For a commercial banking client managing 150+ IT projects, Stax was sought to develop & implement a holistic portfolio management mechanism, as a large percentage of critical projects within the portfolio were delayed and original budgets were exceeded.
Stax commenced by conducting a detailed information gathering exercise, which included identifying the bank’s core objectives, reviewing internal processes, & conducting listening sessions with key internal stakeholders—at all organizational levels.
Having understood the ground realities, Stax brought together relevant best practices & required tools to address the persisting gaps, issues, & pain points.
To ensure effective resource allocation, Stax set-up a project implementation office (PMO) which considered six metrics in evaluating the complexity & urgency of a project—with them being classified into 3 categories, upon which projects were systematically allocated to the relevant delivery team.
Thereafter, business cases & business requirements documents were introduced to further screen & schedule projects for delivery, ensuring maximization of internal value & strategic alignment—incoming projects were reviewed against 30+ metrics across 6 key criteria.
Stax introduced a cloud-based PM tool to improve coordination, monitor progress, & instill accountability. Further, the reporting function was fully automated, saving 20 project hours per week. Based on the PM tool, Stax created holistic dashboards that would provide organization-wide visibility for key stakeholders.
The Client accepted all recommendations & were enabled to immediately implement the proposed changes.