PMI Executive Introduction
Digital business transformation. These three words seem to be top of mind for every business executive these days. And with good reason. In a world of new and disruptive digital technologies, these executives know they must either transform their organizations or risk becoming obsolete because of an aggressive competitor.
We understand that at Project Management Institute. Many of our members are deeply involved in business transformation initiatives within their organizations…and have shared their experiences and learnings with us. And PMI itself is undergoing a transformation journey of its own as part of a fundamental reassessment of our own business model.
But true business transformation is hard work. Our own PMI research shows that while nearly 80 percent of organizations have undergone significant transformation, only about 25 percent of transformation projects have yielded tangible benefits when measured against original goals.
We believe the problem has to do with a disconnect between strategy development and implementation. Quite simply, too many business executives focus on the strategy aspects of transformation while not paying sufficient attention to implementation.
In fact, 59 percent of senior executives surveyed in a recent Brightline Initiative™ study conducted by the Economist Intelligence Unit admit that their organizations struggle to bridge the strategy-implementation gap.
And the costs associated with this gap are staggering. It’s estimated that collectively organizations around the globe waste $1 million every 20 seconds due to ineffective implementation of business strategy through poor project management practices – the equivalent of $1 trillion annually.
And that’s why project managers have such an important role to play in successful business transformations. All strategy – and particularly transformation strategies – are delivered through the implementation of projects and programs.
Project managers have the organizational, technical and business management skills to implement transformation strategies. At PMI, we’ve formalized this idea in our Talent Triangle – a model that project managers use to understand the skills they’ll need to be successful. The Talent Triangle reinforces the point that technical skills – as important as they are – make up just one side of the triangle. Equally important are the leadership, and strategic and business management and digital skills that can transform project management from an operational role into a strategy delivery role.
Project managers bring important perspective to business transformation initiatives:
- They understand the importance of clear goals and metrics and can ensure that what the organization is focused on is truly transformational and not just an exercise in incremental improvement.
- They bring an understanding of proven project management methodologies to transformation assignments and can ensure that the optimal project practice – whether predictive, agile or hybrid – is employed to minimize risk, control costs and increase value.
- And they know what resources are required to bring a transformation project to a successful conclusion – including the training, tools and skills that the implementation team may need to get the job done.
Given the exponential growth of business transformation assignments – and the important role that project managers play in their successful implementation – it’s estimated that by 2027, organizations will need more than 87 million individuals in project management-oriented roles.
That’s why we at PMI are so excited to bring this Digital Business Transformation Management Course to our members. We have partnered with CXO Transform, a leader in digital professional learning and development, to offer this online training.
The video learning modules in the series will help foster a deeper understanding of all aspects of business transformation. And they will provide valuable insights and learnings to help project managers develop their aptitude for supporting business transformation initiatives and for advancing their careers.
In today’s world, digital transformation strategies are critical to business survival. All of us in project management have an important role to play in ensuring these transformations succeed.