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What is the Lean Portfolio Management?
The pace of change could be the only take that prompted enterprises to invest heavily in agile transformation. And this transformation could only be possible if the teams maintained the alignment. Due to the ineffectiveness of the traditional portfolio management approach covering the gap between the team doing the tasks and the team dealing with the funds, many enterprises opt for the Lean Portfolio Management approach to drive alignment across the organization.
The Lean Portfolio Management(LPM) approach emphasis on aligning an enterprise’s strategy with allocated funds towards the execution of that strategy by applying Lean and system thinking approaches. LPM, being one of the seven core competencies to attain Business Agility comes with a governance model to support a specific SAFe Portfolio which contains a set of Development Value Streams (DVS) that builds, supports, and maintains solutions delivered to the customers.
Why do you Need a Lean Portfolio Management Approach?
As discussed earlier, the traditional approaches followed by enterprises to portfolio management could not compete with the evolving digital era to deliver innovative solutions faster. With the three dimensions of LPM such as strategy and investment funding, Agile portfolio operations, and Lean governance, executives and business owners were able to understand the financial, technical, and business strategies to fulfil funding responsibilities. They became accountable for addressing the challenges of defining, communicating, and aligning strategy with execution and were also responsible for better business outcomes.
And to fulfil this LPM function helps Lean Portfolio Management Training courses that provide proper guidance over techniques and tools required to overcome challenges for leaders, executives, and business owners that reside in different parts of the organization’s hierarchy.
What is the Role of LPM in Enterprise Agile Transformation?
Enterprise agile transformation is a process of undergoing entire organizational change based on agile principles. And it is about creating a whole new product development process with shedding unnecessary layers of management. This transformation begins with forming a leadership team and deciding on business goals. The transition promotes a shift from an individual to a team approach to project management. To achieve better agile transformation developers have come up with a lot of different approaches among which we are to discuss the Lean portfolio Management approach.
1. Primary goal of implementing the LPM approach in enterprise agile transformation is to create a portfolio strategy that supports the enterprise’s broader business objectives to initiate investment funding collaboration and focus more on reducing waste.
2. Depending on the strategic themes and the portfolio budget, the portfolio is connected to the enterprise business strategy to initiate agile transformation.
3. The LPM approach works towards encouraging team members to work towards a shared goal.
4. Maintaining a culture of collaboration and adaptability is what makes an enterprise-level agile transition possible and the Lean Portfolio Management approach promotes alignment among the team within an organization. And this system is constantly maintained through a Lean technique called value stream mapping.
How to Implement Lean Portfolio Management?
Adopting Lean practices into existing business strategy could be filled with stress and satisfaction as it requires strong organizational change management practices that come with better returns in building a business that provides the best solutions for the customers.
Here are some tips to implement LPM for your organization:
1. The first step is to create a group that will work towards connecting strategy to execution.
2. The LPM model shifts from funding projects to funding teams. So, it is important to understand who is providing funds for driving the portfolio.
3. Discovering the requirements and expectations of the portfolio leadership teams with the key principles of LPM for building an operating system with a customized feel.
Lean Portfolio Management Certification
The Lean Portfolio Management Certification course guides candidates to work efficiently in remote culture with distributed teams. This course teaches attendees techniques to connect portfolio strategy to enterprise strategy and execution of work while maintaining the company’s funding vision and roadmap, establishing Lean budgets and guardrails, and the procedure to create the portfolio flow.
This course also provides candidates with course materials to clear the Lean Portfolio Management exam, SAFe virtual classrooms, a visual online workspace, and a one-year membership to the SAFe community.
Conclusion
To deliver a continuous flow of value to the customers, enterprises need to adopt a modernized portfolio management system to maintain the alignment between strategy and execution and this is possible with the Lean Portfolio Management approach. This approach comes with the right methodologies, techniques, tools, and processes that make the large-scale agile transition successful.
FAQs
1. What are the five principles of the Lean Portfolio Management approach?
Lean Portfolio Management is among many other approaches to managing many projects in a portfolio. And its five principles are defining value, mapping the value streams, creating the flow, establishing pull, and following perfection.
2. What is the Lean Portfolio Management Training course?
Lean Portfolio Management Training is a two-day course designed for candidates who want to advance their career as an agile professional by acquiring lean-agile methodologies to implement Lean governance in a working environment.
3. What is the value of Lean Portfolio Management Certification?
Lean Portfolio Management Certification provides guidance for candidates who wants to become expert Portfolio Manager in a large enterprise to improve business agility. As certified candidates, they become eligible applicants for the Portfolio Manager role with a high salary package to support organizations to perform well in the changing business ecosystem.
About Advance Agility
We, at Advance Agility, are the new-age Agile Coaching, Consulting and IT services company. We enable end-to-end Digital Transformation. Agile execution is integral to our being. We are doing SAFe implementation with small, medium and large organization across the globe. Our vision is to be the leading Agile execution player globally. To keep adding value at every process stage. We are on a mission to empower our clients, move from concept to cash in the shortest sustainable lead time by adopting human centric approach to business agility. Embracing the change is in our DNA. Things that keep us apart are Quicker and Seamless execution with End-to-end gamut of services. Our Global presence and Stellar Track Record give us an edge over our competitor.
Connect with us at advanceagility.com to learn about SAFe and SAFe Implementation. We provide various SAFe certification courses along with DevOps, Scrum, Agile Coaching and more trainings. Write to us at contact@advanceagilty.com for any agile training or consulting needs. We are always looking for competent agile trainers as well. So if you are a good trainer or want to become one, do get in touch with us to that we can learn, grow and achieve together.
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