In today’ rapidly changing business environment, Project Management Offices (PMO’s) struggle to provide adequate support for the shifting priorities and faster delivery cycles. The basic reason for a PMO’s failure in an organisation has been that they have remained stuck to solely reporting and prioritization function focused on tactical project management. However, the need of the hour is to enable leaders to develop and implement strategies that drive better business outcomes.
These are the so called next-gen high performing strategic PMO’s empowering their executives to act with greater agility and achieve better business outcomes. Such PMO’s have been more successful compared to their counterparts doing the run of the mill PMO activities.
Based on Forrester research, there are four key findings about successful PMO’s:
1) They are members of the executive management: If PMO wants to be part of strategic results, they require strategic positioning. Such champions are strategically positioned and work closely with the CxO’s.
2) They are vital part of the strategic decision makers: For successful PMO’s, portfolio management is key. They apply the learning from portfolio management to help shape strategy by providing feedback to the executives regarding performance, resource utilization and even customer feedback.
3) They embrace core competencies: Successful PMO’s invest on sharpening their axes on project management learning, so as to be excellent in their core competency.
4) They use consistency across industry and regions: Successful PMO’s are sensitive to culture. They apply their learning and soft skills to ensure that the processes and objectives are consistent across the organisation, across departments , be it customer facing or product development. They help drive the organization towards excellence.
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