As a company grows larger and becomes more diverse in its operations, it may begin to experience a variety of growing pains. Entrepreneurs often discover that separate departments or business units are working on similar projects which results in waste of resources and costs.
Within a large organization, two groups might find that they are working on projects that contradict or compete with each other. Even after these situations are figured out, it can take weeks or months to reorder and strategize the overall direction the company wants to proceed with.
Then what’s the solution? Enterprise Project Management or EPM.
What is EPM?
To understand what EPM is and why it’s important, it’s better to take a step back and consider the definition of project management.
Wikipedia says, “Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time.”
However, a company involved in multiple projects, each focused on a unique goal with a specific deadline, needs a way to organize and direct those projects. That’s where Enterprise Project Management comes into play.
EPM refers to the way of managing projects on a companywide scale. It involves implementing various strategies and processes focused on streamlining and improving the effectiveness of the company’s portfolio.
What makes EPM different?
Traditional project management tactics focus on seeing one specific project from beginning to end, with a defined & measurable objective.