Oracle Project Portfolio Management Cloud Tutorial

This article explains about the Oracle Project Portfolio Management Cloud offering from Oracle.

Oracle Corporation has always created business solutions for companies and organizations in a way that not even a single requirement of the customer is missed or skipped. They always surprise us with their software products being on point every single time and again they haven’t disappointed the customers when they required a project portfolio management system.

Oracle Project Portfolio Management Cloud is just the product that people need to manage their projects effectively. So, let’s dive in and understand this software in detail.

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What is Oracle Project Portfolio Management Cloud?

Several project-centric businesses are in the need of a software which efficiently manages their projects. Oracle Project Portfolio Management Cloud is one such modern and enterprise-grade solution that serves the same purpose. It is a complete and integrated project financial management system that strives to improve profitability, performance, and ensures contemporary project execution to power delivery.

It dramatically improves how project-driven organizations work and thus enable fruitful and productive project management along with ensuring smarter business decisions. For successful project delivery, it has mobile and other social capabilities to provide consistent, secure, collaborative, and team-based communication.

Why Oracle Project Portfolio Management Cloud?

Oracle Project Portfolio Management Cloud has an exceptional user experience that gives its users exactly what they need when they need it. It delivers a revolutionary approach to help the businesses, organizations, and project stakeholders receive answers to their complex questions and take required actions in real-time. It comes with a lot of built-in features such as project, resource and task management systems, project cost controls, analytics, etc. which helps the organization to progress at a high rate every second.
Moreover, it improves efficiency and controls further removing the gap between project management and financial control.

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Why you should use Oracle Project Portfolio Management Cloud?

Oracle Project Portfolio Management Cloud is designed to streamline all the project processes efficiently and maintains the flow of information in each step of the project process. It facilitates the smooth functioning of every aspect of project management

It provides an exceptional user-interface and gains productivity. Business users are always shielded from the burden of project financial planning and management from the administration. Productivity tools are given to the user so that they can work on their projects with greater efficiency, using the tools of their choice to manage them.

Even for the resource-intensive tasks, it lowers the cost and helps reduce expenses. Budgets can be managed and costs can be captured in a more simplified way as the software is integrated with Microsoft Excel which ensures smooth integration and transfer of data. It helps achieve goals in a faster way with the least resources used as it further ensures continuous innovation using the major technologies which include mobiles, laptops, etc.

Oracle Project Portfolio Management Cloud Features

Oracle Project Portfolio Management Cloud (PPM) is designed in such a way that it automates, controls and streamlines the project’s financial and execution management processes end-to-end. The result that the customers get from it is an integrated and automated solution for the project-centric organizations. It comes with several features along with it which are as follows:

  1. Project Management
    • Collaborative Planning enables people in an organization to work together to plan and deliver projects.
    • Simplified Scheduling provides leverage intuitive and integrated scheduling tools.
    • It allows the users to integrate with Oracle Innovation Management and product development to manage the product lifecycle.
    • From simple to complex, all projects can be planned accordingly.
  2. Resource Management
    • Provided with the best search tools, the user can find best-fit project resources.
    • It helps track the actionable performance metrics at every level.
    • Helps gain global insights into resource skills and their availability.
    • Hierarchical resource pools can be organized and monitored thoroughly.
  3. Task Management
    • The team can work and collaborate on a project and non-project tasks both in one place.
    • They can interact through the task conversations and annotate documents.
    • A single click is enough to progress the work.
    • Simple and intuitive tools are provided to help users anytime and anywhere.
  4. Project Cost Control
    • Planning, budgeting, and forecasting are simplified.
    • Project costs can be controlled, streamlined, and standardized easily.
    • Capital asset costs can be managed.
    • The cost can be captured whether it is from procurement, financials, time, labor, or external systems.
  5. Project Billing and Contracts
    • Customer invoices can be billed rapidly and efficiently.
    • Users can comply with contract terms and conditions.
    • Project-contract relationships are made powerful and project contract revenue can be recognized.
  6. Grants Management
    • From funding to closeout, every award is proactively managed.
    • It helps prevent budget overspend and thus controls cost charges.
    • Indirect costs are automatically applied and reported.
  7. Analytics
    • Project performance can be analyzed anytime.
    • Collaboration is promoted with interactive dashboards.
    • Users can access live project data with inbuilt business user tools.
    • User decisions are guided by business intelligence.

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Oracle Project Portfolio Management Cloud Benefits

Oracle Project Portfolio Management Cloud (PPM) has never disappointed its customers as it has always served them giving the most benefits and the desired results every time. It makes their lives easier by giving users the following benefits:

  • Improves insights and decision-making – The software comes with a graphical role-based dashboard that facilitates simple drag and drop function thus offering accurate and timely operational insights for the ongoing projects. It focuses attention and guides tasks for a better project performance which improves overall insight as well as the decision-making process.
  • Exceeds project goals and keeping the staff informed and controlled – It has a user-oriented approach to the overall activity of managing the financial and budgeting aspects of a project. It supports project initiation manages the progress and the costs support third-party integration and deliver standardized cost collection.
  • Role-based dashboards deliver work – These dashboards deliver the work information to the users which helps them manage major activities for the project. The users just need to login and see what they need to do for the day instead of researching and running reports.
  • Accelerates the project delivery and success – The software comes with a wide set of project and resource management tools so that the users accelerate the project planning with agile and powerful solutions. It helps accelerate project delivery and complete it on time.
  • Provides exact resources needs for the projects – The people are the most important resources in a project. This product allows the project managers and resource managers to identify the best resource and place on each assignment according to their requirements.
  • Project planning made easy – The planning of every project is made easy as Oracle Cloud is designed in such a way that it addresses the needs of project managers, no matter what their experience level is. That is why it is adopted by all the organizations for every type of project work.
  • Empowers team members – All the tasks are managed and progressed in a single view. It helps the staff to collaborate with the project manager to develop the plan and deploy it. Social collaboration and task management merging allows the people to discuss the project and thus empowering them.
  • Eliminates Integration Costs – Oracle Project Portfolio Management Cloud is fully integrated with financials, human capital management, procurement, and enterprise contracts to ensure end-to-end business support and enable strategic sourcing. The processing time is reduced, integration costs are eliminated and projects are delivered soon with the help of this software.

Oracle Project Portfolio Management Cloud New Offerings

Oracle Corporation has improved its software products greatly over time. They always aim at making the better version of their products so that they can get a 100% user satisfaction. This time too, for making Oracle project portfolio management cloud its best version, they added certain new features such as project foundation, control and costing, resource management, grant management, adding deliverable project status, track task for change orders, and whatnot.

All these features and operations make it a project management suite that not only helps in the automation and streamlining of the project but also controls the financial and executive management of every project the organization works on to deliver the project faster with the best performance from the company.

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Advantages and Disadvantages of Oracle Project Portfolio Management Cloud

A successful project management system looks at the bigger picture to organize and delegate accordingly. People always have an end goal in their mind for a perfectly working software and they always make sure that the goals are achieved in a limited time frame. But 100% error-free software is something that is still a dream for many technological corporations. Below are some of the advantages and disadvantages that will help you understand the software better.

Advantages

  • It allows the integration with third-party software which helps the user extend his/her work area and thus giving flexibility.
  • It has a fantastic breadth of functionality. The invoice automation process significantly reduces the costs for customer billing.
  • It is scalable. It keeps track of the tasks done from time to time and helps the users know what their next task for the day is which saves a lot of time.
  • It comes with a lot of resources and tools that the customers can use according to their needs which increases efficiency and reduces the time taken to complete a project.

Disadvantages

  • The setup of this software is complex. It takes a lot of time to set it up and then start working.
  • The on-going maintenance cost can be a burden to some people.
  • It is tough to change revenue recognition methods from project-based to person based often.
  • Exception reports do not provide project details on the PPM module. This causes a lot of difficulty to users when they need to troubleshoot the issues at the project level.

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