According to Forrester Research, any enterprise in today’s world has two key focus areas: growth and customer experience. CIOs and technology leaders must map business requirements and organizational goals with technology investments. Further, they use technology to deliver customer experiences and create metrics to measure customer satisfaction, helping them measure return on investment on technology investments.
The entire business landscape is moving at a fast pace. There is constant disruption going on in the market, and startups are taking on large enterprises. If companies don’t innovate, the chances of not improving outcomes are very high. With no innovation, some of the smaller firms will slip through the cracks, and your enterprise may become a mere spectator.
As an enterprise, it is crucial that you have a portfolio management method so you are aware of your software development budget. If you are a software organization, today’s market demands enterprises are technologically up-to-date. It is a prerequisite to have a portfolio management strategy in place.
To help organizations keep up with the pace of changing consumer demands, they need to be lean and agile. The agile methodology enables organizations to follow a systematic and disciplined approach to executing plans. This methodology empowers organizations and technology leaders to take risks, make informed decisions, and effectively manage and moderate resources.
The four takeaways from implementing agile methodology are:
• Improve turnaround time so that you can enter the market quickly
• Build to deliver exactly what your customers want
• Make better and informed decisions
• Improve and increase your return on investment
With the constantly changing market demands, the legacy methodology of portfolio management has proven to be ineffective, even if companies are just in the process to survive the disruption. If you are not into portfolio management and are thinking of implementing it, there are a few basics that you need to understand.
As a part of your portfolio management process, you need to define:
• Priorities: This is also known as value management, which will ensure that you prioritize your work, getting the most crucial things done first.
• Work Schedule: In simple terms, manage the work you have prioritized for faster delivery.
• Resources: To execute work you want to deliver, you need to manage resources and define the exact team that will be executing the work.
• Budget: It is important to define your budget and allocate necessary funds for the work that will have the maximum impact.
Unlike legacy mindset, which runs on large-scale planning up front with multiple FTEs (full-time equivalent) allocated, the modern and agile mindset works on breaking down the large-scale plan into small manageable proportions with smaller teams to work and manage. This gives better control, and the deliverables can be achieved faster.
Download the white paper on Agile Portfolio Management