Identifying, initiating, and managing strategic initiatives is an essential part of strategy execution. The strategies get executed and the value gap is closed by defining strategic initiatives to support strategic objectives and close the gaps in strategic measures. If any initiative is not aligned with the strategic objective, then it should not be approved.
While defining strategic initiatives/projects, the sequence of execution of initiatives is the critical part as all interconnected strategic initiatives complete and generate value. The strategic initiatives cover almost all the departments, SBUs, and corporate shared services. Governance becomes critical to project management and hence the portfolios and programs are defined.
The portfolio, program, and project management become essential parts of strategy execution and hence all things can be called a Strategic Project Management Office (SPMO) or Enterprise Project Management Office (EPMO).
The above picture shows how the strategy is connected to project management and also connected to operations management.
The above picture shows the high-level linkage between OSM, PMO, and CMO.
The strategic initiative and objective mapping can help you to review misaligned initiatives which can be reviewed and questioned. The below table shows the simplified matrix and this can be modified based on the need by adding additional columns or rows.
The project managers update the strategic initiative progress periodically, preferably monthly. The initiative status will be updated by providing project expenses, progress, and risks. In addition to this, the key points are to be updated which include performance analysis, which gives the briefing of why the project is slow or delayed or any other inputs. Recommended actions will be defined to give input to the executive management to pay attention and bring progress to the plan.
The weightage will be given to the initiatives at the time of definition which will help to get the overall weightage of Programs and Portfolios. The overall performance score can be used as organizational performance.
fruiStrategy enables you to define Programs, Portfolios, and Projects in alignment with the strategy execution. The complete Strategic PMO or Enterprise PMO processes can be managed to achieve desired results and the project managers will have great project management solutions which include collaboration and communication.
fruiStrategy empowers you to execute strategies consistently by linking strategy plan to strategy execution and aligning the whole organization’s actions towards the strategic direction. You can establish a robust strategy execution process empowered by plug-and-play modules to achieve overall organizational transformation in a systems driver approach.
Please contact Shaik Abdul Khadar, Strategy Management Expert at [email protected] or +917799798333 for a quick demo or more information.