Portfolio management capability: Portfolio management is essential to successful corporate governance and as such, a comprehensive fusing of a firm's strategic capabilities. When a new initiative comes up, the senior stakeholders must be able to rate its importance, strengthen the strategic alignment of programs to prevent initiatives being undertaken that do not support the enterprise strategy. If the management focuses on short term value too much, this might not support long term strategy and vision in the end. If the management puts too much focus on long-term value, there may be a loss of momentum and engagement. The goal of portfolio management is to implement strategy with continuous deliveries, focus on value generation and competency building.
In order to make the portfolio executable, an organization needs to make sure that enough resources are available, the skill gaps have been closed, the teams can deliver programs on value, on cost, and on time. There needs to be a well-defined portfolio prioritization and governance process with business partners. Portfolio management standardization intends to generalize or figure out a “common formula” with varying management practices such as budget planning, capacity/resource management, talent management, and quality management, etc. Portfolio Management plays a significant role in portfolio prioritization, integration, and optimization, as well as successful corporate governance and as such, a comprehensive fusing of a firm's strategic capabilities.
Information management capability: Information is the lifeblood of digital business, to make an impact upon all different aspects of business. Managing information and the information position of an organization is what ought to be called Information Management is a scientific management discipline for enhancing information fluidity, interdependent processes, technologies updating, and a set of interdisciplinary management practices for moving the business to a dynamic, iterative, integral, and interactive business ecosystem. IT leaders need to break down the conventional thinking box and clarify information management goals from outside in business perspectives. They should go out and talk with varying shareholders, business executives and customers to know their pains and gains and understand their tastes as well as current and future needs, in order to deliver solutions fitting for customers’ wants and needs.
Information is one of the most critical puzzle pieces in innovation management. With abundant information permeating into every part of the organization, anyone with common sense can perceive that forward-thinking companies across the vertical sectors claim they are in the information technology business regardless of the sector and nature of the business. Innovative businesses integrate Information Technology as a value-added component of innovative solutions that meet customers’ needs, while reducing cost to market. Information technology systems play a fundamental role in building innovation hubs and clusters, deploying and operating the new ecosystems for harnessing collaborative innovation.
Traditional people management focuses on performance to keep the business lights on, and measure productivity of people quantitatively. But that is only part of people management. The workplace needs to be designed to help employees at all levels within an organization understand and develop their creative capacity to solve problems and explore opportunities in new and innovative ways. Humans are a complex asset and invaluable capital, including all the talent, competencies, and experience of your employees and managers. The combination of elements in a holistic people management approach enables the business not only to perform well today but also to maximize their potential for gaining long term business advantage. The maturity of a business capability would be based on the business ability to deliver on customer needs or to achieve the desired capability outcome, as the digital era is the age of customers.
Organizational capabilities have business outcomes; they collaborate with each other and are enabled by processes to integrate into differentiated business competency for successful strategy management. If business laggards only try to emulate, there is a risk that when you emulate your competitor, you start looking like them, perhaps you lose your authenticity and forget your business purpose. They need to ensure that their companies not only have “me too” type competitive necessity but also keep developing core competencies based on multilayered and integral business capabilities to gain the first mover advantage and develop unique corporate competencies.
By: Pearl Zhuhttp://www.blogger.com/profile/[email protected]
Sourced From: futureofcio.blogspot.com/feeds/1163082045549155851/comments/default
Published Date: Thu, 02 Dec 2021 20:22:00 +0000
Did you miss our previous article...