In the evolving landscape of project portfolio management, understanding digital transformation and its significance for your business is critical. What is digital transformation? Digital transformation is a broad term describing the implementation of new digital technologies to improve efficiency and operational agility throughout your organization. Forbes Magazine describes it as “indispensable for businesses that intend to remain relevant in the near future,” given recent developments with remote work, supply chain disruptions, geopolitical tensions, and economic uncertainty.
Adopting emerging technologies has tangible benefits for businesses, helping your organization maintain a competitive edge while maximizing revenue. Digital transformation replaces non-digital products and services with digital versions with the goal of increasing value, efficiency, and innovation. Done right, it facilitates more efficient business processes along with seamless interaction between team members and clients, wherever they may be located.
Accenture’s Technology Vision 2021 report found that the top ten percent of companies leading tech innovation achieve two to three times the revenue growth compared to their competitors. According to the survey, 90% of businesses and IT executives agree that fast-forwarding cloud-based digital transformation is critical in order to be agile and resilient. In addition, 63% of executives reported that the pace of digital transformation is accelerating – rapid digital transformation is critical for maintaining a competitive edge at the enterprise level.
Digital transformation is essential for project portfolio management in today’s business climate for many reasons. We’ve outlined four areas where it has the most significant impact:
- Facilitating collaboration with team members and clients around the world: digital transformation helps streamline communication while enabling real-time collaboration among team members across the organization, no matter where they are. An added bonus: this collaboration makes users aware of the ongoing impact of their individual activities on the team (or even the company) as a whole, giving them a sense of ownership over their role in the project.
- Shifting the focus from business processes to measurable results: automating traditional processes allows teams to spend more time creating and focusing on future goals and less time focusing on processes and reports. As a result, digital transformation allows project managers to support work that delivers quantifiable results.
- Allocating and managing resources better: tools like Smartsheet and Airtable allow project managers to see what is happening instantaneously, allowing them to manage resources, assign tasks, and check project-related stats on an ongoing basis.
- Better data to show ROI: the streamlining of data flows and key performance indicators (KPIs) through digital transformation allows project managers to more easily access and analyze information, allowing them to make better, informed decisions based on concrete data.
Global PMO Partners has expertise in helping digitally transform your company’s project portfolio management. Have questions or want to get started? Schedule a scoping call with our team!