Crowdsourcing meets Portfolio Management

By Anand Chandrasekhar

PEORIA - Over the last few years, crowdsourcing has been gaining popularity in several fields, especially to gather new ideas for building new products/services or to enhance existing ones. This could be an extremely powerful way to continuously nurture innovation, enable growth, and excel in business.

Some organizations use fancy crowdsourcing applications at the front end of their enterprise to gather ideas from various sources, but often fail to manage them down the line. Unless such applications are seamlessly integrated into a ‘single’ enterprise portfolio, project management & governance solution, even the brightest idea will fail to evolve and deliver.

This integrated phenomenon is largely nonexistent today, even in organizations that have implemented robust crowdsourcing and portfolio management solutions. Lack of such integration can often impair business growth in the following ways:

  • Abandoned ideas – great ideas lost, cannot stay ahead of competition
  • Ideas not aligned to strategies - Misaligned Products/Services
  • Investment on duplicate ideas – loss in direct costs and indirect opportunity costs
  • Ideas not triaged to the right part of the enterprise – reduced probability of success

Summary:

It is important to establish a robust Enterprise Crowdsourcing solution integrated with an Enterprise Portfolio Management solution to serve as a foundational platform for ideation, innovation and path to success in any organization. To sustain & grow, the architecture of portfolios must be flexible enough to factor diversity, and be able to roll them up into single portfolio entities at higher levels. Diversity can exist in process (e.g. agile, structured, etc.), governance models, skills, technology, size, tools and more. CGN has always delivered in the art of bringing the right tools, process and people together to set & accomplish far reaching goals for their clients. With over 2 decades of mastery in helping their clients thrive, CGN is growing stronger to help clients exceed their goals always better.