Project Portfolio Management

PPM Transformation: What to Anticipate Next?

Changes are crucial to survive in the fast-evolving corporate world, and with the growing uncertainties, PPM will also grow. In this article at PMWorld 360, Moira Alexander suggests some changes in the PPM process.

Foreseen Changes in PPM

According to a recent report of ResearchandMarkets, the overall market size of PPM will expand by $1.6 billion by 2024. Driven by factors like the need to leverage agile methodologies, reduced rate of project failure, and to gain an edge over project transparency, the PPM market will flourish soon.

Significant Changes Expected

The author shares six significant changes anticipated by PPM experts. Let’s take a look:

  • A shift in the delivery model and PMO structures is crucial for sustainable digital and agile transformation. Jason Davis, VP of IT PMO and IT Transformation for Johnson Controls, suggests that organizations must take an enterprise view of their investment portfolio to do sound financial capital planning and prioritize investments. They must set up an enterprise board to assess projects from a capital planning and enterprise standpoint.
  • Andrew Roth, Director of Benco Dental’s Center of Excellence, believes that the ongoing trend of agile adoption will continue. So, leveraging agile practices becomes crucial, along with cloud-based technology adoption, and cross-team collaboration. It will help organizations achieve PPM goals and make sound decisions for their employees.
  • Maribeth Achterberg, Executive Director of Global Products Engineering Operations for Johnson Controls, suggests the need for portfolio transparency along with the efficiency to become fast-forward. The growing demand for advanced technologies promotes the need for automation, Internet of Things, and Virtual Reality. To meet these consumer needs, predictive analytics and access to real-time reporting become crucial for the PPM.
  • Organizations must dig deep and source people with the right skillsets for a distributed work model. It will help in expanding network in the industry by leveraging business expertise of the resources to establish long-term relationships, adds Davis.
  • PMO Director Todd Pappas also believes that to achieve PPM effectiveness, organizations must adopt an agile mindset and change the way they proceed to accomplish a project. Also, knowing customers’ desires and strategizing ways to fulfill desires is pivotal.
  • Change management is vital for the PPM process. However, constant internal and external changes may turn challenging for organizations. To overcome these challenges, Pappas suggests incorporating change management in everything without making it as an individual role.

Click on the following link to read the original article: https://www.pmworld360.com/blog/2020/01/14/how-will-ppm-need-to-change-in-the-next-few-years/

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