Similarly, the study finds that in every sector in the United States, except for agriculture, forestry, fishery, and hunting, there has been an average increase in AI-related job postings. This indicates a growing demand among U.S. employers for individuals possessing AI-related skills. But AI has already come a long way. The AI functionalities that are probably integrated into businesses encompass robotic process automation (39%), computer vision (34%), NL text understanding (33%), and virtual agents (33%). Additionally, the most prevalent AI application in 2022 was service operations optimization, succeeded by the development of new AI-based products, customer segmentation, customer service analytics, and the new AI-based enhancement of products. Companies that operate in industries prone to be disrupted by AI, are asked to run the project portfolio especially tight.
A PMO helps streamline these complex processes, ensuring that projects are executed seamlessly from initiation to completion. A good PMO also drives the standardization of project management practices within the organization and thereby contributing to greater efficiency and the reduction of repeated errors.
The rise of remote work has become a defining characteristic of the modern business environment. Let’s take a look at yet another example. In April 2022, the percentage of German employees who worked from home part-time was found to hover around 25%, according to a survey by the ifo Institute. In fact and despite the removal of the remote-working obligation on March 20, the number of people working from home has remained relatively high. This suggests that many companies have embraced more flexible working arrangements permanently. However, it seems worth mentioning that the ifo Institute had previously estimated a potential for 56% of the entire German workforce to work remotely. It hence seems likely that remote work is here to stay - and has the potential to grow even further.
Source: ifo Institute
Managing projects with teams dispersed across various locations poses unique challenges. A PMO facilitates effective communication, collaboration, and resource allocation in virtual work settings. By leveraging project portfolio management tools and methodologies, the PMO ensures that remote teams remain aligned with organizational goals, promoting productivity and successful project delivery.
In an era where data is king, the ability to make informed decisions based on accurate information is a competitive advantage. A PMO establishes a robust system for collecting, analyzing, and utilizing project and project portfolio data. This data-driven approach enables organizations to identify trends, optimize processes, and make strategic decisions that positively impact overall business performance.
Do you already use a PPM tool for your project portfolio management in your company? At Nordantech, we have developed Falcon: An intuitive and streamlined project portfolio management software for complex project portfolio management. As a market leader in the strategy and transformation sector, Falcon makes it easier for PMOs, leading consultants and private equity firms to plan, manage and report on their most important projects and processes.
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With organizations facing constant pressure to innovate and stay ahead of the competition, strategic alignment is crucial. A PMO serves as the bridge between project execution and strategic objectives, ensuring that the project portfolio is aligned with the overall organizational strategy. This alignment enhances the likelihood of successful project delivery, contributing to the achievement of long-term business goals.
We highly recommend setting up a PMO - especially today, since the current economic landscape demands a proactive and strategic approach to project portfolio management, making a PMO more crucial than ever. By providing structure, standardization, and a data-driven framework, a PMO enables organizations to navigate challenges, capitalize on opportunities, and achieve sustained success in today's dynamic business environment. As businesses continue to evolve, the role of the PMO will remain central in driving project success and organizational resilience.