According to PMI’s recent research, the most common strategy approach PMOs take today is insufficient for today’s hyper competitive market. The increased pace of change within business environments over the years has rendered most typical PMOs out of touch. Market control does not ensure financial success any more. Three-fifths of companies find it difficult to bridge the gap between strategy planning and actual implementation.
In order to increase efficiency of Strategy Implementation and be more effective in the execution, they need to focus on the most important areas/objectives of the business, keep the plan smart and simple, have a talented and capable support group and encourage cultural change within the business. Therefore, the PMOs must take on more strategic relevance by focusing on the four imperatives:
- Focus on the vital few (this is the same first rule of PMO Advisory’s Business Execution rules)
- Establish intelligent and simple processes (so everyone can follow)
- Nurture people and develop talents
- Foster a cultural of change
Once all of these requirements are met, the PMOs can help their company increase their odds in gaining true competitive advantage within the market.
Source: The Boston Consulting Group, Strategic Initiative Management, November 2013