Every day, businesses are facing new challenges and new opportunities as well. And without having a proper plan for prioritizing your working category can waste your investment in, time, energy, and money respectively.
This is why the organizations are keen to invest their time in developing efficient strategic plans.
A well-defined strategy reflects the organization’s experience about its key competitors, market analytical studies, the future approach and the present strength.
Those organizations, which are already knowledged in project management, are somehow able to provide the necessary bridge between strategic plans and execution progresses.
Enterprise Project Management (EPM) & Its Goal
Now come to the enterprise-level project management. The EPM supplies the critical link between the business’s strategic planning and execution.
By offering the standard organizational methodology for proper planning, execution methods, resource management, prioritizing all project aspects that include in today’s organization workplace.
EPM gives the organization life a new fusion that could have been lacking before.
A decisive enterprise project management goes beyond the traditional project management level. It provides an expanded role that combines the strategic objectives with individual projects and responsibilities.
Here I have mentioned the common goal of the Enterprise Project Management Methodology:
Mentoring and Coaching
EPM with its skill in project management offers to mentoring and coaching the project managers and the team members who are operating in the same project but at different levels.
EPMO may lead the periodical practice and coordinate for industry-level certifications associated with project management.
Enterprise-leveled Strategic Alignment
EPMO makes sure that the projects that are offered in various divisions of the organization are arranged to the near and long-term business goal.
Thereby guaranteeing that the organization is employing money on the “right things”.
Often the projects managed by department or business levels PMOs are part of a higher organizational drive.
At these traditional EPM levels, it’s tricky to estimate the business purpose of the projects.
On the other cards, EPM has a picture of the more generous organizational leadership which is broken down into various projects.
So EPM is in a position to estimate the substantial and hypothetical benefits of these actions.
Enterprise Project management may use methods like ROI, Net Present Value, and Internal Rate of Return, etc to estimate the profits.
Enterprise Project Management is accountable for demand forecasting and organizing the project demand creating from several business problems developed across the organization.
It becomes a primary position where the request is captured and categorized into strategic, tactical, or executional demand.
In businesses operating only department normal project management and not owning the EPMO, there may be a struggle that project ‘A’ proceeding in the department ‘I’ having higher superiority than project ‘B’ running in another department.
But EPM ensures that each project has their own priority at this central office and so there is no friction of delivering priority between departments on the projects.
Also, resource Management in EPM supports a picture of the resource available to act on this demand between all departments of the organization.
This inside view of resources at EPM helps in diplomatic resource planning resulting in cleaner utilization of resources and increase efficiency.
Another important responsibility of EPMO is to standardize methods, processes, project management exercises, and tools that cover the whole enterprise.
This program secures all the team’s talking points with each other in a single line and carrying better energy as well.
Coordination between PMOs
There will be situations where a PMO is encountering a problem that can be fixed by reaching out to different PMOs.
EPM because of its unique viewpoint is able to observe the movements in different PMOs.
Thus they are able to coordinate among different PMOs and enhance the interaction between various PMOs reporting to the EPMO.
As a result, it becomes an issue-solver with less risk.
Centralized Tracking, Auditing, and Reporting
EPM has the authority to track the project running elements. It periodically audits the process to check for compliance with standard exercises.
EPMO also has the authority to track the portfolios, programs, and projects. EPMO will periodically also audit these portfolios, programs, and projects to check for compliance with standard practices.
Having this cluster view, EPMO is in a stage to prepare reports and dashboards for the enterprise leadership in a better way that helps them to make critical decisions to steer the ship.
All these project components scroll down under the EPM. So, EMP has a view of all the projects, programs running across the organization.
Beyond this EPM have common goals for enterprise business. These are:
- Create and maintain a consistent world-class project management methodology and process for all project management engagements across the company
- Train, certify if the possible, coach, and mentor project managers in not only project management, but also project delivery to ensure skill mastery and consistency in planning and execution
- Manage corporate and project priorities matching business goals with appropriate technology solutions and provide increased resource utilization across the organization matching skills to project needs
- Provide centralized control, coordination, and reporting of scope, change, cost, risk, and quality across all projects
- Increase collaboration across projects
- Provide increased Client Satisfaction with project-related work through increased communications, collaboration, training, and awareness
- Decrease time to market by providing better coordination and the right resources with the right skills for the projects
- Reduce project costs because common tasks and redundant projects could be eliminated or managed at the central level
- Lessen corporate project risk
Benefits of having enterprise project management methodology for an organization
- More projects delivered on time and within budget.
- Better strategic alignment between business objectives and the projects initiated. Money spent on the right things.
- Greater leadership buy-in for department-level projects and therefore greater chance of project succeeding and getting support when needed.
- Better enterprise-wide utilization of resources.
- Lesser or no overlap of effort between departments. Lesser or no duplication of work undertaken by different departments.
- Better communication across the organization and therefore quicker and better decision making.
- More valid collaboration and coordination across departments.
- Easier visibility of initiatives across the enterprise.
- More bang for the buck. Greater returns of the projects implemented.
- More efficient delivery of projects and therefore faster time to market
- Better risk mitigation and structured risk resolution.
It may sound complicated, but enterprise project management software helps project managers take control of the most complex projects and programs.
If you can leverage its benefits and capabilities, your projects are more likely to succeed.
Keep your company organized, optimize resource utilization and leverage a consistent rise in productivity with the help of Orangescrum project and portfolio management software.