Organizations expect faster results and benefits must be viewed as incremental units of value delivered in a continuous stream. Engagement with change champions at multiple levelsĪs digital business evolves, effective portfolio management and measuring results are more crucial than ever.Feedback and communication channels involving business leaders, managers and end users.The key components of a change-enabled culture are: It’s essential, then, to know how to handle change productively and how much change is too much change. Read More: Extending the Project and Product Ecosystem to Lean Portfolio Managementĭigital transformation leads to increased changes in business and technology processes, which can have unintended consequences and affect the experience of customers and employees. This way, the involved parties can keep track of the portfolio’s health and realign it with value, if required. Identify impediments to strategic coordination across groupsĮvery portfolio promises value, and therefore, engaging sponsors consistently and effectively becomes critical to assess whether that promise is being delivered or the portfolio is becoming irrelevant.įor a dynamic digital business, it’s a good practice to have weekly meetings at which product managers and sponsors can discuss the previous week’s deliverables, ongoing tasks, resource availability, and existing risks or roadblocks.Recognize and manage the interdependent risks.It’s about creating an environment where resources can seamlessly switch between initiatives to deliver optimum value. An adaptive approach focuses on allocating resources as per market shifts and changing customer needs. The increasing use of agile methodologies in conjunction with other waterfall and hybrid approaches presents a significant challenge for resource management.ĭigital business runs on flexibility, not rigid planning practices. Having a cross-functional understanding can help them make unbiased investment decisions that align with strategic goals and optimize limited resources. Stakeholders from different functions can form an investment committee to zero in on the most valuable ideas. From this mix, it is important to identify the initiatives that matter most to them. They may have mutually exclusive or overlapping goals or demands across various lines of business. Without a well-thought-out portfolio prioritization approach focused on customer objectives, organizations may end up investing in less-promising initiatives.ĭefining internal and external customers is paramount. Given the budgetary constraints, prioritization becomes all the more important. The increased dynamics encourage organizations to implement new ideas and initiatives. No 2: Prioritize around customers’ expectationsĭigitalization has led to ever-growing customer expectations. They can transparently prioritize and allocate the work so that there are no negative impacts to the portfolio. With that insight, PPM leaders can easily determine the interdependencies and risks. It can happen if there are no silos and the product teams operate in an environment that provides clear visibility into who is doing what, and what is getting delivered when. Here are the six practices for effective portfolio management: No 1: Ensure visibility into work and constraintsįor improving a portfolio’s performance, it’s essential to proactively identify and remove constraints. It helps to optimize the value of all major initiatives in the organization - and that requires integrated portfolio management.” “Siloed portfolios can’t work in isolation to provide the organization with a true picture of performance. “The push to digital business means that the traditional style of portfolio management may now be inadequate,” says Anthony Henderson, Senior Director Analyst, Gartner. Project and portfolio (PPM) leaders can keep up with digital business demands by choosing the right portfolio management style and having a crisp action plan in place.ĭiscover Gartner BuySmart™: Streamline your tech purchase from start to finish. When a portfolio is managed effectively, it delivers the right initiatives at the right time to achieve the expected outcomes.
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