Enterprise project management aims to do just that. As Villanova University explains, EPM practices can “identify when projects conflict or duplicate efforts, and they can recognize underfunded projects that might present an opportunity for the organization.” The university cites a potential 20% increase in profits for organizations that employ an EPM system.
The PMI outlines additional benefits of enterprise project management, including:
Reduced impact of skills shortage
Reduced project risks
Enhanced reliability of delivery
Implementation of enterprise project management
Since enterprise project management focuses on the organization’s core mission and strategic objectives, implementation of an EPM system begins with a thorough look at the company’s existing projects and organizational culture. After all, EPM will require adaptability and openness to change.
It is vital to include stakeholders in an EPM system since the end goal is full transparency, wider participation, more project visibility, and increased monitoring. A high level of communication is essential to bring everyone on board and ensure goals and efforts are aligned.