Advance Your Organization with an Effective Innovation Portfolio

[Ehrhardt]

Innovation is one of the most important drivers of growth. Even the best technology developed by your organization cannot deliver success without focus on your business strategy and the goals of your organization.

Being goal oriented may sound like a given. However, you may be quite surprised to learn that many organizations around the world that develop technology do not have a viable strategy that sees past the development process.

The Levels of development

The development of technology is one of the many factors that leads to success, yes. But it takes more than the developmental know-how in tech to develop and facilitate lasting success. Much more. You must also execute a successful innovative portfolio management system.

Here is a way to lead and manage the execution with project portfolio management. It helps you to see the future of your organization and to define the steps on how you can reach your vision, as well as your company’s true potential.

First, you must delegate those with the responsibility and understanding to select the top priority development projects and identify their dependencies.

Second, you must allocate your resources with a strategic portfolio management process.

Dependency Identification

Identifying the dependencies of your top priority projects will you to align your resources with the projects that them the most. This will eliminate: wasted efforts and the unnecessary use of resources that could be best used elsewhere.

Portfolio Management

While any organization depends on a leader in order to identify and categorize the risks that are associated with a P.I.T. (point in time) Project, there actually is no viable way to determine the inherent risks to the organization as a whole. However, organizations that have implemented a viable portfolio management process have successfully managed time allotment, resources, and budget status reporting. This inherently lessens risk overall, while allowing identification processes to be streamlined.

 

I look forward to your feedback and to sharing knowledge with you!

This blog was originally posted on Leveraging Networks and reposted on the World Economic Forum Agenda. Please follow me on Twitter and LinkedIn