The alignment of the internal project portfolio to corporate strategy is a leading tactic for financial services firms today. This not only includes managing individual projects, but also involves managing the entire portfolio of projects holistically. This requires removing silos in project selection and project staffing. It also means ensuring that the projects selected are the right projects for your business. Accordingly, applying Project Portfolio Management (PPM) tools at higher levels within the organization has become a critical and significant trend. In fact, leading financial services firms are 46% more likely than others to utilize PPM tools. In order to effectively align your projects with your firm’s needs, consider the following tips:
- Carefully assess your needs. How is your firm looking to transform? Whether a project aims to connect processes and technology, develop new services, or enhance customer engagement, it is important that it be selected with the proper end goal in mind. In order to perform such an analysis, look to your PPM tool in order to determine profit potential, whether you have adequate resources, and what other projects should not take priority.
- Let your employees implement the change. Implementing strategic initiatives is always operational. Rely on your employees to take hold of, communicate, and embody your business transformation. Through the utilization of PPM tools, your employees will be more effective at implementing change, and your firm will reap the rewards.
- Monitor and measure. To know where you’re going, you need to know where you’ve been. Not only can PPM tools help align financial and project data, but they are also essential for analyzing projects post-completion. The insights provided can lead to fewer ill-conceived projects in the future. By relying on a centralized database of key performance metrics, your firm can assess on an ongoing basis whether or not a project is going to add value to the business, thus enabling you to kill or alter projects when they no longer fit the firm’s needs.
Keep these tips top-of-mind by using our free checklist.