This fall, the UMT360 team participated in several industry events featuring PMO leaders presenting thought-provoking keynotes and informative breakout sessions. Attending these events always gives us a chance to learn, along with an opportunity to speak with PMO leaders from all walks of life. It also is a great reminder that no two organizations have exactly the same needs or face precisely the same challenges.
But there’s one thing – from Phoenix to Helsinki – that informs every interaction our team has with PMO leaders. And that’s having a clear understanding of where your organization is on their journey toward building a world-class PMO. This continuum of PMO maturity can be distilled into three basic stages. And understanding the unique needs at every stage has driven the UMT360 team to develop a proven approach that works for any PMO interested in taking their organization to the next level.
- Establish a solid foundation that provides visibility across all projects – Begin by consolidating all project data, automate manual processes and connect siloed systems to get visibility across all initiatives. To do this, you’re going to need to add these capabilities to your PMO repertoire:
- Demand Management
- Portfolio Selection & Capacity Planning
- Schedule Management
- Resource Management
- Status Reporting
- Reports & Dashboards
- Gain strategic & financial insights needed to improve decision making – Once you’ve established the foundation, the next stage of maturity requires that you start treating projects as strategic business investments. This will help ensure that all execution and resources are aligned with business strategy. In addition to adopting a strategic mindset – you’ll also want to make sure your PMO has these capabilities:
- Strategic Planning
- Financial Management
- Program Management
- Dynamic Reallocation
- Benefits Realization
- Portfolio Metrics & Benchmarks
- Connect portfolios to gain a 360 degree view across all investments – PMOs at this stage take their expertise beyond managing just projects and programs and apply advanced portfolio management techniques to the business and IT assets that are consuming scarce budget and resources. But to do this, you’ll need to have the tools and expertise to start managing:
- Business Capabilities
- Application Portfolios
- Service Portfolios
- Product Portfolios
So how far along is your PMO on this journey? Perhaps you’re simply trying to figure things out. Maybe you’d like to take your PPM processes to the next level. Or maybe you’ve mastered PPM and are now ready to apply best practices and investment management principles to other areas of the enterprise. Let us know, and tell us in the comment section what you’re doing to get to the next stage.