Transforming organization in this era of Covid-19 induced crisis features on To-Do list of every business leader.
In the previous part of this article, I had commented briefly on how product portfolio can facilitate successful business transformations. Further, product portfolio is built on four pillars-
Part 1 of this article covered pillar 1- Company’s definition of a new product.
In this part, I shall elaborate on pillar 2- Portfolio project management technique.
Portfolio project management technique plays the role of a gear in the overall portfolio management. Its function starts right from identifying new products for the portfolio, thru product development & launch and ends after completing post launch product review. Several project management techniques such as- Waterfall, Critical path method (CPM), Event chain methodology (ECM) etc. are being used by companies regularly and they have been effective too.
But in times when a business is going through a cash crunch or market challenges or a pandemic induced crisis, then along with an effective, a super efficient project management technique is needed.
Some of such effective and super efficient project management techniques are- Agile, RACI and Kanban.
- Company’s definition of a new product.
- Portfolio project management technique employed.
- Product development pathway.
- Marketing & Sales processes abilities to gain market share.
Part 1 of this article covered pillar 1- Company’s definition of a new product.
In this part, I shall elaborate on pillar 2- Portfolio project management technique.
Portfolio project management technique plays the role of a gear in the overall portfolio management. Its function starts right from identifying new products for the portfolio, thru product development & launch and ends after completing post launch product review. Several project management techniques such as- Waterfall, Critical path method (CPM), Event chain methodology (ECM) etc. are being used by companies regularly and they have been effective too.
But in times when a business is going through a cash crunch or market challenges or a pandemic induced crisis, then along with an effective, a super efficient project management technique is needed.
Some of such effective and super efficient project management techniques are- Agile, RACI and Kanban.
Agile:
Agile, as the name suggests, improves efficiency of processes underlying project management. This helps with maintaining project’s time-cost-scope balance and products get launched faster. However, Agile technique has few limitations, that is, Agile cant be used in all industry sectors. For example, Agile can’t be implemented in Biopharma, Airline and few other industry sectors. You can read more about Agile here.
RACI:
RACI is an acronym for Responsible, Accountable, Consulted and Informed. Responsible refers to the individual that is executing the activity. Accountable refers to the person who makes authority decisions and approves work. Consult refers to the individuals that are consulted when activities or decisions are being made or analyzed. Inform refers to the group of people who must be updated on the actions or decisions in a process.
RACI is a beneficial tool for making sure that roles and role responsibilities within a project are clearly defined in its underlying operational process. Unlike Agile, RACI project management technique can be used by all industry sectors. You can read more about RACI here
RACI is a beneficial tool for making sure that roles and role responsibilities within a project are clearly defined in its underlying operational process. Unlike Agile, RACI project management technique can be used by all industry sectors. You can read more about RACI here
Kanban:
Another important efficient project management technique is Kanban. Kanban is a Japanese process improvement technique.
When Kanban is integrated into the project management process, it augments the process’s efficiency as well as effectiveness. Therefore, Kanban based projects run faster and cheaper when compared to traditional techniques such as Waterfall, CPM, Scrum etc. or for that matter even Agile.
Kanban is a vast topic. If I were to write more about Kanban here, perhaps I shall digress from the spirit of this article. Hence, if you would like to know more about Kanban and how to use it for transforming your business, put a comment below this post and I shall write a separate blogpost on Kanban Project Management.
But I shall write few lines more on Kanban here only to emphasize its importance and benefits in portfolio project management.
Kanban has three striking advantages namely-
Hence, if you wish to develop and launch more products, fast, with less dollar inputs, then Kanban-based portfolio project management is the way to go …
In the upcoming parts of this article, I shall discuss the remaining two portfolio parameters (i.e. product development pathway and sales process ability to gain market share) impacting successful business transformations.
By the way, if you run a company that is facing a challenge to thrive in these difficult times, I would suggest that you please revisit your product portfolio in order to bring a quick turnaround.
When Kanban is integrated into the project management process, it augments the process’s efficiency as well as effectiveness. Therefore, Kanban based projects run faster and cheaper when compared to traditional techniques such as Waterfall, CPM, Scrum etc. or for that matter even Agile.
Kanban is a vast topic. If I were to write more about Kanban here, perhaps I shall digress from the spirit of this article. Hence, if you would like to know more about Kanban and how to use it for transforming your business, put a comment below this post and I shall write a separate blogpost on Kanban Project Management.
But I shall write few lines more on Kanban here only to emphasize its importance and benefits in portfolio project management.
Kanban has three striking advantages namely-
- Kanban can be used in ALL industry sectors.
- Kanban can be used in small as well as big organizations, as against Agile, which shows implementation challenges in large set-ups.
- Kanban based project management shows up to 20% savings versus Agile. And this can be augmented further by integrating Kanban with RACI.
Hence, if you wish to develop and launch more products, fast, with less dollar inputs, then Kanban-based portfolio project management is the way to go …
In the upcoming parts of this article, I shall discuss the remaining two portfolio parameters (i.e. product development pathway and sales process ability to gain market share) impacting successful business transformations.
By the way, if you run a company that is facing a challenge to thrive in these difficult times, I would suggest that you please revisit your product portfolio in order to bring a quick turnaround.
Related reading:
- How to transform businesses via portfolio management- Part 1
- How to transform businesses via portfolio management- Part 3
- How to transform businesses via portfolio management- Part 4
- How to cut costs strategically using Kaizen
- Idea Management: Master key to innovate and capture profit.
- Streamline processes and workflows with Gemba Walk
Keywords and Tags:
#businesstransformation #businessturnaround #projectmanagement #agile #RACI #kanban #portfoliomanagement #continuousimprovement #businessprocessimprovement #processreengineering #processimprovement #processefficiencyimprovement #processeffectiveness #transformingorganizations #transformingbusinesses #newproductportfolio #howtodobusinesstransformation #howtoimprovebusinessefficiency
#businesstransformation #businessturnaround #projectmanagement #agile #RACI #kanban #portfoliomanagement #continuousimprovement #businessprocessimprovement #processreengineering #processimprovement #processefficiencyimprovement #processeffectiveness #transformingorganizations #transformingbusinesses #newproductportfolio #howtodobusinesstransformation #howtoimprovebusinessefficiency
