Voices on Project Management

By Peter Tarhanidis, Ph.D.

Never has the new year’s greeting “wishing you health, wealth, and prosperity” rang truer. Over the last several years, we have all lived through uncertainty. This year, we hoped to lurch out of a post-pandemic crisis into a new normal with a vibrant outlook…yet quickly staggered into a slipping economic uncertainty that sharply cut short the prospects of our envisioned “normal” state.

JP Morgan’s 2023 economic outlook for the United States indicates a slowing growth rate, monetary tightening, and curbing inflation, while healthy consumer and business balance sheets could offer some growth prospects. The Conference Board observes longer-term geopolitical, environmental, labor, and inflation risks beyond 2023.

Many organizations will ebb and flow within this shifting cycle. Organizations that are well-positioned will have a better chance to adapt to the external challenges of shifting global markets to meet customer needs. They must simultaneously find the agility necessary to mitigate the internal challenges of a reduced workforce, increasing costs for goods and services, climbing interest rates, and the overall health of a company’s finances and workforce. This will challenge organizations to stay focused and chart a path forward.

This is reminiscent of Sir Ernest Shackleton and his crew of the Endurance, which embarked on a daring expedition from the UK to Antarctica and the South Pole in 1914. Along the voyage, the crew became stranded for over two years. The Endurance became trapped in the ice while the crew waited 10 months for spring and the warm weather to thaw them out—only to be horrified by shifting ice that damaged the ship’s frame, finally sinking her.

To survive, Shackleton mounted three lifeboats to traverse 800 miles of open sea to reach help on South Georgia Island—then return to the makeshift camp to rescue all 27 men who suffered frigid conditions, hunger, chaotic seas, and mental distress. This journey is one of the greatest examples of leadership, grit, and epic survival.

In order not to succumb to the current economic and global undertones, leaders must:

1. Assess their strategies continuously to re-align with stakeholder needs
2. Rely on project leaders who are best positioned to navigate this process

Project leaders have always been confronted with the likelihood of project failure—yet they have developed a track record of delivering results. Project leaders are adept at converting strategies into clear tactics, ensuring team and stakeholder alignment, and executing projects to achieve the goals. At the core of the project leader’s success are the character attributes of authenticity, trust, resilience, focus, and courage.

What else can you do to support your teams and move forward during this year’s challenges?

By Peter Tarhanidis, PhD

Technology has demonstrated tremendous benefits and efficiencies (many of them unstated) over time. The technology lifecyle enhancements that started with our initial computers, software programs and the internet of the past have given way to the modern-day cloud, Big Data and artificial intelligence.

Throughout this maturing landscape, technology has affected all industries—especially how we collaborate. According to Peng (2021), here are some key impacts to consider:

• Digital transformations spending will exceed an estimated $2.39 trillion by 2024.
• Collaborative tools and technologies increased operational efficiency by 131%.
• Technology will displace an estimated 85 million jobs globally by 2025.
• AI augmentation will increase global worker productivity hours to an estimated 6.2 billion hours.

Project management has benefitted from the overall technology lifecycle, either by implementing aspects of it or by being a user of its collaboration outputs. Yet project managers are at the doorstep of being part of the next wave of AI disruption.

What a PM organization must consider is the methods and concepts used in managing past programs and become proactive in shifting to an AI-enabled PM organization. There is no doubt that the role of PMs and our methodology will be augmented with AI-enabled assistance.

PwC identified five areas of AI disruption and decision making in project management:

1. Business insights: Filter data to gain actionable perceptions
2. Risk management: Develop the ability to run multiple risk scenarios and outcomes
3. Human capital: Optimize teams and leverage staff skills or new areas of training
4. Action-taker: Provide analysis and optimization of schedules and staffing needs
5. Active assistant: Augment the collection process of information to generate progress reports

To prepare for these changes, project managers should:

• Invest in data sciences and digital skill sets
• Create a culture that adopts digital disruption
• Enable the use of digital tools and approaches to limit manual efforts and drive value-added work.

In order for these changes to emerge, there are a few considerations that may hold one back from the changes—such as organizational readiness, employee skills assessments, and the state of technical tools.

PwC outlines a change approach to assist in the transition that relies on updating project management strategy, leveraging technology investments, integrating digital and AI, and a comprehensive communication plan to generate awareness through adoption by the future project management workforce.

What other approaches have you used—or should be considered—to manage AI disruption in project management?

Reference:

1. https://www.pwc.com/m1/en/publications/documents/virtual-partnership-artificial-ntelligence-disrupt-project-management-change-role-project-managers-final.pdf
2. https://writersblocklive.com/blog/technology-in-the-workplace-statistics/

By Peter Tarhanidis, Ph.D., M.B.A.

Today, developments in emerging technology, business processes and digital experiences are accelerating larger transformation initiatives. Moore’s Law means that we have access to exponentially better computing capabilities. Growth is further fueled by technologies such as supercomputers, artificial intelligence, natural language processing, Internet of Things (IoT) and more across industries.

Emerging Tech
The global IT industry is valued at $5.3 trillion in 2020 and is poised to grow 6.2 percent by 2021, according to tech market research firm IDC. Emerging technology like augmented reality and robotics will make up an increasing share of that growth.

Business Process Maturity
Organizations are improving the maturity of their business processes. They’re doing this by automating tasks, eliminating them, improving performance or finding the lowest-cost way to perform a task. Organizations are connecting with experts to collaborate across a wider network of colleagues. This enables strategies to be integrated across the value chain to quickly drive business outcomes.

According to market research group IMARC, automation and the IoT are driving growth in business process management (BPM); the BPM market is expected to grow at a 10 percent compound annual growth rate between 2020 and 2025.

Customer Experience
In addition, having a formidable customer experience strategy can make the difference between customers choosing your brand or your competitors in 2020. That’s according to Core dna, a digital experience platform vendor.

Customer experience is redefining business processes and digitizing the consumption model to increase brand equity. Gartner reports that among marketing leaders who are responsible for customer experience, 81 percent say their companies will largely compete on customer experience in two years. However, only 22 percent have developed experiences that exceed customer expectations.

Economic Forces
Lastly, the potential for cash flow growth remains high in 2020, despite economic risks, according to the U.S. Corporate Credit Outlook 2020. This will likely lead to capital investments and a fair portion of companies funding transformational projects.

The Way Forward
While transformations have evolved, they encapsulate the way we think and operate. Old methods may seem encumbering and administratively difficult, creating bureaucracy and delays in decision making. The challenge is the velocity of change, which is very disruptive to organizations.

I’ve developed a few guidelines to help navigate this change:

• Work with an agile mindset.
• Fail often and fast to ultimately filter out winning initiatives.
• Define the cultural attributes that propel staff and colleagues to succeed on their endeavors.

Change is now inherent and pervasive in the annual planning process for organizations. Given that, I like to ask: What is the plan to prepare staff and colleagues to compete in this hyper-transformation age?

What observations have you made to keep up with this new era’s velocity of change?

By Ramiro Rodrigues

A good definition of the word “maturity” is the state of people or things that have reached full development.

For entities such as business organizations, maturity needs to be associated with a specific expertise. This can apply to operational, technical and also project management maturity.

Project management maturity means that an organization is conditioned to evolve qualitatively in order to increase the chances for project success.

To this end, there are both paid and free maturity evaluation models on the market. The application of one of these models allows you to achieve the first important objective: identifying what stage your organization is at.

This step is difficult, given the complexity in trying to compare whether an organization is doing its projects well in relation to others, without being contaminated by individual and subjective perceptions. Often, most models will question various aspects of how projects are executed and produce a score for ranking. With this result, the models will classify the organization's current maturity level.

Once this level has been identified, the next step is to try to plot an action plan to move to the next level. Here is another benefit of a good maturity model: Many offer references to the most common characteristics expected in each level. With this, it is easier to draw up a plan of action focused on the characteristics expected at the next level. This progress should be incremental—one level at a time.

The action plan should be thought of and executed as if it were a project, following the good practices and methodology of the organization itself. It should be scaled to be completed in time to allow its gains to be observable and perceived by the organization. This will then cause the expected positive impacts in the next cycle of a new maturity survey.

In summary, the steps to be followed are:

1.          Apply a maturity search.

2.          Evaluate and disseminate the results of the first survey.

3.          Develop an action plan.

4.          Rotate the project to the evolution of the level.

5.          Go back to step one and continuously improve.

By following this sequence, you can foster a constructive cycle in your organization as you continue to evolve your ability to execute projects.

I’d love to hear from you: Have you used maturity models in your organization? 

By Peter Tarhanidis, PhD

I’ve been fortunate to have a career that constantly challenges me and my team to apply new approaches to achieve an organization’s mission. I believe that adapting these contemporary management practices and innovative operating models has helped me become the project leader I am today. 

Below are select project initiatives that have helped me develop my skills:

1. I integrated process and technology to drive staff productivity. Customer centricity is at the heart of the experience. While working in a call center, my team and I initiated a training process improvement for onboarding new hires. I drafted process steps and key instructions for each one, and then connected the technology opportunities to automate non-value steps. This resulted in reduced training cycles and onboarding staff time from eight weeks to two weeks. It also increased customer satisfaction.

2. I quantified assumptions with data and facts. I remember one instance where senior leaders did not have the data to explain consumer behavior and decided to stick with the status quo of the same services at the same rate—not realizing consumer segments had changed. By applying statistical analysis and regression theories, I was able to identify pricing elasticity levels that formed a new strategy to increase revenues and attract new consumers.

3. I leveraged standards-based solutions to scale growth and introduce emerging technologies. Prior to standards adoption, I relied on international standards bodies to align on the highest operating performance of disparate systems. This helped to standardize new telecommunication technologies that architected new building designs with IT infrastructure to integrate disparate HVAC, security, green services, data centers, retail systems and real estate development opportunities across the U.S. This led to increased revenue and operating efficiencies by creating an online retail catalogue and also reduced the cost of managing business services.

4. I extended expertise across the globe by managing vendor partnerships. I established a vendor management practice to oversee strategic partnerships, outsourcing and offshoring to improve from hybrid technical data centers to Global Business Shared Services across non-core services in organizations. This extended needed services in local countries in their time, language and at lower costs—and also enabled increased market share for commercial operations.

5. I designed business operating models to align strategy across an organization. This included key projects to benchmark customer market space, work with senior leaders and define a gap analysis to address via business cases. This allowed me to transform departments, business units and re-engineer organizations.

6. I worked across diverse geographies and industries. For example, I drove cultural and change management in R&D, operations and supply chain. This exposed me to business development and mergers and acquisitions, and allowed me to learn the latest in designing user experiences, advanced robotic automation and AI technologies to connect to deeper business insights.
    
7. I led a nonprofit organization of volunteers to develop my leadership skills. When individuals give their time, it is important to be clear and align the volunteers to action. These interactions and relationships are truly based on a work-at-will agreement. If you treat everyone with dignity and a set of behaviors that empower purposeful action, you will achieve a great leadership style that supports many environments and solves social and business needs.

What themes have you identified in your career? How have you broadened your range?