Implementing Lean Portfolio Management (LPM) is a journey that takes organisations from theory to action. Redefining Project Management: The Lean Portfolio Management Revolution . It is a strategic approach that helps companies align their portfolios with business objectives, improve performance, and drive innovation.
The first step in implementing LPM is understanding the principles and concepts behind it. This includes defining the portfolio vision, identifying value streams, prioritising investments, and measuring performance. By laying this foundation, organisations can create a roadmap for how they will implement LPM within their organisation.
Once the theoretical framework is in place, it is time to move from theory to action. This involves putting the principles of LPM into practice through a series of iterative cycles. This includes implementing lean governance structures, establishing value stream mapping, and implementing lean budgeting processes. By taking this step-by-step approach, organisations can gradually transform their portfolios and achieve tangible results.
One of the key benefits of implementing LPM is the ability to drive continuous improvement. By regularly reviewing and adjusting portfolio strategies, organisations can adapt to changing market conditions and customer needs. This flexibility allows companies to stay ahead of the competition and deliver value to their customers.
In conclusion, implementing Lean Portfolio Management is a journey that requires a combination of theory and action. By understanding the principles of LPM and putting them into practice, organisations can align their portfolios with business objectives, improve performance, and drive innovation. It is a strategic approach that empowers companies to continuously improve and stay ahead of the competition.