Changepoint, a leading provider of project and portfolio management (PPM), enterprise architecture (EA) and professional services automation (PSA) applications, announced its top enterprise IT predictions for the coming year. Following a year of consumer headlines littered with Snapchat filters, Pokémon Go fanatics and the market’s first smartphone-sized flying camera drone, Changepoint expects enterprise IT organizations to be on the frontline as businesses seek to keep pace in industries obsessed with big, bold thinking.
A new whitepaper, “2017 Predictions: Five trends your business can’t afford to miss,” outlines expected trends and their impact on organizations seeking to build an agile business model.
“Last year, businesses realized their survival hinged on embracing digital transformation. Now, adapting to shifting expectations means delivering IT capabilities that compliment business priorities,” said Eric Bergman, vice president, product management at Changepoint. “Even the most agile, tech-forward businesses are rewriting their playbook in the face of evolving business expectations.”
In the coming year, Changepoint expects:
- The business value of employee-obsession will become apparent
By 2020, millennials will make up half the global labor force. By 2030, they’ll account for 75 percent. Millennials’ aversion to hidden agendas, rigid corporate structures and information silos coupled with a willingness to explore new opportunities will either fundamentally change the nature of work or severely cost businesses. Gallup estimates millennial turnover costs the U.S. economy $30.5 billion annually. Organizations will embrace employee-obsession to address the negative impact of churn on productivity, quality and service. - Annual planning will give way to iterative, continuous cycles
Increasing customer expectations has turned business on its head. Markets are more turbulent. Communication is constant. In an agile world, annual planning is no longer effective. Competitive differentiation comes down to how quickly businesses can pivot to meet market demands. Forward-thinking businesses will embrace an adaptive strategy led by real-time analytics with the most successful reflecting that strategy in day-to-day decision making. Individuals focused on tactical process and project management will drive these initiatives in expanded roles as strategic portfolio managers. - Outcomes will measure success
The abundance of data has left businesses facing a new challenge: not acquiring more data, but translating it into meaningful action. While traditional businesses struggle to capitalize on data, even those with digital in their DNA can face data-induced paralysis if they’re not disciplined and attentive. An outcome-based approach will ensure the business is focused on metrics that matter most. In this new world, it doesn’t matter if a project is delivered on time if it doesn’t positively impact goals like customer satisfaction, retention or profitability. - Business capabilities will take center stage
Visionary companies adapt their buying habits to enable critical capabilities and maximize the impact of their teams. From application rationalization to risk management to enhancing core competencies, 2017 will throw a spotlight on improving the capabilities that enable teams to work smarter. Smart, simple, social tools for identifying critical applications and processes are paramount to rationalizing the portfolio and reducing the technology footprint. - IoT will displace Cloud as the hottest IT buzzword
The Internet of Things (IoT) isn’t new this year, but it’s picking up speed. In the next five years, business is expected to be the top IoT solutions adopter. The result will be a boom in connected devices—10 billion in 2015 to 34 billion, a spend of $6 trillion. Extra layers of visibility can enable real-time decisions and boost business agility, yet the influx of data signals a fundamental shift in business strategy and work management. This has wide-reaching implications for project management as IoT reshapes business, even in once-unconnected industries and projects.
To read more, visit: http://changepoint.com/resources/white-papers/ppm-2017-pmo-predictions to download the full whitepaper.
Interesting, we’ll be looking at this and perhaps even touch on it at our 1-day Portfolio Management Training Course on February 9, 2017 in New York City where participants will:
- Understand the essential concepts and benefits of project portfolio management
- Discuss the principles of portfolio management
- Create an overall model for selecting, balancing, prioritizing and authorizing work
- Define the steps to establishing and managing a portfolio of initiatives
- Understand and define portfolio governance and its strategic importance
- Report and control of programs and projects in an effective manner that utilizes best practice reporting tools for portfolio management
