In the present market scenario, the fast-emerging competition and relatively shorter product life cycles promote the need for meeting the strategic objectives of the business.
In this article at PM World 360, Francesco Pecoraro explains the purpose of strategic portfolio management to make crucial business decisions and choices.
Learn & Implement
Strategic portfolio management is the process of utilizing limited resources available and making difficult choices to meet the strategic objectives of the organization. Once you align strategic portfolios to meet business needs, it is easier and faster to meet strategic goals.
Many organizations suffer due to a lack of clarity over pre-defined business objectives. So, to bridge the gap, the portfolio must be clearly defined, and attention to execution becomes crucial. However, to maintain seamless execution of the operations, constant monitoring of performance with metrics becomes critical.
The employees are responsible for determining if the programs or projects for execution are aligned well with their organization’s strategic goals. If the portfolio management does not align with the strategic business goals, the senior executives must take crucial decisions to align and integrate strategy and operations.
Benefits of Strategic Portfolio Management
It helps an organization to enhance collaboration and communication among employees. Seamless communication helps in clearly defining the strategic goals and executing them. So, align the projects and programs with the strategic portfolio to bring success a step closer while reducing the uncertainties.
However, the success of strategic portfolio management depends on the people, processes, and cultural aspects. Thus, the organizations must work on aligning the projects and programs with their strategic objectives. To achieve success, organizations must balance between risks and opportunities. Click on the following link to read the original article: https://www.pmworld360.com/blog/2019/12/19/how-to-support-projects-and-programs-with-strategic-portfolio-management/