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🌟 New technologies are quickly transforming the way we work. 🌟 #PortfolioManagement leaders, now’s the time to harness the power of #ArtificialIntelligence and get your organization ready for this fast-evolving landscape. Steady yourself amidst the chaos of this rapid adoption with some quick insight's from OnePlan's #AI expert, Jim Patterson in the video below. #TLDR, a few things to keep in mind⬇️ ➡️ Manage increasing complexity with continuous portfolio optimization ➡️Prioritize data-driven decision-making for strategic success ➡️Leverage AI, especially Generative AI, to transform portfolio management ➡️Integrate Agile and diverse methodologies into a unified process ➡️Adapt to emerging technologies to stay competitive and innovative 💻For more information: https://lnkd.in/gBVQnKYx

Transcript

So the importance here is really about the fact that we are in the midst of ever increasing complexity in business environments. And as we do that change happens often. We have to manage risk. We have to optimize the portfolios, we have to align them. And this is a continuous effort. It's not something that we just do as an annual exercise. There's a greater need for financial and resource optimization because we only have so many resources. We most of us have resource constraints and and it's a constraint that we have to deal with and we have to make sure that we're prioritizing the right things and then. Allocating the resources that we have to maximize the value that we're delivering. And then we have a demand for data-driven decision making. If things are changing, we want to know if we're making the right choices. We need to have data at our fingertips and have data that has a lot of different dimensions to it and provide insight and not into the performance of the portfolio. But also making informed decision formed decisions on what it is we're going to work on, what we're going to select next, what those strategic goals might be or what they need to be as they change. And then the adoption of Agile and other project management methodologies means that there's a variety of ways. People are doing work. It's not just A1 size fits all proposition. And to get that all folded into a central effective portfolio management capability and process, you need a system that will allow you to get there. And project portfolio is aligning with strategic goals is something that needs to be visible. And then emerging technologies and business, business models with this digital transformation age that we're in. The way we do business in the past is probably not the way we're going to do business and reach our customers and interact with our customers in the future. And part of this is that we have to get more effective internally with our operations. We also might have new business models in the way we address, get awareness, interact, sell our products or services to our customers and we have to emerge these and these may be changing over time, not only if we are innovative and are the leader in in a certain idea in a way to do that, but maybe even just to keep up with our competition. Where the markets going so that we don't get left behind? So add to that the recent rise of AI and the rapid adoption of evolution of that. Since ChatGPT was made public in November 2022, that's all, not all that long ago, it has reached well over 180 million users. It is by far the quickest time to reach 1,000,000 users of any technology in recent, in recent memory or in recent recent times or anything that we can look. And if you look at that, we then have to say it's here, it's real. What are we going to do about it? Now many organizations are coming to that realization. And in 2023, organizations, 45% of organizations have increased their investment in AI and AI technology and what they're going to do with that. Another 46 have had no change at this point. But I think you're going to rapidly see that change in the coming months. Now it's a hot new technology with excitement but also with apprehension right on how we're going to deal with that, how we're going to govern. It's got ease of use for personal use and experimentation. So our employees are definitely, you know, fiddling with it and they're using it in a variety of different ways because it's readily available. It has massive market implications. How are we going to turn this into business advantage? How are we going to turn this into a business opportunity? We all have to be thinking about in that regard in our industries and it offers significant potential opportunities there, but it also entails disruption and risk and we have to manage that. We have to factor in what that's going to mean to us. So the current. Challenges, we have a strategic portfolio leaders and PMO's is we got to cut through the generative AI hype, OK that that we have there. There's there's a lot of hype, but there's a lot of meat to it too. And we must identify its business and functional implications fast. We don't want to be caught and mapping. We want to be able to adjust and and take advantage of it in a way that makes sense for our business and not be left behind by our competitor. It's not a matter of if, Jenny, I will impact your strategic portfolio management life cycle in a lot of different ways. So I think we have to prepare now for key inbound Gen. AI impacts to ensure the strategic planning and execution and leveraging and maximizing its impact. And benefits in the way we do business in our PMO operations.

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