Why Myths and Watermelons Will Cause Your Strategic and Transformational Initiatives to Fail
If your role is to deliver business outcomes tied to strategic/transformational initiatives, you should rightly feel a little queasy. By their very definition, these initiatives are bold, impactful and risky. But your well-intended initiative management or governance process could significantly increase your risk of failure.
That’s right: The process you’ve implemented to increase visibility and reduce risk could do the opposite.
In this volatile economic climate, we are seeing an increase in companies endeavoring to digital transformation. According to an analysis from Deloitte, the estimated economic impact of these transformation actions can unlock as much as $1.5T. So, this is not just a role-specific or company-specific concern.
We’ve been talking to senior executives from leading companies around the globe about how strategic portfolio management can improve the outcome realization of their transformation initiatives. And it seems the more we discuss it, the more misconceptions we uncover about what SPM exactly is—and what it isn’t.
Many are familiar with project portfolio management (PPM), which has been around for some 20+ years. By contrast, strategic portfolio management (SPM) is a relatively new approach—introduced to the broader project management world by Forrester Research in 2017.
Although the two are similar in
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