Service Portfolio Management is a process that ensures that
an organization has the right mix of services to meet business and customer
requirements. Strategists can use the
service portfolio to evaluate offerings that are under consideration for
investment and also to determine which services should be retired! A complete history of people, process,
technology and information from concept to end of life could be tracked via the
service portfolio. This investment
framework is a valuable asset to every service provider. The Service Portfolio and the activities
performed in service portfolio management process serve as an overall basis for
making strategic decisions regarding service offerings. Major changes (those requiring executive
approval) will be processed through the service portfolio management
pipeline. It is here that a proposal is
defined, analyzed, approved and chartered before moving into service design and
more importantly before moving to project management.
Project Management and the Service Portfolio
A project is a
temporary endeavor undertaken to create a unique product, service or result. Project management applies resources to
project activities to meet the project timelines, deliverables and budget requirements.
One could say that portfolio management
sets the priority of the projects and ensures business alignment while project management
oversees the individual project. A
project has a starting point and a stopping point. A service on the other hand is ongoing and
must be monitored and analyzed to ensure ongoing value and relevance. Without executive analysis and prioritization
and without the detailed tracking of information and knowledge via the service
portfolio, businesses are at risk and projects could miss the mark when it
comes alignment with strategic initiatives and business outcomes.
The Value of Service Portfolio Management
- Ability to fuse IT provisions with strategic business
initiatives and business outcomes.
- Strategic insight into the impact that IT services have
on the performance of the business
- Improved productivity from staff and IT resources, through
increased focus on services that offer the most value.
- Lower cost (dear to the heart of business) can be
achieved through the consolidation of duplicate services, enhancement of
inefficient services, and retirement of services that no longer deliver
value.
- Relevant decisions are made relating to the creation,
improvement, delivery, and retirement of services.
- An enhanced ability to meet the dynamic business
requirements and service demands.
- Increased customer confidence (branding) and reputation in the industry.
To learn more about creating and
integrating your service portfolio and service catalog:
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