Project portfolio management (PPM) should be more agile to cope with the ongoing trends and market demands of digital transformation. Current projects do not get completed as products need constant support and maintenance. So, how do you make PPM more agile? In this article at Planview, know the benefits and best practices of an agile PPM.
The Agile PPM
PMOs make all the PPM decisions and there are strict guidelines that projects and their team members need to follow. With Agile, the team would be able to address market changes, new rules and regulations, and shift in business goals faster. As per a Forbes and PMI report, 84 percent of leaders think organizational agility is key to digital transformation success. Without further ado, following are the benefits and best practices of an agile PPM:
- Aligning with Strategy: With an agile PPM, teams would be able to focus on value-added tasks first. They will not get stuck working on projects that do not require immediate attention or have low-level priority.
- Improved Capabilities: PMOs can tackle demand management, resources, and capabilities seamlessly based on market trends with the help of an agile PPM.
- Better Portfolio and Program Reporting Skills: Better visibility into portfolio and programs would improve ROIs, performance, and outcomes.
- Enhanced Delivery Speed: Agility in PPM can improve sales, competitive edge, and customer experience for companies that implement this strategy.
- Make PPM everyone’s business. Collaboration and knowledge transfer between departments and business units will make agile PPM work.
- Add flexibility to the governance process. For faster product delivery, bend rules or create new ones whenever necessary.
- Upgrade plans continuously. Change plans based on business priorities, new rules, market shifts, etc.
- Focus on portfolios that deal with product development. Agile was mainly created for software development projects. So, focus on portfolios that are related to products to get better results out of your PPM efforts.
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