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Lean Portfolio Strategy Part 3: Epic Management - Take the Exits

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Organizations might have set up all the process steps for portfolio flow: the monthly strategic portfolio review, the portfolio kanban, even the lean business case. But, they are still not getting the idea that small, testable, constantly evaluated initiatives are what really increase your output of value to the customer and put you way ahead of the competition.

In part 1 of this webinar we explored how signs of imitation LPM show up in an organization’s approach to strategy. In part 2, we covered how to organize around value streams with examples of successful LPM.

Now, in this third webinar in our Lean Portfolio Management series we’ll join Cprime's Michiko Quinones (Jira Align Consultant), Jean Dahl (General Manager, Scaled Agility), & Neha Tiwari (Business Agility Portfolio Consultant) to learn techniques to:

Question performing work that doesn't clearly align to your organization's strategy
Develop a process that makes things smaller and testable when it comes to initiative creation and management
Build a culture that allows work to stop if it's not going to meet its intended purpose
Make sure that you are "thinking lean," rather than just "doing lean"

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Lean Portfolio Strategy Part 3: Epic Management - Take the Exits

  1. 1. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. WWW.CPRIME.COM | 877.800.5221
  2. 2. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. Lean Portfolio Strategy Part 3: Epic Management – Take the Exits
  3. 3. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. HOUSEKEEPING ITEMS Audio is streamed through your computer speakers, so make sure your audio is on and turned up. The recording and slides will be sent to everyone via email within 24-48 hours after the webinar concludes. Submit questions any time during this presentation via the Q&A box on the bottom panel of your screen.
  4. 4. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. OUR SPEAKERS Michiko Quinones Jira Align Consultant Jean Dahl General Manager, Scaled Agility Neha Tiwari Business Agility Portfolio Consultant
  5. 5. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. AGENDA 01 PORTFOLIO KANBAN AND MVP 02 REAL VS. IMITIATION INTIATIVE MANAGEMENT 03 REAL STORIES 04 KEEP THE CONVERSATION GOING/Q&A
  6. 6. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. 6 ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. A Little Bit about Portfolio Kanban and MVP
  7. 7. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. • Manage the flow and bring structure to analysis and decision making • Makes largest business initiatives visible • Provides WIP limits to ensure the teams analyze responsibly • Helps prevent unrealistic expectations • Helps drive collaboration amongst the key stakeholders • Provides a transparent and quantitative basis for economic decision-making ROLE OF THE EPIC LIFE CYCLE
  8. 8. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. • Kanban means “visual signal”, Progress is tracked by visualizing all work • Contains the states (Columns) that define the workflow • Limit Work in Progress (WIP) to improve flow • Flow of the work can be measured via Cycle time and throughput • Exit criteria is defined for each column to manage work • Kanban is a pull system. Teams pull work when they have the capacity for it WHAT IS KANBAN Kanban
  9. 9. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. PORTFOLIO KANBAN COLUMNS/STATES Funnel Portfolio Backlog Implementing Done Review Analyzing New Ideas Go/No Go decisions WIP Limit is applied in each column and prioritization is done Pivot or persevere decision is taken based on the metrics Stakeholder collaborate to review the idea • • • • • • • •
  10. 10. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. WHAT IS A MINIMUM VIABLE PRODUCT? A minimum viable product, MVP, contains just enough features to get early adopters (Analysis Summary) to provide feedback that can be used to prove or disprove the epic hypothesis. It is MVP if- • It can satisfy the minimum need for a specific solution in a way that makes a profit. • It is a minimal form of any product that is tested on the market. • It is the basic model of any product that will fulfill the primary goal that Product hopes to achieve.
  11. 11. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. WHAT ARE LEADING INDICATORS? Leading Indicators: • Describe the early measures that objectively predict whether the business outcomes are being achieved • Key Results of Portfolio Objectives • Establish innovation accounting metrics to objectively measure leading indicators of hypothesis success Leading Indicator Examples: • Amount of sales in the pipeline at 90% • Customer complaints three- month trend • Number of leads created • Contracts in negotiation for Q3 • Average handle time • Number of leads converted to opportunities • Customer cases currently open • Team closing ratio • Average speed of answer • Number of contacts Lagging Indicator Examples: • Last month's P&L statement • Q2 Revenue review • Total problems • # of units sold • Call center calls completed within two minutes • Total incidents • # of different products sold • Product returns in July • Total customer contacts
  12. 12. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. WHY MVP? • The main goal of an MVP is to develop a working product that provides immediate value, quickly, while minimizing costs. • The MVP strategy focuses software development on the smallest feature set of value to a user or customer. • MVP developers are encouraged to fail fast, quickly releasing a series of MVPs to learn which features are valuable or undesirable. • Delivery of MVP often sparks insights and even a pivot to a fundamentally different product. The cycle is repeated until the product feature set is sufficiently grown and validated. • This helps provide insight into properly allocating budget to satisfy the overall business objectives.
  13. 13. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. AFTER MVP LAUNCH • Imperative to collect Metrics and feedback, the Leading Indicator • Important to continue to test, learn and measure, and then test again until the product is finalized. • Metrics & feedback help generate new ideas grounded in user behavior research which shape future versions of the product.
  14. 14. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. 14 ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. Doing One But Not The Other
  15. 15. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. WE DO PORTFOLIO KANBAN BUT…. • Our initiatives are very big and take lots of documentation and time to approve to start • Overtime we forget, or are unclear on the value we intended
  16. 16. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. THE MULTI YEAR BIG INITIATIVE CYCLE
  17. 17. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. THE LEAN PORTFOLIO MANAGEMENT CYCLE
  18. 18. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. • Multi Year • Must be Fully Deployed • Not Provable Until Fully Deployed • Based on Lagging Indicators • ROI • TCO • Full Documentation • Full commitment • Within a year • Small, testable Initiatives • Provable by Leading Indicator • Based on Leading Indicators • Immediate Change Metrics • Eg: 20% increase in Sales Pipeline • Lean Documentation • Ability to back out if the test fails KEY DIFFERENCES Lean Portfolio Management Initiative Management Multi Year Big Initiative Management
  19. 19. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. REAL LIFE STORIES Shifting from Big Initiative to Lean Initiative Management
  20. 20. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. WHY DON’T COMPANIES GO SMALLER?
  21. 21. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. BECAUSE THEY DON’T HAVE HARD CONVERSATION MUSCLES • They don’t ask the hard questions at the beginning • The don’t ask the hard questions during the middle • They haven’t set up for easy exists without shame
  22. 22. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. • Difficult to make trade-off decisions due to lack of proper commitment and silos • Encourage a Fail Fast mindset by incorporating hard questions into how you setup and value the work • Score the work based on the hard questions • Market value • Customer value • Leading Indicators • Prioritize based on score • Constant evaluation of well thought out OKRs THE PRIMARY CHALLENGE How to Shift What Happens
  23. 23. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. Shared Agreement to Well Thought out Measures Stories about Getting Used to Value Scoring and Prioritization
  24. 24. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. Kumbuya Stories about Getting used to Business, Product and IT working together
  25. 25. ©2021 Cprime, Inc. All rights reserved and no copying without express written permission. • Business Leadership – successful transformations really work between Product and Business, not just IT • Thoughtfully vetted initiatives that move in the direction of strategic OKRs • Get real about who you really are, about existing state vs. future state • Many companies don’t even know what their portfolio intake really is - they want to talk about who they want to be without talking about who they really are • Leadership that asks for Real metrics • People understanding that its not a motion activity, it’s got have real thought • Culture that is open to tough conversations – that’s it’s not just about spending • Focus on the Customer - market focus – continually asking about changes in the market CHECKLIST
  26. 26. KEEP THE CONVERSATION GOING… • Connect with our speakers on LinkedIn • Check out Cprime upcoming webinars, read our blog, download whitepapers/case studies & more: • www.cprime.com/resources • Share with us what topics you are interested in, ask us questions or give us feedback! • learn@cprime.com
  27. 27. FOLLOW US ON SOCIAL MEDIA Share in the conversation & keep updated on thought leadership, events & more! on LinkedIn, Twitter, Facebook, & YouTube
  28. 28. QUESTIONS? WWW.CPRIME.COM | 877.753.2760 QUESTIONS?
  29. 29. QUESTIONS? WWW.CPRIME.COM | 877.753.2760 THANK YOU WWW.CPRIME.COM | 877.800.5221

Organizations might have set up all the process steps for portfolio flow: the monthly strategic portfolio review, the portfolio kanban, even the lean business case. But, they are still not getting the idea that small, testable, constantly evaluated initiatives are what really increase your output of value to the customer and put you way ahead of the competition. In part 1 of this webinar we explored how signs of imitation LPM show up in an organization’s approach to strategy. In part 2, we covered how to organize around value streams with examples of successful LPM. Now, in this third webinar in our Lean Portfolio Management series we’ll join Cprime's Michiko Quinones (Jira Align Consultant), Jean Dahl (General Manager, Scaled Agility), & Neha Tiwari (Business Agility Portfolio Consultant) to learn techniques to: Question performing work that doesn't clearly align to your organization's strategy Develop a process that makes things smaller and testable when it comes to initiative creation and management Build a culture that allows work to stop if it's not going to meet its intended purpose Make sure that you are "thinking lean," rather than just "doing lean"

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