June 11, 2007
INNOTAS’ PROJECT PORTFOLIO MANAGEMENT SOLUTION NOW INCLUDES ADVANCED APPLICATION PORTFOLIO MANAGEMENT CAPABILITIES
First on demand Project Portfolio Management (PPM) vendor to provide 100 percent visibility into all IT project and application maintenance
SAN FRANCISCO, CALIF., June 11, 2007 — Innotas, the provider of the only on demand Project Portfolio Management (PPM) solution designed specifically for IT departments, today announced that it has added new Application Portfolio Management (APM) capabilities to its award-winning on demand Project Portfolio Management (PPM) software. By combining Application Portfolio Management (APM) with its powerful project management capabilities, Innotas is the only on demand Project Portfolio Management (PPM) vendor that gives IT management visibility into 100 percent of strategic Project Portfolio Management (PPM) project work and application maintenance activities. This new functionality allows CIOs to assess and reallocate IT budget dollars and resources to strategic projects that more effectively support business goals.
Research shows CIOs spend approximately 70 percent of their IT budgets on application maintenance activities, and only 30 percent on strategic IT projects. "For years IT maintenance activities have been flying under the radar, soaking up the bulk of valuable IT dollars and resources," said Daniel Stang, principal research analyst at Gartner. "It is critical for companies of all sizes to get a handle on IT maintenance activities in order to manage their full IT portfolio and improve the value they provide to the business. Software as a service (SaaS) has become a viable way for companies to automate their project management strategies."
With this new release, IT leaders can track project management portfolios and application maintenance portfolios in one place. This increased visibility helps them to better understand the resources dedicated to application maintenance and determine whether or not they should keep legacy applications alive. It also lets them distinguish between discretionary and mandatory maintenance work, which helps them make decisions about reallocating funds and resources to strategic projects.
"CIOs can’t assess what they can’t see," said CEO, Keith Carlson, Innotas. "With Innotas’ new APM capabilities, IT leaders can see and show the business 100 percent of the projects and applications they’re working on. This helps them become more deliberate in their allocation of resources, freeing up budget to take on more strategic projects. And, for the first time, they have these benefits in an easy-to-use, reasonably priced SaaS offering."
With Innotas’ Summer 2007 release, customers can create as many IT portfolios as they wish, and they can dedicate one or several of these portfolios to application maintenance work. When combined with project portfolio management views, Innotas gives IT leaders visibility into every step of every IT activity, from the first project request through the entire life of the application.
"With visibility into both application maintenance activities and strategic IT project management, we can now more effectively align IT with the business," said Suzanne Frueh, director, PMO IT, Jo-Ann Stores, a leading national specialty retailer of crafting, decorating and sewing products. "We anticipate Innotas APM will enable us to reallocate at least 18 percent of our IT resources currently focused on application maintenance, and apply those resources and budget dollars to strategic IT projects that continue to drive the business forward."
Additional Project Portfolio Management capabilities in Innotas’ summer 2007 release include:
About Innotas
Innotas provides the only pure, on demand Project Portfolio Management (PPM) solution specifically designed to meet the needs of IT organizations. Its on demand software is much less expensive than installed solutions, and still offers all the Project Portfolio Management functionality companies need. On demand also enables Innotas to issue new releases more frequently than on-premise Project Portfolio Management providers. With users spanning a wide range of industries including financial services, healthcare, retail, high technology, telecommunications and energy, Innotas helps IT organizations focus on the right IT initiatives, and helps them manage projects, resources and applications more efficiently.
Innotas investors include ComVentures, a top tier Silicon Valley venture capital firm with a strong track record for investing in early-stage technology startups; ArrowPath Venture Partners, a venture capital firm focused on early and expansion stage companies developing enterprise and infrastructure technologies; and Cedar Circle, an investment firm funding visionary entrepreneurs. For more information on Innotas, a privately-held company based in San Francisco, California, dial +1 415-814-7700 or go to www.innotas.com.
