LPM or lean portfolio management is a method that utilizes lean and other systems related to it to execute projects efficiently. It is through this method of applying the principles of lean portfolio management, that the management team can drastically improve the agility of the business. Lean portfolio management tries to understand the strategy of the enterprise and thus consecutively allocate the funds through the help of lean principles.
The main aim of lean portfolio management is to improve the efficiency as well as the speed of delivery of the organization. Through this process, organizations can create solutions and products for their customers following the Agile development method. In this article, we will share with you everything that you need to know about the SAFe® lean portfolio management training!
1. Why Should Organizations Apply the Principles of Lean Portfolio Management –
As globalization and digitalization are spreading through the world, companies have come under increasing pressure to perform efficiently. Through the help of SAFe® Lean Portfolio Management training, Companies need to address the different challenges that come with aligning, communicating, and defining strategies. Companies also need to make sure that the quality of the product is maintained.
With the help of the lean portfolio manager, company members can use feedback from customers and end-users to know what exactly should be the target of their organization.
A great advantage of lean portfolio management is that the organization can successfully create independent teams and thus reduce the amount of delay while delivering the end product. It also helps them to modify short-term goals quickly based upon the feedback of the consumers, and thus implement the modified strategies as soon as possible.
2. What Are the Different Elements of Lean Portfolio Management –
- Investment Funding and strategy creation – This is one of the most important elements of lean portfolio management, through which the goals of the business are organized and achieved. The corporation needs to bring together the different teams such as portfolio stakeholders, executives, and so on and make sure that the ultimate goal of all the teams is to focus on the main objectives of the company.
- The Agile portfolio operation – This element mainly focuses on supporting the different executions of the organization. This utilizes the expertise, skills, and connections between the key stakeholders, managers, and executives that compromise the company’s current established PMO members. With the help of this transition, the Lean portfolio management can function independently and use the programs across the different executions of the portfolio.
- Lean governance – Which is the element of lean portfolio management that concerns itself with providing the processes and structure, in order to make sure that efficient customer value is delivered. It achieves this by equipping people with complete work, appending the Investments judiciously, monitoring risks, and so on.
We hope we were able to clarify the benefits of applying lean portfolio management in the organization to you!