JOB SITE: PORTFOLIO MANAGEMENT
Forbes Media recalibrates its IT project portfolio
to better predict and monitor projects’ success
and their strategic value to the company.
BY MYKOLAS RAMBUS
Mykolas Rambus, aboard Forbes' Yacht "The Highlander"
WHEN I JOINED FORBES MEDIA AS CIO IN 2007, WE HAD LITTLE
visibility into the portfolio of IT projects and no consistent
process for selecting or completing projects. Our IT staff was
handling 30 to 40 projects at a time, with a turnover of about
10 projects a month. Projects were managed and tracked in
Word documents and Excel spreadsheets, which primarily
noted whether projects were active or completed.
Most importantly, we did not distinguish which projects were strategic to the enterprise and which ones were just maintaining
the current infrastructure. For IT to consistently deliver business value through return on investment (ROI), we had to start with
transparency, so we needed a mechanism to better predict and monitor IT project success and value creation.
In addition, we needed greater predictability of success in delivering I T projects, so we could provide superior account management
services to our customers, the functional departments of Forbes Media. Finally, we wanted to boost collaboration between project
groups by ensuring that everyone was working from the same template and doing the same level of business analysis for each project.