Business can be quite complex. This is especially the case when business integrates different services and partnerships into the model which must still function in unison to deliver business or project objectives. There are instances where the business might be one only in spirit but is in effect a set of disparate entities each working to fulfill certain objectives. For example, the business might include multiple employee populations, third-party vendors as well as suppliers. This can create a robust business, but it also creates a challenge on how to manage this enterprise in the most efficient way. This is where portfolio governance service comes in.
The portfolio governance service is concerned with the establishment of the enterprise-wide governance models, compliance, as well as the risk functions in the portfolios. It enables organizations to establish flexibility that enables them to reach out across organizations or projects and reduces the complexity of managing various units that make up the business.
A solid and also highly effective portfolio governance servicemechanism allows businesses to implement the integration of various groups gradually and in some cases, less integrated elements of the business into a single cohesive unit. There are several ways in which a business can dramatically increase its portfolio governance to reduce complexity and achieve integration required to deliver business objectives. These include the following: