missed opportunities.

To address these critical issues, Info-Tech Research Group has released its latest blueprint, "Transform PPM to Optimize Value From Every Investment." This comprehensive research offers actionable insights and innovative strategies to enable project management leaders to leverage AI and enhance their PPM practices for sustainable growth and competitive advantage.

The blueprint highlights the transformative potential of effective PPM to drive superior business outcomes and ensure maximum return on investment. According to Travis Duncan, research director at Info-Tech Research Group, "With AI and Gen AI, humanity is once again at the dawn of an era where the separation of realistic, near-term technology targets from longer-term ones is murky." He advises PPM practitioners to approach the integration of new technology with caution rather than blindly following vendor hype.

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While the technology for advanced PPM automation is not yet mature, Info-Tech's research insights indicate that it will continue to evolve in the years ahead. The firm's study also reveals that initial fears of AI replacing project managers have shifted to a sense of excitement and optimism. These technological advancements are poised to enhance project management roles by allowing project and PPM staff to focus on more strategic activities.

To fully leverage this potential, Info-Tech advises organizations to develop a transformation plan that addresses both near- and long-term objectives. This plan should have the full commitment of executives rather than simply chasing the latest trend.

The blueprint offers four steps for project management leaders to develop an effective project portfolio management strategy:

1. Assess Exponential IT Readiness: Evaluate the organization's readiness for Exponential IT across PPM domains and activities and document the results.

2. Define Goals: Assess project challenges and business needs to help define transformation goals.

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3. Determine Tactical Use Cases: Understand available AI for PPM use cases and explore advanced, future-state use cases.

4. Define a Long-Term Transformation Roadmap: Develop a roadmap for enhancing readiness and leveraging emerging technologies in PPM.

By following these steps, organizations can better align with their strategic goals, improve resource allocation, and increase project success rates.

In addition to the blueprint, Info-Tech Research Group also offers exclusive commentary from Travis Duncan, an expert in project portfolio management. Media outlets can also gain access to the complete blueprint by contacting Info-Tech.

For those interested in learning more about the latest IT research and trends, registration is now open for Info-Tech Research Group's annual IT conference, Info-Tech LIVE 2024. This premier event will take place on September 17-19, 2024 at the iconic Bellagio in Las Vegas. Media outlets can apply for media passes to attend the event or gain access to research and expert insights on trending topics by contacting Info-Tech.

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