How PPM Can Help Your Company Navigate Industry Disruptions

Companies who simply try to weather the storm when faced with disruptions instead of learning, growing, and adapting will soon find it impossible to compete in an ever-changing business environment.

For example, take Blockbuster. What was once a household name has been reduced to a single store as of July 2018. When disruption came to the movie industry in the form of companies like Redbox and Netflix, the Blockbuster model remained largely the same, and customers moved on.

Technology and innovation will continue to make waves in almost every industry, which is why it is essential to learn from the dying breaths of companies like Blockbuster. Companies must learn to adapt and take advantage of these disruptions or be prepared for eventual stagnation and irrelevance.

So how do you ensure your company is a high performer even when faced with changes and disruption in your industry?

Develop New Ways of Working

As new PPM Trends and Innovations evolve, different approaches to project management must be used. Project Portfolio Management tools allow you to track project performance metrics, which can help identify what approaches are best for different projects within your company.

A common trend in project management is outsourcing. In fact, 68% of organizations report outsourcing their project management. If your current staff is stuck using the same approach for all projects, this can be a great way to handle new challenges. However, it is important to make sure proper training and lines of communication are put into place for this relationship to work successfully.

Opportunities for Learning and Developing New Skills

Stagnation is the enemy of progress. If you want your company to be a high performer, you need project managers who can quickly learn and apply new technical skills as technology advances. Invest the resources necessary to facilitate this. Get the right PPM tools and pay for your project managers to attend trainings.

Of course, the learning shouldn’t stop with new technical skills. Increased business intelligence, leadership, and strategic thinking are needed as well. Project managers need opportunities to learn how to better adapt and adjust strategies to meet company objectives when met with disruption and changes.

The best project managers either innately understand or learn how to identify trends and technologies that can help create value within the company. Identifying these trends allow companies to meet the evolving needs of their consumers.

Proactive Approach to Disruption

Hiring and training project professionals who navigate changes and adapt effectively is crucial to the ongoing success of your company. You need project managers who use traditional management skills combined with an understanding of evolving technology and trends.

High performers have project managers who actively seek out opportunities to strategically align disruptions with company goals. PPM solutions give you the data and organizational tools needed to smoothly facilitate this.

Put simply, you need managers who are ready to pivot and become a part of new trends instead of ignoring or being buried by disruptors. These project managers can be better prepared to meet challenged by using PPM tools and PPM solutions every day.

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