Establishing a Project Management Office (PMO) makes it easier to manage and monitor projects – particularly useful if you’re a large organisation, or one running multiple projects.
With Merger & Acquisition (M&A) activity at its highest level since before the financial crisis, more organisations are looking at ways to help bring companies and processes together.
The success of an M&A often rests on how well the organisation can synchronise disparate areas of business - a process made much easier by setting up a PMO at the start.
PMOs are becoming the industry way of achieving a joined-up set of outcomes, protecting revenue, and delivering value for money in an increasingly competitive environment.
PMI’s Pulse of the Profession Report 2017, found 38% of projects meet goals and 33% fewer projects fail in companies with a strategic, enterprise-wide PMO. While, according to Gartner, 70% of organisations that use a PMO find it improves success rates of projects by ensuring a consistent approach to delivery and providing an internal support function to improve training.
Here are four ways a PMO can help:
Standardising best practice
When running multiple programmes or projects in an organisation, a PMO can outline how each should be conducted, so each uses the right criteria to achieve coherent results. Consistent use of metrics and systems can help ensure that different projects across different departments complement each other and can use benefits gained across the business.
A PMO can provide the ‘joined up thinking’ to ensure projects are scheduled in the optimal order, using the best resources. In the era of multi-disciplinary working, the PMO can pull talent from across the organisation. They know who is available when to assemble the right people to make sure projects or programmes start when they should.
Maintaining project collateral
A PMO will create templates and look after documents so teams can access archived materials. The PMO can ensure teams have the right project management tools, liaising with IT departments, and giving feedback to Boards about infrastructure.
Not every project will go ahead, but a PMO can advise boards on how projects align with business goals to help make the selection process more straightforward. A PMO will develop project and programme strategy to ensure they achieve maximum impact for an organisation.
BDO Greenlight can help establish and run a PMO, offer coaching and mentoring for team members, and audit or enhance an existing PMO. See here for more details of our PMO & Advisory Services.