When Portfolio Management starts measuring progress, you create a good basis for an optimal company direction.
Connecting strategy with execution is an important success factor for Portfolio Management. You want to ensure that the activities you undertake actually deliver the results you envision. What do you need for this?
Measuring is the answer. In order to determine a good strategy, you want to know where you stand now: Where can you still grow, where should customer satisfaction increase and where are still opportunities? To implement the chosen strategy, you define improvements or products that need to be developed. The step that you should not skip is determining whether the developments actually result in improvements.
Why measure progress?
In fact, as Portfolio Management you want to be very focused and measure how well things are going. You don’t want to find out too late what’s going on. If the customers have already left for a competitor, you will not get them back. So you have to define measurements that indicate early on whether your developments actually deliver the desired results or not. If they do not lead to the desired result, you may have to try another route. You then adjust the work to see if you can still achieve your goal in another way. Measuring is a great tool to determine your course and not to waste time, manpower and investments.
You also can not measure and make decisions based on feeling. Your company will get too big for this at some point. Then you will miss signals and you will notice much too late that there are problems with[de verkoop van] the product. You can prevent this by measuring. On the other hand, you don’t want to measure too much. The trick is to make sure you measure the right things for the product or parts of the organization. You also want a tool that stores and manages the measurements.
Share goals with developers
Setting and measuring a goal alone will not get you there. You have to make sure that the goals are understood by everyone who contributes to the realization of the goal. Why? Then they can consciously start developing and they know where to start. The knowledge for possibilities lies with the developers, so when they know what the goal is, better solutions are provided.
By drawing up measurements that indicate early whether your developments will be successful and communicating the objectives with the developers, there is still much to be gained.
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