Effective project portfolio management is imperative for project-driven organizations seeking to navigate complexities, allocate resources efficiently, and achieve strategic objectives, and Oracle empowers companies to handle it all in one integrated solution.
Oracle Project Portfolio Management (PPM) offers a comprehensive suite of solutions that allow companies to keep up with the pace of the modern enterprise landscape and plan, prioritize, and execute projects effectively. It encompasses various aspects of project management, including project planning, resource management, budgeting, risk management, and reporting, to help organizations manage tasks, maximize project success, and achieve business goals.
This article explores the key capabilities and benefits of Oracle PPM, discussing its impact on how project-driven organizations work and ensure smarter business decisions, as well as where our Oracle consultants can fit in your organization.
What is Oracle PPM?
From streamlining project workflows to optimizing resource allocation, mitigating risks, and facilitating efficient connections between project stakeholders, Oracle PPM provides a robust framework for effective project management.
By empowering personalized project, portfolio, and task management in one complete solution, Oracle PPM helps customers deliver extraordinary business value and improve contract compliance for all active projects.
Oracle PPM Cloud offers critical project and financial management capabilities that change the way enterprise organizations operate, delivering tactics aligned with customer demands and ensuring all members of the project team are on the same page regarding core project objectives.
With Oracle Project Management, organizations can take an approach that enables:
- Simplified project management and streamlined collaboration across project teams
- Smarter business decisions based on a single source of project truth
- Real-time reporting and insights into the end-to-end project lifecycle
- Enhanced connectivity across project teams working on the same project
- Complete control over project costs and commitments related to project transactions
- Integration with other systems like supply chain, finance, marketing, and more
Key Components of Oracle Project Portfolio Management
Planning, Scheduling, and Forecasting
Oracle’s Project Portfolio Management solution allows customers to view, manage, and store all critical project plans and data in one place, enabling better collaboration across teams and clients, ensuring resources are allocated properly, and gaining data-driven insights at every stage of the project lifecycle.
Users can also leverage intelligent digital assistant capabilities to generate project budgets and forecasts from existing project, resource, and finance plans and complete manual tasks, such as entering time or managing project progress.
Billing and Revenue Management
With advanced billing controls and analysis capabilities, Oracle PPM enables organizations to improve revenue recognition, facilitate effective customer invoicing, and maintain compliance with contract terms over time.
Organizations can also leverage flexible project-contract relationships and fully integrated billing and revenue management operations to streamline customer billing and recognize revenue associated with existing financial accounting regulations.
Cost Control and Management
Oracle PPM Cloud enables organizations to standardize cost-capturing and management tasks within Oracle Cloud applications and third-party systems, making it easier to stay within budget, control project commitments, and deliver a more efficient procure-to-pay transaction lifecycle.
Critical cost management capabilities also enable companies to access a complete view of both committed and actual costs, including client invoices, internal costs, and capital asset projects.
Grant Management
Users can leverage built-in controls and insights in Oracle PPM to align budgets to current business needs, control how funds are used in the post-award lifecycle, and maximize core commitments, funding opportunities, and expenditures.
Automatic invoicing and billing functionality also makes it easier for users to manage sponsorship invoices in multiple formats, generate indirect cost calculations, and support better spending control.
Project Asset Management
Oracle PPM enables users to manage capital projects and calculate the accumulated costs required to produce, install, or acquire critical assets. Real-time analytics capabilities empower enhanced visibility into capital asset transactions, increase productivity, and maximize performance for project-centric organizations.
Users can also streamline capital project processes through prebuilt business flows designed for cost capture, capital asset creation, capitalization, asset adjustment, and retirement processing.
Program Reporting and Management
With Oracle’s program management and reporting capabilities, organizations can coordinate and track related projects within different programs and gain a complete view of all projects across the organization in a single platform.
Improved visibility and collaboration between project professionals and teams enable companies to make confident business decisions, improve program and project performance, and ensure all key stakeholders stay on the same page throughout the complete project lifecycle.
Resource Utilization
By creating filters across roles, skills, and locations, users can find the right resources for each project, enabling a real-time view of all critical project resources and making it easier for companies to maximize resource allocation and performance.
Oracle PPM is a very valuable tool in facilitating efficient resource management and usage, balancing people capacity against project demands, and aligning employee career paths with related projects.
Outlining Oracle PPM Cloud Services
Project Financial Management
The Project Financial Management solution offers various applications that enable organizations to plan, organize, and maximize project resources, activities, costs, and other metrics to improve project efficiency and ensure strategic project goals and objectives are met.
Users can also enhance critical contract management and reporting capabilities by subscribing to Oracle Fusion Enterprise Contracts Management Base Cloud Service or Oracle Fusion Transactional Business Intelligence for Projects Cloud Service.
- Project Foundation
- Project Control
- Project Costing
- Project Billing
- Project Reporting
Project Execution Management
By leveraging Project Execution Management applications in the Oracle PPM Cloud Service, companies can improve collaboration across project teams, plan and deliver projects on time, and consolidate project and non-project tasks in a single, unified platform.
This way, organizations can extend project planning, management, and optimization tasks to all project managers and individuals responsible for handling project-based work, empowering greater control over project data and tasks and optimizing resource allocation across groups.
- Resource Management
- Task Management
- Project Management
How Can We Help?
Whether you need help implementing Oracle Cloud applications for the first time, additional support handling ground-up design tasks for critical business projects, or just an extra hand improving collaboration across project teams, Surety Systems is here to help.
Our senior-level Oracle consultant team has the knowledge, skills, and experience needed to navigate complex project requirements and tasks and lead you to and through your initial implementation date.
Contact Us
For more information about our Oracle consulting services or to get connected with our team of expert Oracle consultants, contact us today.
