Project portfolio management, often known as PPM, serves as a primary link between project execution and innovation strategy. It provides business leaders with insights, visibility, and analytics to improve decision making. In this article at PMWorld 360, Francesco Pecoraro discusses a few goals that will help companies achieve successful innovation.
Macro Goals are Necessary for Successful Innovation
Understanding the Organization’s Innovation
To effectively manage an innovation portfolio, project managers must understand the organization’s innovative objectives and goals. Project managers must consider how significant is the collective impact of the innovations on the organization and when they can expect a result.
Selection Criteria Must be Clear
Every project requires resources and management attention. Therefore, portfolio managers must consider:
- Quality of project leadership – is the team secured? Are innovation leadership competencies in place? Is the team committed and excited?
- The potential value of the innovation project
- Ability to deliver – can assets and skills of the company be leveraged?
Track Progress Based on External Metrics
Paying attention to the number of working hours and internal audits will provide a false sense of progress. Instead, project managers must measure the progress with external factors such as customer feedback and market research results.
Commit to Right Number of Projects
Most often, project managers find themselves handling too many projects with limited resources. “The downsides are that projects end up in a queue, and they take longer and longer to get to market. In addition, key activities within projects are neglected because of a lack of people and time,” says Francesco. The portfolio manager must ensure that innovation projects can move forward as fast as possible. Further, managers must terminate the failing projects before committing to external sources and wasting too much budget.
Companies must innovate to stay relevant and competitive in the market. It is PPM that helps companies manage all services and products to achieve their innovation vision. To read the full article, click on https://www.pmworld360.com/blog/2020/05/26/4-goals-for-successful-innovation/.