Project Portfolio Management

Six Predictions for Project Portfolio Management in 2016

What do the cards reveal for this new business year? Well, the truth may be that the future is unwritten, but in a post for PM Hut, Kevin Kern does share six predictions for project portfolio management in 2016:

  1. Applications need to be managed.
  2. Automation will become the norm.
  3. Agile is not everything, but its principles do apply.
  4. Become resource-savvy.
  5. Internet of Things (IoT) is inspiring the want for more data.
  6. The cloud is changing everything.

The Fate of Project Portfolio Management

Applications have slowly evolved into the powerhouse behind business, but they are not adequately managed. In too many organizations, they are managed by spreadsheets. Time and money must be spent bolstering application maintenance and repair aspects.

Being able to acquire the right view of the portfolio will help in the acquisition of the correct metrics. PMOs have successfully implemented tools that predict analytics and help to restructure the project accordingly. These predictions help to decipher when the project needs to continue or change.

Contrary to popular belief, agile is not everything, but its principles will continue to apply in various areas. Organizations need to make adaptations that will help them better see into the future. In order to do this, organizations should deliver projects in smaller increments, focus more on the outcomes, conduct tests more frequently, and collaborate more.

IT budgets have become a highly important commodity in recent years and because of this, IT leaders are being asked to do more with less (… as usual). Furthermore, because of IoT propelling the desire for more data forward, PMOs are having to change in order to adapt to this new environment. To accomplish this, PMOs will need to focus on: IT governance, strategy and planning, business excellence, and agile PMO. Collaborations will ensure that data sharing helps to align the PMO. PMOs additionally will need to take on more IT data mining projects and security concerns.

Software providers are being pushed to give more thought to their change management, and because of this there is a greater emphasis on cloud usage. Additionally, there is a shift in thinking regarding pricing, customer engagement, sales models, and market approach. The companies who engage in these mindsets are the ones who will excel and be the most successful in their industry.

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