The successful delivery of project portfolios – everything from developing new products and services to implementing internal business change or new technology – has a direct impact on cash flow and a business’ longer-term health. As a result, with the environment for business remaining uncertain, organizations are under pressure to deliver their project portfolio more effectively than ever before.
Excellence in project portfolio delivery requires strong performance across a range of key practices, but many organisations find it difficult to identify which practices they should focus on improving in order to make the biggest difference to overall performance.
Benchmarking your performance in project portfolio delivery against that of other leading organisations can help you identify weaknesses that are limiting your delivery performance and provide insight into the key practices that will contribute to success.
PA’s benchmarking database of over 180 global organisations reveals a clear link between overall delivery performance and maturity in seven key delivery practices: design authority, governance, portfolio management, project management, workforce management, resource management and financial management. Our data shows that:
the most significant difference between organisations in the third and fourth quartiles is in governance, portfolio management and project management, indicating that third-quartile organizations may have already focused efforts on the areas conventionally targeted for improvement
the essential differences between organisations in the second and third quartiles are in workforce, resource and financial management – the practices concerned with adequate staffing and funding of portfolio delivery
organisations in the top quartile perform every practice significantly better, indicating that they have focused on getting their organisations to work as a system.
This insight from our benchmarking database establishes clear priorities for organisations seeking to improve project portfolio delivery – the first step is to understand where your organisation stands within the performance range.
PA’s experience across a wide range of industry sectors demonstrates that focusing on developing maturity across key practices for project delivery can deliver significant improvements in project portfolio delivery:
for a technology consulting firm, we cut project completion times and overall resource requirement by up to 40% by matching the right skills to projects
for another client, we increased delivery rates from 52% to 95% in 18 months by setting more challenging targets for delivery and addressing performance barriers.