Your governance maturity model is streamlined with the most effective strategy, and the costs associated with unproductive and time-consuming manual tasks are completely eliminated.
The Main Levels of Company’s Development
All companies are interested in developing, creating, and maintaining a competitive position, expanding their business, regardless of the specifics of the business and attitude to project activities (both project-oriented companies that use the project approach in their core business, and process-oriented companies that use projects as a tool for internal development) one way or another implement projects in the course of their activities.
Information from reporting and analytics tools, including the governance maturity model, allows you to know which activities are productive and which are not. Improved identification of areas of integration of digital technologies into global value chains, which include:
- the field of interaction with customers (methods of customer identification; methods of “online growth”; the formation of points of contact with customers);
- the sphere of operational processes (digitalization of the production process; digitalization of labor organization to increase management productivity);
- the scope of building a business model (digitally modified business; development of new types of digital business; digital globalization of value chains).
There are certain approaches that allow assessing each level of a company’s development. An example is models that describe the stages of development of an organization, which are called maturity level models. The success of launched projects directly depends on the quality and level of development of the project management system in a given company. Adapting existing processes to the implemented program can fail due to many factors – from the inability to restructure the process to electronic document management to sabotage by automation staff due to disruption of their normal work.
The Effective Governance Maturity Model
At the moment, there is a large amount of data that reveals the impact of the governance maturity model on the performance of the organization. Published data from companies including AT&T, Boeing, Hewlett Packard, IBM, GM showed that the immediate results of implementing project management processes are:
- reduction of product withdrawal time by 30-65%;
- reduction of defects and alterations by 35-75%;
- reduction of content and engineering changes by 45-68%;
- growth of the average profit by 6%;
- growth of return on investment in some cases up to 20%.
The governance maturity standard model contains detailed information on how to use its maturity model in practice. Including a description of 30 process groups, the creation, and management of which will allow the organization to go from the first level to the fifth. Each group of processes is assigned to a certain level of process maturity (starting from the second) and the area of application of efforts (thread). In this way, you can track how each group of processes evolves as the level of process maturity increases.
What Does Governance Maturity Model Include?
The governance maturity model includes:
- the quality of processes;
- the environment of the organization;
- the culture of the organization;
- the implementation of the strategy.
In most, or probably in all companies that work with external capital, there are Boards of Directors. This suggests that this management system – a modern international corporate governance system – is necessary if a company wants to work with external capital. Since the actions aimed at creating the product of the project are performed “phase by phase” of the project life cycle, the project life cycle management provides both common methods of project management and specific, context-related (application area) projects.