Today, organizational success is largely dependent upon appropriate implementation of a vast array of project management strategies which are currently available. Enterprises which fail to follow this methodical approach rarely thrive within their area of domain due to an overall inability to charter a clear course. Yet, those that apply proper strategies, such as the Project Management Maturity Model (PMMM), typically increase the likelihood of realizing set goals and attaining organizational objectives. The following is an evaluation of SAP and Petrotrin which currently serve as the best examples of apposite execution of project management strategies while adhering to key tenets outlined in the PMMM.
Attaining organizational success through a proper implementation scheme
The recent string of successes recorded by SAP and Petrotrin within a competitive pool of contemporaries is proof that both organizations have come of age and are now implementing project management strategies meticulously for success. Both apply PMMM as the most appropriate appraisal tool, which is also linked to their financial gains. SAP dabbles in software development while Petrotrin is deeply involved in the production of oil and gas. The application of key tenets of PMMM and its defining philosophy is testament of its suitability as a fitting maturity model since it was applied successfully within both organizations.
SAP has traditionally relied upon project management practices for organizational success. Models such as PMMM play a fundamental role in setting standards, identifying specific areas requiring urgent attention and continual review. PMMM has allowed SAP to develop an elaborate reference point to gauge success within the organization. For instance, the maiden application of PMMM in 2004 resulted in significant financial gains; from annual revenue of € 7.5 billion to €23.47 billion during a financial review of the company to mark 14 years in the business (SAP, 2018). Increase in revenue is regarded as one of the most noteworthy evidence of organizational success and a clear indication of an organization. Furthermore, SAP created the Global Project Management Office (GPMO) with the primary intention of aiding staff to align their goals with organizational objectives.
Petrotrin has now made a name for itself as the leading nationalized oil and gas company in the Caribbean nation of Trinidad and Tobago. The execution of PMMM is linked to the company’s recent success in areas such as refining which formerly presented an overbearing challenge to the organization. Although the increase in revenue seemed transient, the company still records impressive sales albeit lower than successive years. For instance, Petrotrin is still remembered for making record-breaking sales in 2011 worth $30,702,054, but down to $18,923,908 in 2017 (Petrotrin, 2018). Nevertheless, the company’s success in developing a superior refinery is clear evidence of PMMM’s ability to foster success.
Continuing of Project Management Maturity Model Practices
Typically, maturity models are informed by key phases with specific aims and objectives. This ensures that a sense of direction is created while relying on clear regulations for benchmarking, control, and incremental gains. SAP’s use of a project management approach is widely accepted as a major reason for its success. The company currently applies a nascent holistic modus operandi targeting consumers and prospective clients. SAP is also renowned for using surveys as a novel technique in the quest to improve its services and each of the products on offer. The company is currently involved in the development of user friendly interfaces and groundbreaking software such as Ruum to provide much-needed project management solutions (Kolmetz, 2020). SAP aims to highlight the importance of project management to organizations. This current program was first implemented locally, then internationally to a global market beyond North America.
Petrotrin has persisted in its implementation of Project Management Maturity Model within the scope of its operations. This has been done with the sole aim of guaranteeing efficiency and proper planning during the execution of company projects. Thus, Petrotrin is bound to continue lowering its operational cost in the future while serving as a major actor in crude oil production within Trinidad and Tobago. It is only through Project Management Maturity Model that the company has managed to attain this feat and the reason why other companies now apply this pioneering strategy.
Association between project management and organizational success
The core objective of all major companies is to attain a level of organizational success within their spheres. This insightful evaluation has been vital in linking project management practices to successful projects. However, firms should always remain aware of the possibility of being confronted with unforeseen circumstances and challenges during the application of project management plans. It is noteworthy to acknowledge that the business practices in at SAP improved primarily as a consequence of applying PMMM within the company’s overall operational framework. Project management was at the core of every major undertaking within the company and important in the identification of areas which required immediate attention. Customer surveys also played a major role improving the company’s standing and reputation among customers. Petrotrin, on the other hand, failed to record a similar outcome, but still recorded increases sales.
Project management is an invaluable process within an organization and should always be synchronized with project management. The implementation of Project Management Maturity Model is a relatively recent phenomenon that has benefitted organizations such as SAP and Petrotrin. Companies which rely on such practices will benefit from their application and any imminent changes which is why it is highly recommended to adopt the aforementioned practice.