The role of portfolio management in digital business transformation is akin to that of a navigator on a ship; it ensures that the entire organization is moving in the right direction, avoiding obstacles, and efficiently using its resources.
Raising awareness about its benefits, developing the necessary skills, and integrating it into the organizational culture are key steps to leveraging this "secret sauce" effectively.
Why It's Often Overlooked
Lack of Awareness:
Not all leaders or organizations are aware of the strategic value portfolio management can bring, especially in the context of digital transformation.
Complexity and Misconception: Some perceive portfolio management as overly complex or bureaucratic. There's a misconception that it might slow down the process, whereas, in reality, it streamlines and focuses efforts.
Focus on Immediate Solutions:
Organizations often focus on immediate, tangible solutions like new software tools or technology platforms, overlooking the strategic orchestration role of portfolio management.
Underdeveloped Skills:
Effective portfolio management requires specific skills and expertise, which may not be present in all organizations. The lack of trained professionals can lead to its underutilization.
Cultural Barriers:
In some cases, organizational culture may not support the structured, disciplined approach required for effective portfolio management, favoring more ad-hoc or siloed project management methods.
Visibility and Communication:
Successes in portfolio management are often less visible or tangible than direct project outcomes, making it harder to communicate its benefits to stakeholders.
For More Details Download the Report
Comments