How can you ensure your EPM program delivers value to the business?

1 Assess the current state

Before you launch or improve your EPM program, you need to understand the current state of your project portfolio, processes, and performance. Conduct a comprehensive assessment to identify the strengths, weaknesses, opportunities, and threats of your EPM practices. Use relevant metrics and benchmarks to measure the value and impact of your projects on the business objectives. This will help you prioritize the areas that need improvement and set realistic and achievable goals for your EPM program.

2 Define the value proposition

A clear and compelling value proposition is essential for gaining the support and buy-in of your stakeholders, sponsors, and team members. It defines the benefits and outcomes of your EPM program for the business and the customers. It also articulates how your EPM program will address the pain points and challenges of the current state. To craft a strong value proposition, you need to understand the needs and expectations of your stakeholders, communicate the value of your EPM program in their language, and demonstrate how it will create a competitive advantage and a positive return on investment.

3 Align the EPM strategy

Your EPM program should be aligned with the overall business strategy and vision. This means that your project portfolio, governance, and execution should support the strategic objectives and priorities of the organization. To achieve this alignment, you need to establish a clear and consistent EPM framework that defines the roles, responsibilities, processes, and standards for managing projects across the organization. You also need to ensure that your project selection, prioritization, and allocation are based on the strategic value and impact of each project, rather than on the availability of resources or the urgency of requests.

4 Monitor and evaluate the EPM performance

To ensure that your EPM program delivers value to the business, you need to monitor and evaluate its performance regularly. This involves collecting and analyzing data on the progress, outcomes, and benefits of your projects, as well as on the efficiency and effectiveness of your EPM processes and practices. You should use relevant and meaningful indicators and measures to track and report on the value and impact of your EPM program on the business objectives and stakeholder satisfaction. You should also use feedback and lessons learned to identify and implement improvements and adjustments to your EPM program.

5 Foster a culture of EPM excellence

Your EPM program is only as good as the people who execute it. Therefore, you need to foster a culture of EPM excellence that promotes collaboration, communication, learning, and innovation across the organization. This involves engaging and empowering your project managers, team members, and stakeholders to participate and contribute to your EPM program. It also involves providing them with the necessary skills, tools, and support to perform their roles effectively and efficiently. Moreover, it involves recognizing and rewarding their achievements and efforts, as well as celebrating and sharing the success and value of your EPM program.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?