Are your projects lagging behind? Your business might be suffering from action bias
In today’s complex world it is crucial for companies to improve their efficiency without compromising on quality. Without a well developed system in place, however, it is very difficult to keep track of what is happening within your organisation at each level.
Action bias is possibly one of the most prominent causes of inefficiency in companies that often leads to issues such as resources being wasted on less profitable projects that are not in alignment with your company’s strategy, or product launches frequently getting delayed for various reasons. It can be difficult to spot given that ‘dynamic’ behavior has become a norm in today’s business world. Needless to say, if left unnoticed this inefficiency may have a very negative effect on your company’s profit potential.
One of the best (if not the best) solution to inefficiency caused by action bias is Agile Project Portfolio Management (Agile PPM):
- PPM refers to a company managing and analysing their proposed and ongoing ideas and projects, at all levels, with the aim of optimising resource allocation and scheduling to achieve their goals.
- Agile practices take this one step further: they have evolved for complex and uncertain tasks where flexibility and constant improvement is valuable – Agile projects often consist of many short but efficient development cycles.
The importance of 1) planning and 2) reporting/tracking throughout the innovation process cannot be emphasised enough.
1) When each idea starts with an analysis of its potential benefits and risks to the organisation and its strategic goals, it is much easier to keep track of whether resources are really going to the most viable ideas.
2) When the most profitable ideas have been identified, it is necessary to continue tracking their progress to ensure they stay within the time and resource constraints. When project management is done efficiently, there will be more time and space for better ideas.
Keto Software has perfected Agile PPM with our hybrid model of both traditional Waterfall (GANTT) type projects and Agile projects. Keto’s hybrid model makes it simple to have all possible kinds of projects organisation-wide on one platform, so that it is easy for you and your colleagues to keep track of them with various relevant features:
- From Idea Portfolio Management to Project Portfolio Management – intuitive and insightful tools for each phase of the innovation process and for reviewing the bigger picture.
- Strategy Deployment – from strategic objectives to tangible actions. KPIs are easy to follow with the transparent and efficient reporting.
- Resource Management – keep employees engaged with a clear focus and costs in control with efficient resource utilisation.
- Quality management – compare the initial projections and actual results and track the progress of your entire portfolio as well as individual projects.
- And many other functions to support your goals including the ability to integrate with other Enterprise Systems such as Excel and SAP for maximised efficiency.
We’d love to help you out. Send us a chat if you’d like to find out more or order a free private online demo from the Keto website.
To learn why our customers such as Kone, Danfoss and UPM love Keto v5 Platform, read our case studies.