By Wanda Curlee
Portfolio management is slowly being adopted by corporations. Or is it? I am speaking from my perspective, which admittedly is narrow, but I wonder if company leadership has what it takes.
I have worked at different organizations—from retail and legal to medical and government—and they all say yes, they are ready to do the hard work. But when you try to start developing requirements or even do a gap analysis, there are many reasons why it doesn’t happen: leadership is not in sync, resources aren’t available or there’s not an appetite for change. Or even worse, there is only one person who champions the cause, and he or she does not have the political momentum to push the effort.
The pushback can be major or minor. Leadership might say they had no idea you would need their people to develop the processes, templates and tools. Or leadership might ask if the company can just get a tool instead? There are solutions to all of these points, but leadership may not want to hear them.
So, how do you get over these hurdles?
For some, it’s a matter of providing training and knowledge. Leadership may truly have no idea what portfolio management is. In their eyes, it’s simply knowing what all the projects are in their area. That is one aspect, but there are several steps before you even get to that spot.
For instance, will you look at all projects in the organization, or only those of a certain budgetary value or length? Perhaps a combination of both?
Then there is the question of how to slice and dice the projects.
To slice and dice, you need to understand how to relate projects to strategy. Does your organization meet several of the corporate strategies or only one? If you have a project that is not allocated against a corporate strategy or sub-strategy, then why are you doing it? It’s taking resources and budget away from projects that do have strategic value. Even operational projects, such as upgrading software to a new version or implementing new enterprise software, need to map to a strategy.
For example, imagine your company has a strategy to increase sales by 20 percent in three years. The current sales tool has received well-deserved criticisms, and the tool is too small for the current sales volume. Implementing a new sales tool probably makes sense. However, the new tool would require the company to be running the latest version of operating software. The portfolio manager would recognize this, along with IT, and the portfolio manager would argue the case that these are interrelated. The opportunity exists here to make these two software projects and all the peripheral workstreams, such as training, into a program.
Do you have what it takes to push portfolio management forward? Or will you just succumb to pushback?
Don’t be afraid to speak up. If project portfolio managers don’t advocate for the correct way to do project portfolio management, organizations will suffer in the long run. The wrong way to do something is expensive and not beneficial.
Don’t let your company fall into that trap.
What experiences have you had when pushing portfolio management forward? Please share below.