SPOT for Operations Portfolio Management (OPM)
SPOT is a 4-step approach to govern and manage organization’s Operations Portfolio Management.
SPOT serves as the critical link between executive vision and the execution work. By providing a standard approach for Strategizing, Prioritizing, Optimizing and Tracking from all key activities that comprise today’s organization, SPOT gives a coherence to an organization that has long been lacking. SPOT links strategic objectives to individual projects and portfolios.
It will be enlightening and useful for management to take a step back and follow my SPOT Operations Portfolio Management approach. It is Strategize, Prioritize, Optimize and Track.
1 – Strategize with Alignment & Metrics
- Clarify organization’s mission and objectives
- Establish a structured management framework
- Define criteria and metrics to measure progress and results.
Align organization’s portfolios to advance the company toward its goals. Clearly defined goals for the whole operation.
This includes, for example, mission or vision statements with operational priorities and business targets. Mission and vision statements are a prerequisite for creating value in operations portfolios and projects.
2 – Prioritize with Focus & Balance
- Collect, evaluate and prioritize all initiatives
After ensuring alignment, define and select the most promising projects from a value-added point of view. Eliminating projects that aren’t aligned reduces waste and optimizes your resource utilization.
3 – Optimize with Resource Utilization and Dependency
- Optimize resource allocation and project timeline planning
- Establish the team including project managers and development methodology
4 – Track Progress with Transparency and Consistency
- Measure and monitor the progress on the overall strategy
- Focus on delivering on strategy
- Make adjustment based on priority changes
Recognize the common pitfalls and establish sound management controls, with a standardized set of guidelines for the projects. This ensures overall transparency and effective project execution.