Information technology (IT) portfolio management provides a framework that supports the art and science of making decision about technology investments. Portfolio management includes a mix of policy, asset allocation and resourcing that balances risk against performance. A mature portfolio management practice enables integration of business and technology planning in support of the organization's strategic plan, mission, goals and objectives.
As stated in RCW 43.105.341, agency IT portfolios need to:
- Reflect links among an agency's objectives, business plan, and technology;
- Analysis of the effect of an agency's proposed new technology investments on its existing infrastructure and business functions;
- Analysis of the effect of proposed information technology investments on the state's information technology infrastructure.
Formal IT expenditure prioritization occurs on an annual basis as part of the state's budget building activity. The Governor and the Legislature look to WaTech to provide guidance on whether an agency's proposed IT expenditure is sound and consistent with the state's IT strategy to inform policy decisions on the allocation of limited state funds.
In support of RCW 43.105.240 requirements, WaTech establishes prioritization criteria in response to current state business needs and changing technologies. WaTech evaluates agency funding requests (received in the form of decision packages) against those values and establishes a priority ranking of all funding requests. The resulting prioritized list of project funding requests is submitted to both the Governor's office and the Legislature.
Each year, agency partners are asked to provide information on their technology portfolio and compliance with selected statewide policies that support statewide technology programs. The annual certification process business process is used to gather IT Portfolio information from over 90 state agencies.
TBM is the financial portion of IT Portfolio management. A goal of TBM is to provide IT and business leaders the ability to have data-driven discussions about the cost and value of IT to best support business goals. Another goal is to use components in the program to support agency strategic and investment planning. This provides an ability to do "what if" scenarios within specific towers to understand the potential impact of strategic technology decisions.
Information Technology Portfolio management (ITPM) Community of Practice (CoP):
The Washington State IT Portfolio Management (ITPM) Community of Practice (CoP) serves as a springboard for all government agencies inside the state for their own internal ITPM program development. They share and collaborate on best practices and develop the Center of Excellence to establish benchmarks and promote industry-wide standards and policies across the global ITPM community.
The CoP allows an equitable effort for the multiple Washington state agencies to Level Up! To aid this objective, agencies must take a 360-degree focus on our portfolios to find every single opportunity to promote efficiency and effectiveness in all aspects inside the IT sphere of influence. These efforts are designed to mature ITPM program efforts.