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April 7, 2021Today’s Program Management Office faces challenges at every angle. From new technologies and environmental factors to shifting business strategies and changing customer expectations, PMOs need to upgrade to keep up. Learn a few tips for making the shift in this blog.
Last year may have been unprecedented, but there’s one thing we saw coming: an accelerated pace of change.
While no one was expecting to have to become digital within just a few months (if not weeks), there were already signs that businesses needed transformations.
To start, changing customer expectations, mass digitization and newer, faster competition were already on almost everyone’s radar. Change is becoming the new standard, forcing organizations to rethink not only their business strategy but also how they transform to meet and deliver on that business strategy.
Bring on the EPMO
In fact, according to one study, 67 percent of business strategies don’t work because of a failure to enact end-to-end strategy execution. To avoid this fate, you need to realign, deliver and gain value from your company’s project portfolios. That means embracing enterprise program management (EPM) as a strategic business capability — one facilitated by agile portfolio, program and project management to execute the strategy from end-to-end and realize business value.
The first step in embracing EPM as a capability lies in evolving your project management office (PMO). Today’s PMOs need to be agile themselves, focused on business outcomes and the organization’s overall strategy. An evolved PMO will play a critical role in ensuring your company is ready for any change the world throws at it.
Imagining a New Project Management Office
Many of today’s companies face unclear business strategies, confusion over their overall objectives, and constrained support from senior executives. What most companies do know, however, is they’ll need more project managers to help as they:
- Take on more projects related to enhanced and emerging technologies, and
- Transition to operating models primarily focused on product-based work.
In fact — according to Gartner — 50 percent of large companies will have integrated their separate IT and business PMOs into enterprise program management office (EPMO) “hubs” to help facilitate business transformation.
As a result, PMOs must transform so they can drive new initiatives aligned to your company’s evolving business strategies. They must stop delivering control and start supporting everything from strategy and financial planning to business value realization.