21 Dec The Rise of Technology – Budget Planning in a New Era
The rise of technology is driving fast paced changes in the business landscape. The speed of technological change and industry dynamics have changed how we manage, fund, identify, and strategically promote different projects to achieve strategic business outcomes.
Brick and mortar businesses and department stores have been replaced with Amazon and online storefronts. Waiting in line to rent the latest new releases at Blockbuster is a thing of the past with streaming services like Netflix, offering unlimited streaming content on any device, anywhere in the world. Similarly, the transportation industry has been turned upside down with the advent of app based ride sharing, like Uber and Lyft.
No industry is immune – even ordering at McDonalds has become a software driven experience designed to increase efficiency and the overall customer experience.
To be successful, we must ultimately adapt and embrace these changes, leveraging existing capital for the most strategic projects aligned with business goals. Objectives and needs vary between the project and portfolio levels. PMOs establish decision-making frameworks and select projects based on their constraints, ROI, objective alignment, value, and benefits. Project Portfolios help accurately track and plan those investments over time, taking the process full circle through the planning cycle.
As with all things, the first step of capital budgeting is to start at the very beginning – with the tool. Project Financial Planner does beyond traditional PPM by integrating top-down project financials to streamline budgeting, improve estimating, and track performance.
For more information on Capital Budgeting, view our on-demand webcast here.