Program and portfolio managers can no longer use predictive models to carry on with project goals till the end. The market dynamics compel projects to be extremely agile and disruptive. Gartner’s “Survey Analysis: PPM Leadership in the Era of Digital Business Requires Speed, Change and Collaboration” conveys that 87 percent of organizations believe that rate of change is becoming faster. Additionally, 89 percent responded that project lifecycles are speeding up as well. In this article at Georgetown University, Georgios Moschoglou talks about the trends you should look out for in program and portfolio management.
Program and Portfolio Management Trends
Previous program and portfolio management models were static, and managers could easily predict the outcomes at the end of the cycle. However, digital disruption is rapidly changing how companies delivered products or services. The above-mentioned report further reveals that since 2013 the rate of embracing change in organizations has increased by 73 percent. Their willingness to combat risks has also shot up to 43 percent. This makes the program and portfolio managers more collaborative, risk-tolerant, and enablers of faster results.
- Flexibility: Organizations need to be more agile to welcome changes brought about by disruptive technologies. Scaled Agile Framework (SAFe) can bring much of the flexibility organizations need at this time.
- Change Is the Strategy: Change implementation should be thought on a more strategic level. You can start with portfolios, programs, and projects to introduce changes. The new processes and regulations can later be standardized when employees get habituated.
- Benefits Realization Management: Program and portfolio managers are paying more attention to benefits realization. An accurate understanding of available resources and better analysis of project outcomes provide optimal benefits realization.
- The Updated PMO Role: Though the PMO is still a supportive role, organizations are expanding the horizon and upgrading it to a more strategic level. This Enterprise PMO role, “Strategy Realization Office,” is more likely to look after project alignment to strategy, optimal delivery of company strategy, benefits realization, and talent management.
- Increased Dependency on Tools: As projects are becoming multi-faceted and variable in delivery, organizations are relying more on PPM tools. They streamline processes and bring the much-needed collaboration in addition to aligning projects to business strategy. Cloud-based services are in demand, along with social media integration and responsive designs.
To view the original article in full, visit the following link: https://scs.georgetown.edu/news-and-events/article/7070/planning-change-5-trends-program-portfolio-management