Digitization has marched on tirelessly for over a decade now. Its pace would only appear to be picking up, which means opportunities pass us by at the speed of light. We are presented with great many challenges with technology influencing the way we buy, sell, produce and deliver services and products. The revenue generation model is evolving along with the experience of benefit and value of the customers.
The digitization of analogue processes presents another challenge. Everything cannot, at least at this stage, be digitized. Pioneers are constantly creating new opportunities for digitization through various electronic ecosystems. The risks involved in choosing the correct building blocks for the overall architecture are significant. No one can predict the future, and often minimizing risks comes at the cost of opportunity.
Project portfolio content separates the cream from the crop
Various portfolio management aspects will continue to support and facilitate making difficult decisions. Portfolio management can help create visibility and transparency in the innovation process. A project portfolio can help in decision making while allowing the organization to recognize nuances and factors in the business environment. The views provided by a project portfolio on intermediate goals and cost-benefit ratios and profit can help make timely decisions that lead to success.
Service portfolio connects operations to client benefits
Service portfolio management connects clients and produced benefits in a transparent way. This leads to better management of services and products throughout their life cycles. Once again, success lies in timely actions. An application and system portfolio visualizes solutions and software that are critical for success. Any modern organization has some unnecessary elements in their system architecture.
The wise approach is to identify the solutions that produce value to the end clients and invest in them. One excellent way of financing the development of items that produce value to clients is to get rid of items that do not perform as well and by re-allocating the freed resources. An organization that is able to achieve this quickly is likely to be a success story and a desirable partner in the future. This should apply to any visions of the future.
Quick decision making is necessary
Information is currency and capital in this rapidly digitizing world. According to studies, people spend 30% of their time in order to find accurate information.
A wise organization will benefit greatly in the future by managing ideas, projects, applications, systems, services and products in a portfolio.