The Scaled Agile Framework (SAFe®) is a well-known framework for implementing agile methodologies across businesses. It provides a complete strategy to Lean portfolio management, which can be difficult to apply in the absence of direction. In today’s competitive environment, businesses must adapt to changing customer wants and interests. Companies must be agile and produce distinctive solutions more quickly and efficiently. In turn, the SAFe® methodology provides a clearer picture of portfolio management procedures.
SAFe® Lean Portfolio Management is one method for increasing business agility. It enables businesses to create an Agile Framework to minimize expenditures and generate better value. It will make investment decisions easier and enhance strategic business results.
Core competencies of the SAFe® portfolio:
Lean Portfolio management
The SAFe® architecture relies heavily on lean portfolio management. It assists businesses in value creation by aligning their portfolios with the company strategy.
Continuous Learning Culture
The portfolio team is always learning from the triumphs and pitfalls of previous initiatives. They also apply what they’ve learned to improve future project performance.
Organizational Agility
This is being able to react quickly to changes in the market, client expectations, or technology. Organizational agility is a vital success element for any organization seeking to survive and prosper in today’s uncertain business climate.
Portfolio management in SAFe®
The SAFe® portfolio management approach is built on the value stream delivery principle. A value stream is a series of operations that results in a useful outcome for the client.
SAFe® portfolio management is an iterative and progressive approach. It begins with an evaluation of the strategic objectives of the organization. These goals are then broken down into a number of activities that will be delivered in increments. The agile technique is used to plan and execute each iteration. The value delivered at the conclusion of each increment is quantified and utilized to change the strategies for subsequent increments.
The strategy and investment planning, along with lean governance and agile operations, are all important aspects of the SAFe® Lean Portfolio Management function.
Strategy and investment planning
Each organization’s objective should be to produce value for its stakeholders. To do so, businesses must first understand their consumers’ wants and interests. From strategy formulation through project execution, this customer emphasis should be represented in all elements of the portfolio management process.
Another critical factor to consider is funding. Companies must ensure that they have adequate resources to sustain their portfolio investments.
To fulfill objectives, the individual with the SAFe® Lean Portfolio Management (LPM) certification must guarantee that appropriate investments are deployed to the appropriate locations.
Executives, portfolio shareholders, business and product owners, enterprise architects, Scrum Masters, and Product Managers must collaborate on strategy and investment finance.
The responsibilities of the individual who has completed the SAFe® Lean Portfolio Management (LPM) course include the following:
- Aligning the portfolio with the company’s strategy
- Creating the portfolio vision
- Crafting epics that are strategic in nature
- Establishing tight budgets and guardrails
- Creating portfolio flow
Lean governance
Lean governance is an important part of SAFe® Lean Portfolio Management. It aids in ensuring that decisions are in line with the organization’s strategic goals and that investments are constantly examined and improved. Lean governance also contributes to the development of a culture of visibility and teamwork.
The person with the SAFe® Lean Portfolio Management (LPM) certification has the specific responsibilities while performing the Lean governance function:
- Creating and sustaining the governance framework for the business
- Presenting decision-makers with reliable information
- Portfolio performance evaluation
- Ensuring that all applicable rules and regulations are followed
- Supervising the risk management procedure
- Tracking and providing feedback on organizational performance
- Assisting in the execution of organizational strategy
- Budgeting and forecasting in real time
- Giving advice and direction on excellent governance practices
- Increasing organizational openness and accountability
Agile operations
Agile operations are in charge of providing value in quick, incremental increments. This involves ongoing planning, execution, and feedback. Agile teams must have a clear understanding of what they are attempting to accomplish and how they will collaborate in order to be successful. They must also be able to change their strategies if new information becomes available.
Implementing the SAFe® Lean Portfolio Management:
Defining the Function of the LPM
Defining the LPM function’s role is critical to the effective implementation of Lean portfolio management. This function necessitates the gathering, analysis, and reporting of data. It would be hard to accurately analyze the efficacy of Lean portfolio management methods without precise data. Finally, reporting is necessary for conveying the outcomes of activities to stakeholders. Organizations may ensure that they can take advantage of this strong technique by explicitly outlining the function of the Lean portfolio management function.
Creating a Portfolio Kanban system
Kanban is a portfolio management approach that assists businesses in visualizing their work, detecting impediments, and optimizing their operations. Kanban systems aid in work management by providing a clear image of what has to be done, who is in charge, and also how things are advancing. This facilitates the identification and tracking of dependencies, threats, challenges, and value streams. Moreover, Kanban systems may assist you in tracking performance and feedback to determine that your system is providing the intended value.
Are you planning to augment your career and take it to the next level of growth? Do you want to learn how to use real tools and strategies to carry out SAFe® Lean Portfolio Management functions? You need to go for the SAFe® Lean Portfolio Management (LPM) training.
AgilityPAD is a trusted institute that offers the SAFe® Lean Portfolio Management (LPM) course. To know more about the SAFe® Lean Portfolio Management (LPM) certification, get in touch with AgilityPAD today.
[…] SAFe® Lean Portfolio Management is one method for increasing business agility. It enables businesses to create an Agile Framework to minimize expenditures and generate better value. […]