Project Management Essentials for a Successful Internet of Things (IoT) Project Portfolio

Project Management Essentials for a Successful Internet of Things (IoT) Project Portfolio
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To take advantage of the opportunities that the Internet of Things (IoT) presents, you need to get organized for the journey.  This will take aligning strategic and project management competencies for the challenges ahead.  This article outlines five key things to think about and put into place to get you to your goals.  The most important thing is to outline the appropriate strategy for your organization, and then to organize around that strategy for successful implementation – both in terms of managing projects and managing operations. This is the fourth part of a series of four articles on “Project Management for the Internet of Things (IoT) Opportunity”, where we explore this lucrative opportunity in practical terms.  This article, Part 4 in the series, “Project Management Essentials for a Successful IoT Project Portfolio,” dives into the key elements you and your organization to strive for to exploit the IoT opportunity.  Part 1, looks at “What Does IoT Disruption Mean for Project Management?”, defining the disruptive change and what it means.  Part 2, “Where the IoT Is a Driver of Strategic Opportunity”, looks deeper into strategic drivers at work.  Part 3, focuses on “A Compelling Strategy Driven By the IoT”, where you’ll read about a case of betting a company’s future on the IoT.    Here are five ways for an organization to most effectively manage projects focused on the IoT opportunity:

  1. Focus on delivery of value – Agility is required.  Things change rapidly, so stay nimble and prioritize for quick delivery of value.  But to complement the agility, you a long term strategic vision of the end state you are moving toward.  How will you combine products, information, and sharing to produce a valuable offering where there is demand and where you have strategic advantage?
  2. PM competency required – To drive growth in the IoT space, you need strong project management competency within the organization.  This will probably include broad and deep competency in managing software development projects, but it will also take an appreciation for linking software to specific application domains.  Does your organization have the PM competency in software to complement industry expertise?
  3. Awareness of IoT - The IoT provides a lot of opportunity for growth.  Does your organization have the IoT vision – a clear picture of what is possible, and where your organization might fit?  What opportunities does the IoT offer to your organization?
  4. Collaboration helps – What strengths does your organization possess…and what weaknesses does it have?  Are there partnership possibilities that might be mutually beneficial and fill in the gaps for you?  What new conversations need to happen within your organizational confines to make it happen?
  5. Evaluation and implementation – Do you have the in-house competency to evaluate IoT opportunities and initiatives?  How will you evaluate what you will and will not do with your limited resources to seize the opportunity?  Do you need outside competency to help with the evaluation, or even the implementation?

Is the IoT a unique opportunity for your organization?  Which of these applies most strongly in your situation?  What do you need to address first?

This post is part of the series: Project Management for the Internet of Things (IoT) Opportunity

This series of four articles looks at different facets of the IoT Opportunity. 1. What Does IoT Disruption Mean for Project Management? 2. Where the IoT Is a Driver of Strategic Opportunity 3. A Compelling Strategy Driven By the IoT 4. Project Management Essentials for a Successful Internet of Things (IoT) Project Portfolio