For a project economy – The Hindu BusinessLine

It is important to understand the role of projects and their effective execution in the context of nation building and economic value.

In a project economy, successful project completion, product delivery, and alignment with value streams help organizations provide financial and social value to stakeholders.

Digital transformation has led to the creation of new customer journeys and innovative learning paths for employees.

Companies today expect their employees to be able to work seamlessly across functions and be receptive to change when working on projects. The project economy stands ready to meet both of these requirements to some extent, by allowing leaders to structure their organization around the portfolio of projects that offer the greatest value to their stakeholders while also engaging a capable and motivated workforce and to hold.

The example of ISRO

The Indian Space Research Organization’s program was built on core project management principles. The Vikas Engine project in particular was a testament to maximizing results with minimal resources, demonstrating that projects with a clear goal and vision give the team a sense of purpose and direction that enables effective execution. Management also implemented a ‘Know Why’ module within the ‘Know How’ project to give executives a deep understanding and communicate the desired outcome of the project before starting the execution phase.

The IT sector has successfully integrated project managers into the ecosystem as key wheels, helping organizations achieve optimal returns from complicated technological systems while ensuring that project costs stay within the organization’s budget.

In the infrastructure sector, alongside the complex public and private projects being executed, the expected green energy boom will also fuel demand for project management professionals. Even insurance companies, stockbrokers and banking institutions often require external project management consultants to oversee complex business initiatives.

More and more job descriptions are likely to list project management skills and experience as a must. Today’s younger workforce represents a diversity of skills and mindsets, and organizations are beginning to recognize the importance of embracing this diversity and leveraging the workforce’s expertise in ways that add value to the organization.

The Project Management Institute has estimated that the value of project-oriented economic activity worldwide would increase from US$12 trillion in 2017 to US$20 trillion in 2027, employing around 88 million people in project management-oriented roles.

All organisations, both public and private, must have access to good internal execution skills through good project managers.

Considering the different appetites for learning in a workforce, adaptive learning could be effective in implementing a knowledge program that personalizes the pedagogy, learning map, and pace based on individual preferences. This requires a judicious mix of artificial intelligence, machine learning, and predictive and prescriptive analytics that ensures learners stay engaged.

The transformation to a project economy will have profound implications – as leaders recognize that projects not only streamline workflows, but also have a positive impact on employee behavior.

Indian companies should consider adopting the project-based approach either alone or as part of several viable options when embarking on Industry 4.0. Digital India is fast becoming a reality and a project approach is the best way to build a prosperous digital future – for individuals, organizations and society.

Natarajan is CEO of 5F World, Lighthouse Communities & Honeywell Automation India Ltd; Srinivasan is Regional Managing Director – South Asia, Project Management Institute

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