Successful companies cannot grow without purpose. Organizational decisions need to be intentional and focused on what’s best for the business at a given time. Depending on the maturity of a company, bigger and faster isn’t always better.
This is especially true for project-based organizations leveraging project management teams. The success of such an organization depends on the effectiveness of their project management efforts, as it directly impacts their competitive advantage.
That’s why at Bindable, we have put an emphasis on purposefully building and maintaining an effective project management (PM) team that has grown as the needs of the organization have evolved over time. Being deliberate in how we approach project management enables us to focus on what’s working and discovering what needs improvement, ensuring that the maturity of our PM team matches the needs of our business at any given time. Increasing our maturity with intention overtime has been integral to the success of our client projects, and in turn, our business.
A project management maturity model is a tool that helps determine how well a PM team is executing at its current state. While project management matures organically and looks different for each organization, using a maturity model helps organizations assess where they need to focus their efforts to improve over time.
In a previous blog post, we referenced the following graphic. This shows the common components of a project management maturity model using five levels to demonstrate how a PM team’s maturity should correlate to the trajectory of their organization’s growth.
It’s important to note here that there are a range of maturity models used by different organizations and for different reasons, so project managers should do a bit of research to determine which is the best fit for their organization. The model we’re using here is based on elements found in the Capability Maturity Model (CMM), which is one of the most commonly used models and is appropriate to address the needs of most businesses. Regardless of which model you use, the goal remains the same: to create reliable and repeatable processes that ensure the efficiency, productivity, and effectiveness of your organization’s people, products, and services.
Using the maturity model presented in the graphic above, and the brief definitions I’ll outline below, organizations can determine where their PM maturity stands, and consider what it takes to get to the next level. Here are general parameters for each stage:
| Level 1: Ad Hoc Project Management |
At this level, there are very few elements of successful project management in place, which means it is prone to failure. As the name “Ad Hoc” suggests, management of projects is very reactive rather than proactive. Without defined processes and appropriate oversight, projects take too long, run over budget, do not meet all deliverables, etc. |
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Level 2: Standardized Project Management |
Organizations at this stage usually have at least one dedicated project manager. Here, organizations begin to realize the benefits of more repeatable processes, consistent communication plans, and better timelines. However, project management is often siloed by teams (meaning different internal teams follow different standards) and lacks cross-functional collaboration. |
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Level 3: Organizational Project Delivery |
This stage is marked by the establishment of a project management structure. The PM team coordinates with key leadership to form the foundation for change management and establish the use of project management tools; document processes; and implement clear communication procedures at an organizational level. Project management is informed by and aligned with the overall organizational strategy and objectives. |
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Level 4: Strategic Project Delivery |
At this level, all the necessary tools are in place to manage and measure the effectiveness and efficiency of all projects. The organization has accumulated enough historical data overtime to track project performance and establish repeatability. Now the organization can make the most informed decisions to ensure future project success and to prioritize new projects as they arise. |
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Level 5: Optimization |
While this might be the “final” level of the maturity scale, it doesn’t mean the work ends here. Instead, success depends on having the systems and mindset in place to continually update, tweak, improve, and change processes based on business needs. Such evaluations don’t just inform new business decisions, they are used to improve already established business processes too. |
Successful project management is a process. If you’re part of a younger organization and operating at one of the earlier levels of the maturity model, it doesn’t mean you’re failing. It just means that you’re working within the current constraints of your business.
And those who are further along the model aren’t nearing a finish line; instead, they must remain committed to continuous improvement. By doing so, an organization will have a strong foundational culture for change management, and in turn, drive meaningful growth for their business.
At Bindable, we are constantly assessing where we land in the model outlined above because it keeps us focused on how we might be able to scale our business more efficiently and effectively to have a positive impact on internal and external teams as we grow. It provides us with an understanding of our current and future resources and capabilities, and reinforces continuous improvement as an important part of our organizational culture.
As a technology provider, it is important for us to run client implementations and develop, build, maintain, and release product updates and improvements in a timely manner. Project management tools and processes help us focus on the right priorities and deploy our resources to maximize productivity and efficiency, which in turn creates value for both our clients and the organization. As we have evolved, we have been able to create repeatable processes that give us the ability to consistently perform on time and under budget, increasing our maturity as an organization.
Recently, two graduate-level students joined our PM team as interns. They were responsible for running a critical client on-boarding project that involved a new product upgrade. Because we are at the level of maturity where all documentation, processes, and communication plans were in place, the interns were able to hit the ground running. They not only helped 15 clients (five more than our goal!) go live smoothly and in a short amount of time, but they also made improvements to the product and process along the way, helping increase our overall effectiveness as a team.
Having worked with many leading insurance companies and brands, we understand that investing in a tech solution is only the beginning. Ensuring a return on your investment requires careful project management that streamlines processes, focuses on efficiencies, and meets delivery expectations. We believe that our team’s focus on increasing our project management maturity and enabling continuous improvement has proven to foster stronger relationships and solidified our role as a trusted advisor to our clients.
If you’re interested in working with Bindable on your insurance initiatives, contact us today!