Lean Portfolio Management (LPM) is a set of principles that aim to help organisations streamline their processes, improve efficiency and deliver better results. Is Your Organization Ready for Lean Portfolio Management? . In essence, LPM involves applying lean principles to portfolio management, with the goal of maximising value and minimising waste.
To truly understand and benefit from Lean Portfolio Management, it is important to get acquainted with its key principles. These principles are designed to guide organisations in their journey towards a leaner, more efficient portfolio management system.
One of the key principles of Lean Portfolio Management is the concept of value stream mapping. This involves identifying the various steps and processes involved in delivering value to customers, and then mapping out these processes to identify areas of waste and inefficiency. By streamlining these processes and eliminating waste, organisations can deliver value more effectively and efficiently.
Another important principle of Lean Portfolio Management is the focus on continuous improvement. This involves constantly striving to improve processes, systems and workflows in order to deliver better results. By encouraging a culture of continuous improvement, organisations can adapt to changing market conditions and customer needs more effectively, leading to better outcomes.
Lean Portfolio Management also emphasises the importance of visual management and transparency. By making workflows and processes visible to all stakeholders, organisations can improve communication, collaboration and decision-making. This transparency also helps to identify bottlenecks and inefficiencies, allowing organisations to address these issues more effectively.
In conclusion, getting acquainted with Lean Portfolio Management principles is essential for organisations looking to improve their portfolio management processes. By applying lean principles such as value stream mapping, continuous improvement and visual management, organisations can streamline their processes, deliver better results and ultimately create more value for their customers.