As the old saying goes, “Adapt or perish, now as ever, is nature’s inexorable imperative,” in today’s dynamic business landscape, businesses can sustain only by responding to change. Nowadays adaptability is no longer an option, but it is a necessity. Companies must be aware of certain aspects of today’s business environment to achieve business agility. They are the factors that help businesses make informed decisions and maintain a competitive edge in the market. Some of the important factors are economic, social and cultural, technological, political, legal, and competitive factors. Talking about adaptability, one of the core competencies of the SAFe framework that enables businesses to achieve business agility is Lean Portfolio Management.
In this article let’s discuss how Lean Portfolio Management enables organizations to compete in the software and digital era. Also, in the following paragraphs let’s learn how Lean Portfolio Management Training programs assist organizations in developing a productive team to improve adaptability to sustain in the business market.
Discover how Lean Portfolio Management is beneficial for your organization with this: “How Lean Portfolio Management can help you achieve business agility?”
How does Lean Portfolio Management enhance adaptability in an organization?
Adaptability in the software development industry is all about responding to changing requirements and market needs. It is about business owners evolving their products to fit the needs of their customers. When businesses switch from structured project plans to loosely structured projects to include changes, they create values that fetch better results for their organization. Some of the important practices included in LPM are:
Lean budgets and guardrails
Portfolio flow
Connecting portfolio to business strategy
Maintaining a portfolio vision
Realizing the portfolio vision through epics
Forecast and budget
Measure portfolio performance
Coordinating continuous compliance
Implementing LPM means making a drastic change from applying the traditional approach to Lean-Agile practices. In an organization, the best way to implement LPM is to follow the adoption roadmap. This adoption roadmap can be learned through Lean Portfolio Management Certification. The LPM Certification helps portfolio leaders comprehend the best LPM practices to enhance the adaptability of a company.
Make the right choice for your organization with: “Choosing between Lean and Agile Supply Chain Strategies: Which is Right for you?”
Steps to implement SAFe LPM adoption roadmap:
SAFe LPM can be applied using the following steps:
Align: The first step is to understand the Lean Portfolio Management process. This can help to align stakeholders for the preparation of the launching of the LPM in the organization.
Organize: Next is to organize the Value Stream and the ART identification workshop.
Strategize: Define the portfolio vision, strategic themes, and Lean budget for connecting strategy to execution.
Operate: Facilitating LPM events and participatory budgets.
Governance: Defining Lean governance through compliance and financial practices.
Measure and grow: Evaluating analytics by following the growth recommendations.
Other important LPM practices to continuously improve the portfolios are discussed below:
LPM evaluation process: Finding the right stakeholders to conduct the LPM assessment to analyse the improvements.
Support of stakeholders: Engaging the stakeholders by creating positive connections with them to build urgency and changes.
Adding items to backlogs: This improves visibility, builds alignment, and adds priorities for the enhancement of the portfolios.
How does SAFe Lean Portfolio Management Certification assist in implementing LPM practices?
Discussed are some important LPM approaches using which organizations can enhance adaptability to sustain in this digital era. To embark on the Lean Portfolio Management adoption journey, business owners, executives, agile teams or agile leaders to understand every aspect of this approach. The industry trends, technological development, tools, and market updates can be learned through certification courses available online.
SAFe LPM Course is specifically designed for Project Management Officers, Executives, and agile professionals related to portfolio management to plan and maintain flexibility to adapt LPM approaches in response to market fluctuations.
This program equips candidates with the necessary tools and knowledge on the subject to empower agile teams to gain insights into portfolio management and address change while upholding the company’s vision and roadmap.
In India, the SAFe Lean Portfolio Management Certification course cost comes around to ₹105000. It covers two days of online classes based on practical aspects of implementing LPM for any business, one-year membership to the SAFe community, course completion certification, and study materials to practice for the online test.
Also, SAFe LPM Certification Cost covers the online exam fee for the first attempt. Candidates with foundational knowledge of Lean and Agile principles can join this course to obtain in-depth knowledge about the portfolio management process.
The LPM training program covers topics such as introduction to Lean Portfolio Management, portfolio strategies, portfolio operations, Lean, system thinking, participatory budgeting, adapting to change, and agile framework integrations. With the course completion certification, the candidate is eligible to manage portfolios in a large organization. And with the right knowledge candidates can help organizations to sustain in today’s fluctuating business landscape by improving adaptability.
Conclusion
In conclusion, implementing the Lean Portfolio Management approach can help organizations adapt initiatives and budgets to address the requirements of the customers. It assists in establishing collaboration across agile teams to design operations around delivering values. As a result, it helps respond to customer feedback and preferences quickly.
For further reading: “The Future of Lean Portfolio Management: Some Predictions and Trends to Watch.”
FAQs
1. Why should you implement Lean Portfolio Management?
Applying the Lean Portfolio Management approach assists organizations seeking to enhance adaptability and have a more responsive approach to managing multiple portfolios by optimizing resource allocation.
2. What are the important principles of the Lean Portfolio Management approach?
Some of the important principles of the Lean Portfolio Management approach are value stream mapping, allocating tasks into Agile Release Trains, inspection, adaptations, and informed decision-making for the betterment of the organization.
3. What is the role of ARTs in enhancing the adaptability of an organization?
The Agile Release Train is a group of agile teams that works on a schedule of synchronized iteration to deliver value. Aligning with the organization’s goal and strategy, its overall performance contributes to the adaptability and enhancement of the company.
4. How Lean Portfolio Management Certified candidates can help change the culture of an organization?
Lean Portfolio Management certified candidates are well versed in strategies to align strategic objectives with execution, the training program also guides individuals to optimize the flow of value by increasing the likelihood of achieving organizational goals. They know how to apply high-value lean-agile approaches. And work collaboratively across teams within an organization. These courses also provide candidates with the necessary tools and knowledge to maintain a culture of continuous improvement.
5. Should you consider getting certified in Lean Portfolio Management?
As an agile professional, it is beneficial for any individual to obtain a Lean Portfolio Management Certification to demonstrate their knowledge regarding Lean-Agile practices to secure a high position in an organization. With the training program, the candidates can develop skills in applying LPM approaches at the portfolio level.
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 organization 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, move from concept to cash in the shortest sustainable lead time by adopting human centric approach to business agility. Embracing the 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 competitor.
Connect with us at advanceagility.com to learn about SAFe and SAFe Implementation. We provide various SAFe certification courses along with DevOps, Scrum, Agile Coaching and more trainings. Write to us at contact@advanceagilty.com for any agile training or consulting needs. We are always looking for competent agile trainers as well. So if you are a good trainer or want to become one, do get in touch with us to that we can learn, grow and achieve together.
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