Numerous studies show that on average 70% of organizations fail to execute on strategy. While one aspect of successful execution is knowing who has the authority to make what decisions, the other equally important but often overlooked aspect is portfolio and program management. Portfolio management includes choosing the right dashboards, defining which metrics matter most and mapping out how long-range planning, resource allocation, and budgeting will work. It enables prioritization and ensures that the programs and projects within your organization are aligned to your strategic objectives.
Aligning most of the projects and programs to the organization’s strategy is one of the most important benefits of implementing organization-wide portfolio management. Portfolio management also creates the ability to focus resources on projects that provide the highest benefits.
“Strategic Portfolio Management is all about charting the course, translating strategy into workable plans, and delivering results.” Garfein, S. J. & Toit, D. (2006)