The importance of project management in digital innovation

In today’s fast-paced world of innovation and digital transformation, effective project management is becoming increasingly crucial to a company’s success.

The days of a project manager being responsible for only planning and scheduling are long gone. 

Now, they’re expected to deliver much more. 

Digital project management in 2023 and beyond

As enterprises prioritise digital innovation above almost everything else, project managers are being asked to lead that technological change.

This means taking on a wide range of new roles, which include:

• Developing and implementing strategies for digital innovation
• Managing the budget and resources for transformative projects
• Managing and communicating with stakeholders to ensure alignment and buy-in
  Overseeing the execution of the project and ensuring it stays on schedule and within budget
• Continuously monitoring and assessing the effectiveness of the transformation process and making necessary adjustments

If that’s not enough, project managers are now expected to be experts in emerging digital technologies and digital-enabled business models.

This means keeping up with the latest trends, understanding the potential impact on the organisation and identifying opportunities for innovation.

Building and maintaining external relationships with vendors, startups and analysts is also key, as it allows project managers to be part of relevant ecosystems and stay ahead of the curve.

Increased engagement with C-Suite executives

The C-Suite, including the Chief Executive Officer (CEO), Chief Technology Officer (CTO) and Chief Information Officer (CIO), now rely heavily on project managers to help them achieve their goals.

The CTO and CIO, for example, may be responsible for identifying the latest technologies and digital trends that can be implemented within the organisation, but it is the project manager’s responsibility to take those ideas and turn them into actionable plans.

For this reason, it’s vital that project managers can clearly communicate objectives with both the C-Suite and the project team.

Cultural change

Project managers will find the process of transformation to be a complex and difficult endeavor, as it often requires individuals and organisations to fundamentally change the way they operate.

While the technical aspects of implementing new systems or technologies may present their own set of challenges, the most significant hurdle in achieving successful transformation is often the resistance that people may have towards change.

To get the best possible outcomes in change management, effective leaders in transformation must be skilled in navigating this resistance and building support from those who may be impacted.

This requires a deep understanding of the underlying motivations, concerns, and fears of individuals and teams, as well as the ability to communicate and present the benefits in a way that resonates with them.

Risk management

Digital innovation comes with its own set of risks and project managers must be able to identify and mitigate those risks.

This includes assessing the potential impact of a particular technology or process on the organisation, as well as identifying any potential roadblocks or issues that may arise during the project.

It also means being able to develop contingency plans and mitigation strategies in case things don’t go as planned.

Different types of project management

With an ever expanding list of responsibilities, expectations and circumstances to navigate, project management for enterprises comes in various forms, including:

Agile project management (also known as scaled project management)

Agile project management is a method of project management that emphasises flexibility, collaboration, and client satisfaction. It is often used to manage projects that are complex, fast-paced, and subject to change.

Recovery project management

Recovery project management is the process of leading and coordinating efforts to restore normal operations and functions of a business that has been impacted by an unexpected event such as a cybersecurity attack, natural disaster or other crisis.

Program project management

Program project management refers to the coordination and management of multiple, related projects that are grouped together to achieve a common goal or set of objectives. Program management is typically used in large-scale, complex initiatives that involve multiple teams and stakeholders and have a significant impact on a large enterprise.

Portfolio project management

Portfolio project management is the process of managing and coordinating a group of projects and programs that are aligned with an organisation’s strategic goals and objectives. It is a higher level of management than program or project management, and it encompasses the entire project portfolio of an organisation, rather than focusing on a specific project or program.

Audit project management

Audit project management is the process of planning, coordinating, and executing an audit engagement in order to assess the effectiveness and efficiency of an enterprise’s operations, systems, and controls. The audit project manager is responsible for leading the audit team and ensuring that the audit engagement is completed on time, within budget, and in compliance with professional standards.

Expert support for project management

Today, many projects live and die based on the level and quality of digital project management. Because of the critical nature of the work, and the diverse range of skills and attributes required, leading enterprises will seek the support of technology consulting firms.

These firms, led by highly experienced management consultants, are project management experts who can oversee the execution of highly complex digital projects while also providing additional support and training to in-house project managers.

With decades of management consulting experience, the team at rewired.one are specialists in digital project management.

To talk about your project and find out the best next step, request to book a free discovery session today.

Rewired.one partners with large enterprises, startup businesses and government agencies to unlock the full power and value of blockchain technology.

Find out more