There are not many strong portfolio management options that truly facilitate meaningful dialogues, enabling better, faster decision making and effective portfolio management to ensure that the strategy potential is achieved solidly.
Portfolio management is the governance discipline that ensures organizations have a balanced business initiative portfolio for logical problem-solving, improving overall business effectiveness and efficiency.
Logic of categorization & categorization: Effective categorization is important to have enough visibility about how the projects/programs are performing, highlight the real value of portfolio management that supports strategic planning and execution, and monitor progress in a structural way.
To increase people centricity, improve business agility, business initiative categorization is about personalization based on the set of customers, help businesses discover their niche customers, bring insight and convenience for customers to get their needs by solving their problems smoothly. Categorization is not only a mechanism to help people sort things through; but also an intelligence embedded technique and a continuous healthy activity for adapting to emerging trends to fit for the prioritized needs of business growth and customer satisfaction.
Logic of prioritization: Organizations have limited resources to apply to get the best yield possible to meet stakeholders’ expectations.; prioritization is about managing constraints - you can't do everything; so which business initiatives will you take? To survive in the dynamic business circumstances, business management needs to do more planning and prioritization, bring transparency, align business portfolio management with strategic goals and objectives,
Prioritization helps to focus on the strategic goals of the organization, which has huge benefits in terms of strategy execution. If you prioritize across all projects, you know which projects should get that increment of analysis and design effort. Unused or under -utilized applications that consume a disproportionate amount of resources when compared to their value, need to be addressed. Business portfolio management is also a “balance” approach, leverages architecture as an effective tool to deal with business initiatives derived from strategy, strike the right balance of long term perspective and quick win.
Logic of integration: You are creating a case where you force an organizational alignment to the integration. You integrate when a justification can be made for doing so. In reality, the business that has evolved around the legacy applications is fossilized and loses its fit. Effective integration provides a focus for managing an integration of relevant business initiatives and applications in a structural way. A healthy portfolio management involves consolidation, modernization, integration, optimization, etc, to eliminate redundancy, optimize processes, resources/cost, improve business effectiveness and efficiency.
Logic of prioritization: Organizations have limited resources to apply to get the best yield possible to meet stakeholders’ expectations.; prioritization is about managing constraints - you can't do everything; so which business initiatives will you take? To survive in the dynamic business circumstances, business management needs to do more planning and prioritization, bring transparency, align business portfolio management with strategic goals and objectives,
Prioritization helps to focus on the strategic goals of the organization, which has huge benefits in terms of strategy execution. If you prioritize across all projects, you know which projects should get that increment of analysis and design effort. Unused or under -utilized applications that consume a disproportionate amount of resources when compared to their value, need to be addressed. Business portfolio management is also a “balance” approach, leverages architecture as an effective tool to deal with business initiatives derived from strategy, strike the right balance of long term perspective and quick win.
More organizations are looking for integration best practices with portfolio management tools to manage a balanced “run-grow-transform” portfolio. Flexible integration is required to meet the variety of business cases that exist, and integrate when a justification can be made for doing so to improve the overall return on investment. The successful integration will depend on the underlying business relationships between all of the crucial points and how they influence each other in building differentiated business competency.
There are many different types of PMOs, each with a different purpose and function. But there are not many strong portfolio management options that truly facilitate meaningful dialogues, enabling better, faster decision making and effective portfolio management to ensure that the strategy potential is achieved solidly. It’s important to clarify strong logic of portfolio management discipline, select the great portfolio management tool, to drive the key decisions that result in a strategically aligned change portfolio to bring efficiency and effectiveness, improve business agility and maturity.
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