FinVector introduced Thinking Portfolio, more commonly known as FinPro, to bring the necessary transparency and consistency to the management of project data. In less than six months, transparency, prioritization and project management have improved.

A while back, FinVector, a pharmaceutical company, was faced with a very common problem: project information was floating around in employees’ own Excel spreadsheets and files, lacking the necessary transparency and consistency.

The challenge was tackled by setting up a PMO, developing the project culture and project skills of the staff, and acquiring a system to record information in a consistent way.

Thinking Portfolio’s Project Portfolio was chosen as the tool because of its content and expansion possibilities, says FinVector’s PMO Manager Marko Karvonen and PMO Director Mikko Kämäräinen. The transparency and demo videos, as well as the broad user base, also attracted their trust.

“Thinking Portfolio makes it possible to get the fundamentals right.”

 

The process and roles were built first, and then the tool

The implementation was not rushed, the data model was first developed carefully. The implementation of the tool proceeded smoothly and according to the desired schedule.

“You have a flexible team and a good response time to requests. Things are always done in an agile way,” Mikko says after the implementation.

“It was good that Thinking Portfolio’s application consultants made it clear right away that they are not project management consultants. They challenged us to tell them what kind of project model we have. When asked for tips, they could tell us that this could be done this way or that way.”

Mission-critical projects were first included in the portfolio and gradually the use is being expanded. For reporting, an integration was built between the portfolio and PowerBI, which was familiar to staff. Now the data is updated twice a day via the API.

Management has supported the acquisition of the portfolio from the start, as the strategy is built around the Project Portfolio.

“Strategy, budgeting and resourcing for projects are carried out through the portfolio. It helps to prepare for future challenges,” says Marko.

 

Project management maturity grows through culture and people’s expertise

FinVector is committed to the introduction of the new tool and the portfolio has been branded as part of the company. A name competition was held for the Project Portfolio, and the winner was FinVector Projects, or FinPro.

“Thinking Portfolio is not just another tool from somewhere, but a part of FinVector. The platform has enabled customization. The product is good, but we also made it look like FinVector during the implementation.”

For example, the view seen by the management did not change at all from before.

Thinking Portfolio is not just another tool from somewhere, but a part of FinVector

“We have had feedback from users and management team members that this is the best PPM tool they have ever seen,” says Mikko.

FinVector has realized that the implementation of a new tool will not be successful if staff are told to adopt it directly.

Instead, internal implementation is done in a hands-on manner and the PMO provides support when challenges arise. For this purpose, FinVector has a Portfolio Review Board, which includes project owners, project managers and company management.

“Let’s not go tool first. We could still work with Excel, but it would be less efficient. It wouldn’t be of high quality and transparent.”

So, it’s about developing culture and meaningfulness, not about how to motivate people to use the tool: “This is an opportunity for project managers to ask for help if there are, say, resource problems. The tool is first of all for them.”

“We were a bit worried about how people would learn to use the new tool, but we have received feedback on its ease of use. Users have said that the visual appearance looks really good. The portfolio is also easy to use from the perspective of the main user. I can also make the necessary changes.”

 

Single Source of Truth: the answers are in FinPro

In the future, portfolio development is quick to do with the FLEX minor development contract: “There’s no need to wait for estimates, just send an email with a request and the changes are made within the same week,” says Marko.

“The longer-term goal is to make the use of the portfolio an everyday activity.”

The portfolio is good looking in terms of usability and vibrant in its functionality

“Already, project management has clearly improved in every project. The information is in one place. You don’t need a project manager to send a PowerPoint to see what the situation is. The portfolio is good looking in terms of usability and vibrant in its functionality,” says Marko.

He says they already have ideas about what other portfolios could be. In addition to the Project Portfolio, Risk Portfolio is currently being implemented. Ideas come for example from events.

“You have a really good support and network. Events are good places to get ideas and hear the views of others who are facing the same challenges. That’s the best gift.”

“I would say to those who don’t already have a portfolio management system in place that it’s worth considering. You don’t have to be a big company to get a great benefit for the work required,” says Marko.

 

Based on an interview with

Marko Karvonen

PMO Manager

FinVector Oy

 

 

Mikko Kämäräinen

PMO Director

FinVector Oy

 

 

“We are a cGMP manufacturer of viral-based gene therapy products that improve the lives of people battling chronic health conditions such as bladder cancer.” (https://www.finvector.com/)

Text: Tyyne Taunila, Marketing Specialist, Thinking Portfolio