As mentioned in our White Paper: Innovation and Portfolio Management Office, there is a need for organizations to undertake business transformation to survive in today’s disruptive environment. As we know business transformation can take many forms of change but ultimately requires the right ideas to be pushed forward and delivered successfully. However, innovative activities are often not supported by the traditional processes and rules of portfolio management offices. There is a disconnect between the two, resulting from several factors such as lack of alignment and visibility, poor communication, a dated culture and lack of senior sponsorship.
In this blog, we’ll re-visit what an Innovation & Portfolio Management Office entails, identify the key benefits, and provide insight into how edison365ideas can support the progression of an IPMO in your organization while leveraging existing Microsoft 365 investments.
Need a quick reminder of what an Innovation & Portfolio Management Office (IPMO) is?
The Innovation & Portfolio Management Office leverages the strengths of innovation and project management into a single entity to improve transformation delivery and ensure the right benefits against the organizations strategy are achieved as a result. This combined office responsible for end-to-end business transformation presents an opportunity for the right ideas to move forward, lessons to be learned and change to measured on a long-term basis.
As mention in our second White Paper IPMO sets high ambitions for innovation delivery, the IPMO must be responsible for the entire transformation journey, eliminating any tension or loss of knowledge and ultimately generating a clear vision of the project pipeline. By working with senior leadership, the IPMO creates transparency and alignment between innovation and its ability to deliver value and move the strategy forward.
What are the key benefits of adopting an IPMO?
- Aligns business change with the overall strategy
- Combines the best of two cultures and encourages widespread involvement in the innovation process
- Provides the ability to prioritize the entire portfolio and have visibility of new ideas coming down stream
- Ensures value throughout the business transformation process is understood, including benefits during and after the project is executed
- Encourages ownership at a higher level
- Delivers one reporting entity, providing powerful insights.
How can edison365ideas support an IPMO?
Innovation is often limited to small communities, ungoverned and unmanaged. edison365ideas provides a central location for ideas to be gathered, supporting both top-down and bottom-up innovation, and encouraging widespread involvement from the entire organization and IPMO. With challenges decided by senior leadership, edison365ideas provides that clear visibility of the strategy, ensuring that individuals have an up to date view of what is going on, including the challenges that need solving, what ideas are demonstrating the most potential and an understanding when action may need to be taken.
Built for Microsoft 365, users benefit from single sign on with their Office 365 tenant, making it extremely easy for an IPMO to view the current innovation activity. With integration into Microsoft Teams, individuals can easily assess edison365ideas’ full functionality in the Teams tenant, further creating a centralized and collaborative location for discussions and file sharing. With the added ability to configure edison365ideas to your own processes, the IPMO can tailor the tool to the overall organization strategy and set key performance indicators during idea evaluation. Configuring these custom KPI’s when using the ideas triage feature highlights what matters to the organization and ensures innovation activity consistently aligns to the strategy. Multiple reviewers can also be assigned, the outcome being an overall average score that enables the IPMO to easily identify the most viable solution.
edison365ideas integration with Delve further supports an IPMO with executive buy-in and ownership at a high level. The Office 365 user profiles are linked, helping to visibly demonstrate leaderships active role within the process. Further providing a clear understanding of roles and responsibilities, with owners and reviewers assigned to ideas and challenges throughout. This visibility helps to accelerate the process, as it is clear who to contact. edison365ideas also supports audience targeting, meaning users can automatically be added to an audience group or they can ask to join new interest groups. This provides a filtered view on their homepage of all challenges/ideas aligned to that interest group, making it possible to upscale innovation across departments if necessary.
As listed above, one benefit of an IPMO is the improved decision making and ability to effectively prioritize the portfolio, edison365ideas supports this with high level reporting using Microsoft Power BI. Utilize any data in the tool and easily build reports that provide a detailed overview of the innovation portfolio, along with a clear understand of idea progression and where ideas are in the process. This reporting capability is consistent across the edison365 suite, providing powerful insights to the IPMO from ideas generation, justification and delivery, further ensuring that benefits of the business transformation are understood and realized.
When an idea has successful moved through the evaluation process, it is important for the IPMO to operate with transparency along the portfolio management process. edison365ideas seamlessly integrates with edison365businesscase, making it extremely easy for successful ideas to be made into business cases, ready for assessment and approval. From there, approved business cases can move into edison365projects for delivery. This seamlessly integration with portfolio tools ensures that the original thinking behind the idea is carried through the process and there is an ongoing management and future measurement of its benefits.
Look out for supporting blogs, exploring how edison365 empowers the IPMO’s delivery of successful business transformation in more detail.
To find out more information about edison365ideas visit our website here or contact us at email@example.com if you would like to further discuss how edison365 can support an Innovation and Portfolio Management Office.