In today’s dynamic business environment, it is critical for organizations to deploy their resources effectively and keep an eye on their strategic direction. ServiceNow‘s Strategic Portfolio Management (SPM, formerly known as IT Business Management, ITBM) provides companies with a comprehensive solution to plan, monitor and optimize their projects, products, programs, and investments. Read this blog article to understand what SPM from ServiceNow is and how it helps organizations like yours achieve strategic goals, control costs and manage resources optimally.
What is Strategic Portfolio Management from ServiceNow, and what is it used for?
Making decisions, allocating resources, strategically aligning company goals: Strategic Portfolio Management from ServiceNow is a software solution designed to efficiently support managers in planning, prioritizing, optimizing and implementing their portfolios and corporate strategies. With the ServiceNow SPM module, companies have a clear overview and control of their portfolios, enabling more specific management and optimization of their strategic initiatives. At the same time, with strategic portfolio management, they can ensure that their investments in projects and technologies are aligned with long-term business strategy and are flexible enough to respond to changes in the market.
By integrating different business areas into the ServiceNow platform, SPM from ServiceNow provides a holistic view of processes, resources (e.g., time, budget, people, tools), investments and ongoing projects. Thanks to strategic portfolio management, you can make better management decisions about which projects, products, programs, and investments fit your company’s strategic goals and should therefore be implemented or possibly discontinued.
Who is ServiceNow Strategic Portfolio Management aimed at?
The evolution from ITBM to ServiceNow SPM reflects the platform’s enhanced capabilities and adaptation to the changing needs of strategic portfolio management. SPM from ServiceNow is suitable for companies of all sizes in various industries. The portfolio solution is aimed at companies that are already working with the ServiceNow platform and would like to improve their strategic orientation with the help of the Strategic Portfolio Management software. The aim is to effectively manage and financially prioritize business initiatives in order to create measurable business value.
Advantages of ServiceNow SPM at a glance
With SPM from ServiceNow, companies can continuously develop portfolios that contain strategic solutions and options. The focus is on seamless alignment between corporate strategy and operational implementation. This is particularly important in complex and fast-paced business environments, where traditional project portfolio management (PPM) is often insufficient.
Because SPM is about executing those activities that achieve business objectives, implementing SPM enables companies to make more accurate decisions based on data-driven insights, respond faster to market changes, take advantage of innovation opportunities and optimize their IT investments, among other things. The benefits of Strategic Portfolio Management from ServiceNow include:
- Strategic alignment: by consolidating projects and investments on ServiceNow’s platform, SPM enables organizations to better align with their strategic goals. It helps identify and prioritize the right projects that contribute to achieving business goals.
- Resource optimization: SPM enables companies to plan and use their resources effectively. With better visibility and control over resources, companies can ensure that they optimize the use of their limited resources and avoid bottlenecks.
- Risk management: SPM helps organizations to identify and assess risks at an early stage. By monitoring progress and regularly assessing projects, organizations can identify potential risks and respond proactively.
- Transparency and collaboration: SPM enables all relevant stakeholders to have full visibility of all portfolios and their performance, and to collaborate seamlessly on a centralized platform.
ServiceNow leads the way in Strategic Portfolio Management
ServiceNow has established itself as a leading provider of SPM solutions and has been recognized as a Leader in Strategic Portfolio Management by research and consulting firm IDC. In the “IDC MarketScape: Worldwide Value Stream Management and Strategic Portfolio Management 2023–2024 Vendor Assessment”, IDC highlights that ServiceNow stands out particularly for its seamless integration of Value Stream Management (VSM) and Strategic Portfolio Management (SPM). This integration enables organizations to achieve greater end-to-end visibility into their initiatives, facilitates well-informed investment decisions, and optimizes value creation.
ServiceNow provides executives with the essential insights they need to evaluate and fund key investments. As one of the leading strategic portfolio management tools, ServiceNow’s software provides the technological basis for efficiently achieving and realizing strategic goals. ServiceNow’s SPM helps decision makers effectively link corporate strategy, business outcomes and delivery, regardless of market or industry changes.
How to maximize the value of your investments with ServiceNow Strategic Portfolio Management
Take the opportunity to gain a competitive edge by integrating state-of-the-art management practices and discover how ServiceNow SPM can help you maximize the value of your business investments. Download the free e-book “Get the greatest ROI from your strategic initiatives” by ServiceNow and learn how to:
- Manage resources effectively to make informed and confident decisions,
- Anticipate and act on trends to achieve strategic goals, and
- Plan overarching investments, secure funding, and maintain budget control.
FROX and ADVVISE: Strong partnership in the area of SPM from ServiceNow
To further increase the benefits of Strategic Portfolio Management, we at FROX, as a ServiceNow Premier Partner, have entered into a strategic partnership with ServiceNow Premier Partner ADDVISE. This groundbreaking collaboration allows us to combine our expertise in ServiceNow SPM and offer customers more comprehensive SPM solutions tailored to their specific needs. In this way, we help companies to implement strategies effectively, achieve business goals and compete in an increasingly complex market.
Video about ServiceNow Strategic Portfolio Management. Source: ServiceNow
