Organizations continuously need to adapt and respond to ever-present technology advancements. Proactivity is a necessity; only those organizations who can pivot when presented with change gain a competitive edge in their respective industry. The most invaluable strategic weapon organizations will have in the face of change is a method to streamline initiatives, conserve resources, and have seamless communication. The modern benefits of cloud-based project-portfolio management (PPM) tools are the solution. This study identifies a gap in the research and knowledge about these modern tools. Extant literature is focused on what cloud-based PPM tools provide, but there doesn’t exist research on how to diagnose an organization’s specific needs and select the appropriate tool to maximize business value. Through a two-phase research approach, this study fills the lack of research on the topic and provides a framework for tool selection which is applicable to multiple industries.