What you have to do to improve strategic planning and Lean portfolio management

Strategic planning and Lean Portfolio management is a critical part of a company’s value stream. Its purpose is to create a guide for the work the company does. This includes both products, services, internal work and improvements to the organization. Leadership’s role is to set direction, plan for it and provide visibility to the rest of the organization about this.

Attending to strategic planning is a first step in adopting a “project to product” mentality. Accomplishing this can make improving the budgetary process much simpler.

Improving strategic planning and Lean portfolio management requires the following:

• Review strategies being used
• Define system objectives and key results
• Align business priorities with the strategies
• Clarify the business goal within the context of the purpose of the organization
• Create a clear definition of value that will be delivered to the customer
• Prepare for the creation of minimum business increments

What challenges fixing strategic planning and Lean portfolio management improve

Ineffective Budgetary Process

Strategic planning and Lean portfolio management helps fix the budgetary process because sit gets us thinking about the long term value of our products and services. It is much easier to budget for long standing initiatives.

Lack of Visibility: Line of Site to Strategy

Strategic planning and Lean portfolio management provides visibility as to why something is useful. It is, of course, necessary to tie all artifacts back to these insights.