The project management discipline is one of the oldest and also the most progressive in organizations. It continues to evolve at a rapid pace, keeping with up with globalization, economic landscape, emerging technological advances and cultural changes. As a global leader in project management software, we have been an active part of this evolution and expect 2015 to be another stellar year for project management. Let’s look at some of the key trends that will dominate this year.
1. Portfolio Management to take center stage
Enterprises are changing the way they plan and execute projects. With increasing complexity and effects of globalization, projects will go beyond being siloed and tactical to being more strategic. Project portfolios therefore will continue to gain significance as they enable prioritization of customer needs and market trends. According to PMI pulse, portfolio management maturity is at a mere 25% in organizations. Enterprises will definitely look to change that statistic in the coming year. PMI’s introduction of portfolio management certification is an indication of the growing significance of PPM in the project management discipline. This trend will also mean that project managers will need to focus on adding PPM skills to their repertoire.
2. Shift from best-in-class tools
Organizations in the last few years have begun to shy away from adopting multiple “best-in-class” tools for specific project and portfolio management activities. Disparate tools and manual processes have led to poor adoption, lack of visibility and questionable ROI. The infusion of social capabilities into project management has had its challenges with data security and governance. Enterprises will look to consolidate their project and portfolio management initiatives by adopting comprehensive tools that address all their needs on a single platform. 2015 will witness dramatic growth in the enterprise project management software market and comprehensive all-in-one tools are bound to dominate.
3. Risk Management will not just be a hygiene factor
As project portfolios get strategically aligned to business objectives, the margin for failure is bound to get narrower. Effective risk management is the key to ensuring project portfolios are on track to fulfilling business objectives. Companies will need to embed risk management into all aspects of project management and ensure it is a part of the organizational culture, be it training, communication or leadership. Project managers will need to adopt a data driven approach to ensure they stay right on top of foreseeable risks and plan mitigation accordingly.
4. Project Managers as thought leaders
Traditionally project managers have been seen as able coordinators with the skills to plan, track and take projects to completion. The expectations from the role have changed a lot in the last few years and that trend will continue. Project Managers will be expected to take ownership of business objectives and will be required to have the necessary skills and acumen to fulfill them. The new breed of project managers will need to build expertise in the domain, adopt and encourage a data oriented culture, identify and mitigate risks with “out-of-the-box” thinking and demonstrate leadership abilities when it comes to team management. 2015 and beyond, this will become a de-facto requirement for project management focused roles.
5. Project Management will adapt to the workplace
Globalization and the ever changing economic climate have changed the way we do business. Project management has kept up well with the ever changing business landscape and it will continue to evolve. Teams of the future will see flexible hierarchies, multiple projects being executed in parallel and huge focus on resource utilization and productivity. Project Managers therefore will need to get creative with their role. They will need to be better equipped to manage cross cultural teams and make informed decisions with regards to managing projects, resources and risks. This is the age of technology; with reliance on tools, automation and processes, organizations should not forget that project management is very much about people. Building a high performance culture that aligns people to organizational objectives is a must of successful business outcomes.
The glory of an organizational discipline lies in its longevity and ability to evolve through the ages. Project Management has not only survived the evolution, but also has emerged as the most sought after capability in the industry today.
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Celoxis is a comprehensive project management tool that helps companies streamline management of projects, time sheets, expenses and business processes, specific to their organization. Over the last decade, Celoxis has specialized in delivering improved collaboration and increased efficiency for teams of all sizes, both in SMB and Enterprise segments. To know more visit www.celoxis.com