It's the first question I ask as a new CIO and it's one that I repeat through monthly project portfolio reviews. It's particularly important to do in the months leading into budget season so you have the means to update roadmaps and promote new investments. It's a more critical discipline for organizations that are executing a digital transformation program, growing revenue rapidly, exploring strategic positions, or driving a business turnaround.
Why Portfolio Management is Important for Digital Transformation?
- Some of the best ideas come from employees and are not top down driven from strategic priorities.
- Organizations need to pivot, speed up, slow down and stop initiatives with more frequency and agility as market conditions change, new customer opportunities are discovered, and competitive threats become disruptive.
- Most strategic initiatives can no longer be executed well in silos and require staffing, expertise, and operational changes in multiple departments.
- Improving customer experience is not just about front end customer interactions. Organizations also need to consider how to make operations more responsive, how to make data more accessible, how to address security or compliance requirements, and how to drive out costs in order to succeed at transformation.
So, if you have a portfolio practice are you updating it for the digital speed? If you don't have one, are you looking for a nimble way to implement it?