UMT360 Blog
Blog Posts from the Leader in Enterprise Portfolio Management
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.
UMT360’s recent webinar schedule has focused on enabling PMOs to be strategic. Great topics, with some world-class PMO professionals including Learning How to Establish a Strategic PMO with Carl Souchereau from SNC Lavalin T&D, and Changing the PMO Status Quo with Frank La Rocca from ConEd. In fact, we’ve seen so much interest in the Strategic PMO idea that we’ve created a local breakfast series, starting initially in Chicago and Houston.
But we also thought it would be good to step back and define just what makes up a strategic PMO. We reached out to some industry folks to get their views, and one response stood out in particular. Andy Jordan is the president at Roffensian Consulting, and has over 20 years within the portfolio, program, project and PMO space. Andy’s response aligned very closely with our view, and so we thought we’d let Andy share directly! You can reach Andy at andy.jordan@roffensian.com, and we thank him in advance for the guest post! – Paul
By Andy Jordan
In the last few years PMOs have been asked to take on much more ‘business critical’ functions. Some have embraced this opportunity, some have not. The idea of a project focused central services style PMO (people, process, tools, training) is rapidly losing favour because it is not delivering business results. Instead, the idea of a PMO more aligned with the business is gaining traction, and that is what PMOs should always have been. A Strategic PMO is a project centric business department and should be structured and managed in the same way as other business departments – goals and objectives set by enterprise leadership that help the organization as a whole succeed. That’s what we expect for sales, or operations, or fill in the blank other department, and that’s what we should expect of PMOs.
During a recent UMT360 webinar covering How to Become a Strategic PMO (see archive here), we found that only 1% have regular dynamic reallocation reviews via automated processes. Another 39% have regular reviews, but require manual, time-intensive efforts to collect and standardize data.
UMT360’s message to PPM practitioners is that this is their opportunity to take the leap to becoming a strategic PMO office by focusing efforts on gaining control of their investments. Annual planning and traditional resource allocation is not enough, as it cannot accommodate the challenges of market complexity and rapid change. Portfolio rebalancing allows organizations to keep their investment priorities in check and optimize the resource allocation and consumption.
Having just returned from Gartner’s PPM & IT Governance Summit in Maryland, I’ve been reflecting on the many great discussions our team had regarding Digitalized IT and UMT360’s approach to Enterprise Portfolio Management (EPM). Because we have long promoted the tenets of integration, transparency and digitalization as key to successful business investment management, it’s rewarding to see so many organizations today adopting the discipline of EPM to propel their businesses forward.
Digitalization was a strong theme at the Summit this year and we were interested in just how far along business are in digitalizing their IT. We surveyed nearly 100 attendees who visited the UMT360 booth. Visitors were asked to characterize their maturity in the four key areas. They could indicate fully, mostly, little or none.
Ask ten people to define portfolio management and you’ll likely receive ten different answers. Of the various definitions, most will focus on some sort of aggregate reporting across portfolios or highlight alignment of spend with strategic priorities and selecting the optimal project portfolio under varying budget constraints.
UMT’s product group, UMT360, is pleased to announce the release of its most ambitious product offering to date. UMT360 revolutionizes portfolio management by providing comprehensive, integrated solutions to help companies gain financial transparency and dramatically improve investment decisions across their projects, products and asset portfolios.
UMT360 are the experts in Enterprise Portfolio Management consulting services and solutions. Our proven methodology provides PMO, IT, business and finance leaders with the critical business planning and controls needed to improve their decision making and transform how they manage enterprise investments. Leveraging our industry leading expertise and technology along with Microsoft’s PPM platform, we help organizations at every level of maturity gain the visibility, insight and enterprise perspective they need to align execution with strategy across all project, program, product, IT asset and capability portfolios. A multi-year winner of Microsoft’s Partner of the Year for PPM, the company has been named a Gartner Cool Vendor in Program and Portfolio Management and is consistently recognized as a Visionary in the Gartner Integrated IT Portfolio Analysis Magic Quadrant.
