Research and Development is an investment which, like all investments, must be managed effectively to maximise the value that it delivers presently and for the foreseeable future.
Strategic Portfolio management is the process of overviewing the project (program/product) portfolio with the objective of identifying the best set of projects (and not the best projects) to achieve the company's goal.
In order to meet a Company's objectives as identified in its Innovation Strategy, a Project Portfolio must:
Strategic Portfolio Management is the responsibility of the senior Leadership Team.
Alongside, Operational Portfolio Management must ensure efficient allocation of resources to the agreed set of projects in order to deliver expected performance on time on budget.
Operational Portfolio Management is the responsibility of the R&D/Technology Leadership Team.
Development project management is a skill developed through learning and is a key competency for people leading projects in R&D / Technology organisations. This learning comes from training, self development, experience and coaching and the most effective way to develop the skill is by leading projects.
A development project is usually split in chronological steps:
For each stage of this process, “minimum expectations” should be defined and “best practices” identified. The amount of effort and rigour put into project management should vary depending upon the requirements. The higher the risk and/or complexity, the greater the need for effective management.
Ultimately, the project leader and sponsor must agree on how their specific project will be managed. Project leaders should review their project against the expectations. Any gaps (particularly against the minimum expectations) should be discussed with the project sponsor. A gap should only be closed if it is agreed that the project will benefit.
In today's competitive, cost-conscious, and risky business environment, organisations must derive the greatest possible value from the projects that they conduct. Success requires doing the right
projects, not just doing projects right.
Depending on Company specific situation, investing in an Integrated Project Management software could support the transformation of the Technology organisation becoming more agile and effective to deliver value.
Such system, as illustrated hereunder, generally covers the whole management of portfolios, projects and ideas and interfaces with existing systems, including ERP.
With 15 years of experience of Innovation Management Best Practices implementation in large R&D/Technology teams located in 3 different continents (500+ employees) in the context of "post M&A" multinational and multicultural company, C2V Consulting can provide guidance to your Management Team to implement best practise Innovation Management throughout your organisation and achieve the next level of effectiveness.
In such situation, C2V Consulting will elaborate with you the detailed statement of requirements, support you in identifying the required change management plan, partners and tools and will be available to support your project management team throughout the implementation phase with dedicated training and/or coaching activities.