We have helped countless clients implement project portfolio management. Therefore, we know that it takes more than a good PPM method and a good tool to firmly establish long-term portfolio management in a company. Here we reveal our four success factors for a sustainable and successful introduction of PPM.
High Acceptance through Simplicity
The right decisions depend on correct data and the absence of shadow systems or collateral agreements. Therefore, the key success factor is that all those involved in project portfolio management - from senior management to the portfolio coordinator to project managers and resources - accept the process and the tool used.
That's why Lean PPM only includes the truly necessary meetings and Meisterplan only maintains the project information that is actually needed for the next portfolio decision. This ensures that following the processes and maintaining the tool do not become annoying chores which only take time away from the actual work that needs to be done.
High Acceptance through Added Value
The acceptance of project portfolio management will be even greater if the value added by doing it happens quickly and is transparent to all. Therefore, be aware of the specific problem that PPM solves for each employee and actively communicate the benefits. Take advantage of the in-depth visuals and reporting functions available in your PPM tool. For example, show the company board how portfolio value has been increased, or show a key employee how his or her constant overbooking has been solved.
Start Fast, Scale Later
Company-wide rollouts of new processes, structures or tools are often extremely time-consuming, tedious and risky. It is easier and faster to introduce project portfolio management in one area or division of the company. After that, Lean PPM with Meisterplan can be extended to other business areas using the experience from the initial introduction.
Start Where the Pain Is the Greatest
Different business areas benefit differently from project portfolio management. For the maximum effect and to use as a role model for other areas, it is best to select a highly dynamic area. For example, choose an area that experiences a lot of technological change or one that has key resources that are chronically over-booked.
Next Step: The PPM Process