Understanding how to initiate these intricate projects can be a challenge. Organizations working on these projects are striving to become more effective while keeping their costs low.
Companies facing tight budgets and a lack of resources must select projects that will provide the greatest return on investment across stakeholders.
However, this strategy assumes that projects will be completed without any setbacks. What’s the point of choosing the right project if it’s not managed properly?
Both project selection and project management are vital for travel and transportation industries in their quest for transformation.
“The Organizational Benefits of Project Portfolio Management Tools for Travel and Transportation Industries”—a report based on Aberdeen’s Project and Portfolio Management Survey (2017) of travel and travel organizations—shares how top performers select and execute projects using project and portfolio management (PPM) solutions’ centralized information and automated processes.
Choosing the right project can often be hindered by high costs and low potential ROI. 18% of survey respondents claimed slim ROI leaves little room for error. Aberdeen’s survey asked travel and transportation organizations to choose their top two challenges in selecting and managing transformative projects, and they identified:
Unfortunately, the survey reveals that 32% of stakeholders may decide to change project scope very quickly. In addition, companies must learn to become more resourceful as they manage individual projects.
Limited resources are further compounded by rising, unpredictable costs. 29% of survey participants admitted feeling contentious over strained resources.
These challenges stress that organizations must do a better job of prioritizing which projects will positively impact an organization the most. Travel and transportation organizations must learn how they can improve project execution overall to overcome these numerous obstacles.
Fortunately, there’s hope for improving organizational transformation in travel and transportation. Top-performing travel and transportation organizations who participated in a survey were asked to share two main components essential to managing projects and portfolios.
To learn the two key ingredients to project and portfolio management, read the full report, “The Organizational Benefits of Project Portfolio Management Tools for Travel and Transportation Industries” here.