Popular Financial - Streamlining the Organization and Creating AGILITY
Being smart about establishing effective ways to choose and deliver the right projects successfully (i.e. project-portfolio management) can produce efficiency break-through’s and growth opportunities in a complex and volatile environment.
PFH, a wholly owned susidiary of Popular Inc., a $44 billion holding company, provides diversified financial services to retail customers, mortgage brokers, bankers, and investors. PFH had been experiencing rapid growth. Their PMO was relatively new, and executives were interested in assessing PFH's project management capabilities, ensuring the PMO was designed to address PFH's project management needs. They wished to analyze and upgrade the project management methodology, and identify industry best practices that PFH should adopt.
We distinguished the strategic context of PFH and articulated how that context defined the focus on the project portfolio. We helped the client determine how their Organizational Project Management processes for implementing strategies through projects could be made capable, e.g. to perform at speed, to operate within cost, to produce quality. We showed them how well-designed processes can improve flexibility, agility, predictability, and other aspects of performance. We performed an assessment of the PMO and the organizations served by the PMO and documented findings in a report that included specific and actionable recommendations for improving PFH's project management and portfolio management functions.
On our recommendation, PFH combined duplicative governance structures. They implemented an OPM system that could reallocate resources across project portfolios, make project termination decisions, and deliver new projects with greater agility. The new structure improved their ability to deliver working products. They learned to leverage feedback as a control mechanism. By addressing highest risk areas first, and driving regular tests and releases of evolving products, PFH could increase the probability of success in implementing its strategies through projects.