Power Behind Strategic Alignment
Your business strategy is only attainable when your portfolio or projects support it. But how does your company go about ensuring this is effectively done? Your project management office (PMO) plays a key role in this endeavor. Leveraging Portfolio And Project Management to enable strategy is vital for project success. Would it be surprising to know that PMOs that ensure alignment with strategic objectives are almost two times as likely to become high-performing teams capable of implementing successful strategies and creating significant value? Furthermore, higher-performing PMOs are also four times more likely than lower performers to execute a planned strategy, three times more likely to be successful, and more likely to enable companies to perform financially, according to PMI research. When looking at these statistics, it makes it almost impossible to argue against the need for the portfolio-strategy linkage.
Ultimately companies may need to consider transitioning from a traditional business-unit PMO model to an enterprise project management office (EPMO) that focuses all efforts on executing projects in alignment with overall business strategy.
According to PMI’s research, statistically, EPMOs are capable of improving portfolio reporting services by 20 percent, strategic alignment services by 23 percent, confirmation of strategic priorities by almost 10 percent, and project alignment with strategic objectives by 10 percent.
This is not a difficult transition, but it is necessary if a business is to reduce waste and redundancy and increase its customer-centric activities. Find out more by reading this eBook: Leveraging Portfolio And Project Management To Enable Strategy