Forethoughtful organizations need to spend more resources on creating unique competency for driving business growth and achieving business goals. In today’s business dynamic, organizational leaders need to identify the capability gaps for strategy management; look ahead and proactively look for opportunities to improve. Most of the enterprise capabilities need to be woven cross-functionally. The tough work for an organization is to manage its portfolio of relevant cross-border strategic synergies and expedite business speed.
There is a different level of business competency, maturity. At macro level, it is about being effective, agile and doing the right things. The right set of unique digital capabilities directly decides the overall organization’s competency and growth potential, to build high-effective, high-responsive, high-intelligent organizations.
Initiate a portfolio management framework: In order to make the portfolio executable, an organization needs to make sure that enough resources are available to deliver the programs, resources have been aligned cross-functionally; talented professionals are put in the right positions to solve right problems, and also manage the interdependencies of the business initiatives via an effective framework. It’s also important to manage the interdependencies of the business initiatives via an effective framework approach.
Portfolio management processes are important, but it doesn't mean all product/service development should follow a prescribed process that stifles innovation. Rather, build a framework which allows movement along the process path which are goal driven, and flexible. A portfolio management framework helps the business take a structural approach with all important business elements such as principles, processes, methods, rules, roles, etc, to facilitate a healthy planning and management cycle.
Initiate business-IT alignment and integration: Contemporary organizations are information abundant and technology empowered. IT is the linchpin to integrate all crucial elements into differentiated business competency. IT-business alignment addresses both how IT is aligned with the business and how business should or could be aligned with IT. Business leaders need to “keep an eye on the horizon”; look for and assess emerging technologies and determine the business viability. Business alignment is a continuous, smooth and harmonized process hat demands continuous attention, deliberately close alignment among the company’s strategic direction, its products and services to execute the capability-based strategy.
Initiate a portfolio management framework: In order to make the portfolio executable, an organization needs to make sure that enough resources are available to deliver the programs, resources have been aligned cross-functionally; talented professionals are put in the right positions to solve right problems, and also manage the interdependencies of the business initiatives via an effective framework. It’s also important to manage the interdependencies of the business initiatives via an effective framework approach.
Portfolio management processes are important, but it doesn't mean all product/service development should follow a prescribed process that stifles innovation. Rather, build a framework which allows movement along the process path which are goal driven, and flexible. A portfolio management framework helps the business take a structural approach with all important business elements such as principles, processes, methods, rules, roles, etc, to facilitate a healthy planning and management cycle.
Initiate business-IT alignment and integration: Contemporary organizations are information abundant and technology empowered. IT is the linchpin to integrate all crucial elements into differentiated business competency. IT-business alignment addresses both how IT is aligned with the business and how business should or could be aligned with IT. Business leaders need to “keep an eye on the horizon”; look for and assess emerging technologies and determine the business viability. Business alignment is a continuous, smooth and harmonized process hat demands continuous attention, deliberately close alignment among the company’s strategic direction, its products and services to execute the capability-based strategy.
Do not underestimate the perfect wave of combined IT-business integration of all of the exponential growth curves. IT integration is to maximize the value from existing IT systems and the need for better business performance. Integration has to be done with a “big picture,” having the business architecture in mind that supports the strategic goals of the organization such as revenue growth, margin improvement or customer satisfaction, etc. In order to build a balanced business portfolio with seamless alignment and integration, business executives are eager to set stages for designing and implementing strategies by taking a step-wise approach at the steadfast pace.
It’s crucial to enhance portfolio governance: Governance is about steering and directing the organization in the right direction. It’s more about enabling and less about controlling. Governance can be enhanced via effective policy setting and communication. It is important to provide a structured communication bridge between varying shareholders/investors. The corporate governance bodies and management teams should work closely to ensure policy coherence across the business investment portfolio for improving multifaceted value creation of the company. It is important for leveraging an effective governance, risk, compliance framework to identify vulnerability in the control via risk assessment and determine the potential range of consequences.
Governance should be understood via multidimensional lenses such as innovation, people, process, technology, and multidimensional value perspectives. Governance facilitates faster, better execution through visibility and formal decision making. Portfolio management can improve return on investment by focusing on the decision-making process around which programs and initiatives should be executed based on their alignment with the goals and objectives of the organization, enforcing strong governance disciplines.
Forethoughtful organizations need to spend more resources on creating unique competency for driving business growth and achieving business goals. Organizations need to build a set of business capabilities such as innovation, agility or intelligence, truly understand stakeholders’ expectations, and propose a products/services/solutions portfolio that corresponds to both demand and cost drivers with a focus on business priority and achieving strategic business goals with tangible results.
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