The other day I was leafing through articles online checking out some facts and figures on what project failure costs organizations. In the process I stumbled on an interesting white paper from Forrester Research called The ROI of Project Portfolio Management Tools. The report focuses not so much on the high cost of failed projects, but rather the value that project management solutions bring to an organization, both in terms of project success rates and the bottom line.

At a time when budgets are tight and companies can’t afford to waste any money, the report calls project portfolio management tools the “guiding light in turbulent seas”. It points out that more than ever before executive management needs a clear view into projects to make the best business decisions. PPM tools provide accurate and up-to-date information on individual projects or across many projects, giving project managers the necessary information to make business decisions quickly and keep projects on track. Organizations that employ these tools (like BrightWork!) realize higher project success rates and lower overall costs associated with failed projects.

Quick look at some facts from the report:

· Reduce in project failure – PPM tools provide the functionality and visibility to help organizations ensure projects have adequate and proper resources, are effectively sequenced, tracked and managed, and are achievable and well-aligned. The survey found PPM users saw project failure decrease by 15%.

· Reduce in cost overrun – PPM tools enhance change and issue management, as well as resource tracking so project managers can keep projects on budget. The survey found PPM users saw cost overruns decrease by 10%.

· Reduce project duration – PPM tools keep projects moving with workflows and reporting. The survey found that PPM user reported a decrease in project duration by 10%.

· Reduce administrative time – PPM tools capture data and generate reports that used to be done manually. According to the survey, PPM users reported that a project manager’s time spent on administrative work decreased by 25%.

I recommend you read the report for yourself for a more detailed look at the figures. But the numbers are right there and they tell me that if I haven’t yet invested in a tool like BrightWork, it’s probably time to do so.