Tempo Folio for JIRA is built with agile teams in mind. It is easily customizable and flexible, just as working in the agile environment should be. Cost control, on the other hand, is often seen as an unpleasant necessity of business and rarely regarded as something that can be open and flexible, therefore making it seem “non Agile”.
So how does one achieve Agile Portfolio Management? There are many answers to this question, but here’s how Tempo Folio can help.
As we’re always preaching, Tempo Products are flexible, and they really are, trust me. Tempo Folio, for example, can be used to track financials in many ways.
Although there are many best practices, there is no one size fits all for budgeting and with the movement towards adopting beyond budgeting techniques, it’s becoming more and more clear that different practices work better for different kinds of workplaces, whether it be because of industry, size, geographical location, or many other factors.
Tempo Folio users
For the primary users of Tempo Folio, here’s how Tempo Folio can make your financial project portfolio management a little more agile.
Agile portfolio management
So how do we make these jobs as agile as possible without throwing budgets and cost control out the window?
Here are some of the main goals of the agile project portfolio management roles:
|Product Manager||Portfolio Managers|
|Create budgets for their team for each release or each quarter.||Approve budgets for each team within the company.|
|Control and track the budget and costs of their product development per release or per quarter.||Get rolled up financial data of all development and non-development teams throughout the organization.|
|Provide accurate information about the financial health of their product development.||View the status of initiatives within the organization.|
|Revisit their required budget at regular intervals, either based on release or done quarterly.||Get an accurate depiction of value streams within the company and revisit allocated resources at regular intervals based on this information.|
|Ensure continuous improvement and secure the necessary resources to do that.||Focus on value streams rather than cost centers to ensure all teams are adequately funded to be successful, while maintaining profitability.|
Set up Tempo Folio to achieve goals
If you’re working in agile, implementing beyond budgeting principles, and the goals above align somewhat with your own, I suggest setting up your Tempo Folio instance along the following lines.
- Product managers (or any team lead in charge of their budget) are the owners of their own folios.
- The product manager creates a folio (project) for each release or quarter. Learn how to create a folio here.
- This user would then organize all of those folios in a portfolio for their product/ team for the entire year to get an overview of health and progress over time. For more information on how to define portfolios, here’s a video.
- Portfolio managers or CFO/CEOs can easily access these portfolios on a high level and even organize them into higher-level portfolios for the entire company to get a bird’s eye view of the health of all initiatives in real-time.
The possibilities are endless
This is just one way two of the primary roles in your company can move towards a more agile portfolio management strategy.
Since agile is all about being flexible and re-visiting things regularly to continuously improve, I suggest trying out this set up and seeing how it works. If you can find a better way, revisit it and tweak it as needed. After all, that’s the agile way.
Happy budgeting adventures, the Money Llama