“With LPM, organizations can achieve business agility and respond quickly to changing market conditions, customer needs, and competitive pressures." - Tom Johnson, Agile Coach
A technique called Lean Portfolio Management (LPM) helps firms become more agile, especially in the quickly changing and hectic corporate climate of today. This method enables firms to prioritize and fund the most important activities, match their strategy with their execution, and continuously monitor and improve their performance. Organizations can get the skills and knowledge they need to successfully adopt LPM through Lean Portfolio Management training and Lean Portfolio Management certification. In this blog, we'll look at how LPM can help businesses perform better overall by enabling them to react to changing market conditions and consumer needs more swiftly.
What is Lean Portfolio Management (LPM)?
Based on the Lean concepts of value, flow, and quality, Lean Portfolio Management is a management strategy that strives to maximize the flow of value to a company. This strategy helps firms link their strategies with execution, prioritize and fund value streams, and manage workloads and resources. By using Lean Portfolio Management, businesses may manage portfolios more successfully, streamline procedures, and foster better cooperation, all of which promote business success and agility.
Why is Lean Portfolio Management Important?
"LPM is a useful instrument that, in the end, helps businesses keep up with the fast-paced business world of today."
The present corporate environment is characterized by volatility and rapid change. It is essential to have a system that can foresee these changes and react rapidly to them if we want to stay competitive. LPM is a framework for portfolio management that gives businesses the adaptability they need to respond to changing client demands, market conditions, and competitive pressures. LPM equips firms to achieve business agility, a crucial component for long-term success, by giving value, flow, and quality priority. LPM is a useful instrument that, in the end, helps businesses keep up with the fast-paced business world of today.
How can Lean Portfolio Management Benefit your Organization?
Implementing Lean Portfolio Management can bring a range of benefits to your organization, including:
● Better alignment between strategy and execution: LPM is very beneficial for organizations as it allows them to invest in initiatives that align with their strategic goals and effectively contribute to achieving their business objectives. ● Improved prioritization and funding: Based on their potential to add value to the organization, value streams are prioritized and funded with the aid of LPM. Companies can now concentrate on initiatives with the best possibilities of success thanks to this. ● Increased visibility and transparency: LPM gives organizations a clear view of their portfolio, allowing them to spot areas that are wasteful, ineffective, and duplicated. This lowers expenses and improves value flow for enterprises. ● Better resource management: By ensuring that resources are being allocated to the initiatives that stand the best chance of producing results, PM enables organizations to manage their workloads and resources more efficiently. ● Enhanced business agility: LPM focuses on value, flow, and quality. It helps organizations attain business agility, a vital factor for long-term success in today's rapidly-changing business environment.
How can you get started with Lean Portfolio Management?
If you're interested in implementing Lean Portfolio Management in your organization, there are several steps you can take:
● Get trained in LPM: Participating in Lean Portfolio Management training provides a thorough comprehension of LPM principles and practices, equipping individuals with the necessary skills and knowledge to implement LPM effectively in their organization. ● Get certified in LPM: Lean Portfolio Management certification demonstrates your expertise in LPM and can help you advance your career in portfolio management. ● Start small: To ensure LPM's effectiveness before scaling up, organizations can implement it in a small section of their portfolio. This approach helps them test its viability and make necessary adjustments before applying it to the entire portfolio. ● Use LPM tools and techniques: Organizations can use a variety of LPM tools and methodologies, including value stream mapping, flow analysis, and Kanban. These techniques help with value flow optimization, increasing organizational agility, and lining up portfolios with strategic goals.
"Implementing Lean Portfolio Management requires strategic steps, including training and certification, starting small, and using LPM tools for agility."
Conclusion:
In today's fast-paced business environment, it's essential to have a system that can help you stay ahead of the curve. Lean Portfolio Management is a useful framework that enables businesses to react quickly to shifting market conditions, client demands, and rivalry challenges. It places a strong emphasis on value, flow, and quality, which helps firms achieve long-term success and business agility. People can receive LPM training and certification, apply tools like value stream mapping, flow analysis, and Kanban, and execute LPM successfully. By doing so, firms can optimize value flow, boost agility, and align portfolios with strategic objectives, ultimately resulting in superior business outcomes.
About Advance Agility
We, at Advance Agility, are the new-age Agile Coaching, Consulting, and IT services company. We enable end-to-end Digital Transformation. Agile execution is integral to our being. We are doing SAFe implementation with small, medium, and large organizations across the globe.
Our vision is to be the leading Agile execution player globally. To keep adding value at every process stage. We are on a mission to empower our clients and move from concept to cash in the shortest sustainable lead time by adopting the human-centric approach to business agility. Embracing change is in our DNA.
Things that keep us apart are Quicker and Seamless execution with End to end gamut of services. Our Global presence and Stellar Track Record give us an edge over our competitors.
Connect with us at advanceagility.com to learn about SAFe and SAFe implementation. Write to us at contact@advanceagility.com for any agile training or consulting needs. We are always looking for competent agile trainers as well. So if you are the one or want to become one, do get in touch with us to that we can learn, grow and achieve together.
About the Author:
Amogh Joshi has 20+ years of total experience and is an SPCT Candidate and senior agile consultant executing enterprise agile and digital transformation programs. He has led three agile transformations for large organizations in the last two years. He has experience in formulating and executing a scaled agile transformation strategy using SAFe and other scaling frameworks like scrum@scale.He is a practitioner of SAFe, PI Planning, Lean, Kanban, Scrum, and XP (Extreme Programming). Most of his experience is in coaching and mentoring executives, agile coaches, scrum masters, and agile teams. His understanding of scaling frameworks like SAFe, S@S, Nexus, LeSS, DA, and Spotify is second to none.
Over the years 2019-2022, he successfully trained more than 5000 individuals on SAFe, Scrum, and Kanban for several leading organizations. The feedback received was outstanding, with an average score that was particularly high, demonstrating his effectiveness as a trainer. His expertise in these methodologies, combined with his engaging training style, made him a sought-after trainer in the industry.
Throughout his career, he has demonstrated expertise in improving employee engagement and backlog health multiple times while coaching various organizations. He is also skilled in cloud deployment and has successfully deployed applications on AWS, transforming the organizations into a 100% cloud-based infrastructure. These accomplishments highlight his broad range of skills and ability to drive results in complex, technical environments.
Connect the author on LinkedIn https://www.linkedin.com/in/amogh-joshi/ or WhatsApp +44 7448329201 or email amogh@advanceagility.com
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