New prerequisites means new demands on portfolio management
In a situation where much of the work takes place at a distance, new demands are placed on how operations effectively manage, implement and follow up ongoing development initiatives. The ongoing pandemic and economic situation challenges organizations to:
- Re-prioritize and rationalize their project portfolios
- Implement projects and development initiatives remotely
- Manage and lead projects remotely
With incomplete and incorrect information, there is a risk for management to be left in the dark. This may result in unpleasant surprises when the initiatives are completed without reaching their goals or realizing expected effects. Therefore, routines and information management need to be reviewed, adjusted and strengthened.
At the moment, many businesses are also facing cost-cutting requirements that aggrevates and changes the preconditions for implementing the projects. This requires that project portfolios be reviewed and adapted to new objectives and changed resource availability.
In good times, businesses tend to favor speed, innovation and self-realization over capabilities that a project office needs to possess in times of austerity; effective prioritization and deliverence. By developing or regaining these abilities, efficiency and focus are ensured so that momentum is maintained at a time when it is crucial.
In response to the identified challenges, Ekan Management proposes the following two clear measures:
1. Review the business's project portfolio to create better control over the current situation, with a focus on benefits, goals and implementation ability
- Strategy & Goals and Expected Benefit - Revise the purpose of ongoing projects. Ensure that the objectives are aligned the business's priorities.
- Implementation ability - Ensure that ongoing initiatives have the governance and structure required to be implemented successfully given the new preconditions.
2. Strengthen the Project Office's long-term capabilities
- Based on the screening of the project portfolio, ensure that the information that has been collected can be managed and kept up to date in the long term.
- Define and implement measures to strengthen the portfolio management in the short and long term.
Based on long experience and proven methods, Ekan Management offers project portfolio reviews to efficiantly and accurately assesses their strategic vigor and relavance. This provides the business with the information needed to make the right decisions. We also help clients to establish, develop and operate project offices and portfolio management aligned with current needs. More information on how we improve project offices and portfolio management.
If you want to know more about how Ekan Management establishes and develops project offices and dynamic portfolio management, don't hesitate to contact Lucas Rolfsson, management consultant at Ekan Management with many years of experience in portfolio management within various industries.