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What Are The Keys To Mastering Portfolio Management?

Written by Ben Chamberlain on December 9th, 2019 at 3:41 pm

Chances are good that if you’re not already acting on a mandate from your executives to drive business transformation, you’re looking for a way to do just that. But if you approach this challenge focused only on project execution, you’ll soon discover that driving transformation without first connecting execution to strategy is next to impossible.

Aligning all execution with strategy
The first step to orchestrating and accelerating transformation is to acknowledge some key realities. You’ll need to address critical business imperatives that might be holding you back and integrate top-down capabilities you may be missing with your already proven ability to deliver bottom-up project delivery. This is how you can align execution with strategy – moving from a project-focused mindset to a strategy execution approach, placing more emphasis on the second P in PPM – portfolio management.

Focus on the second P in PPM
By shifting the focus back to portfolio management, it’s possible to balance your mastery of execution with the ability to deliver strategically across all investments. More effective tools and processes are required to integrate top-down portfolio management capabilities with bottom-up project delivery best practices. But to truly master both strategic planning and execution, two critical realities must eventually be addressed:

  • A variety of project execution methodologies – including waterfall, Agile, and back-of-the-napkin – are now used across every enterprise. We call that the tri-modal reality.
  • You must go beyond just managing projects from an execution-only perspective and recognize that however work is executed, it’s all funded to specifically transform capabilities, products and services that deliver value to customers.

Which business imperative keeps you up at night?
To effectively connect strategy with execution – both operational and discretionary – across the enterprise, it’s critical to acknowledge and address a few of the key business imperatives that could be holding you back:

The ability to drive transformation is increasingly becoming a core requirement for organizations that have traditionally focused only on managing execution. For many organizations, portfolio management is the missing link. Fortunately, there are now tools and best practices that make it easy to fill that gap, address critical business imperatives and enable them to respond to the mandate for change.

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