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 to value streams will help organisations deliver financial and societal value to stakeholders.

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

Businesses today expect their workforce to have the ability to operate seamlessly across functions, be receptive to change when working on projects. The Project Economy is poised to meet both these asks to some degree, allowing executives to structure their organisation around the portfolio of projects that deliver the most value to their stakeholders, while engaging and retaining a capable and motivated workforce.

ISRO’s example

The Indian Space Research Organisation’s programme has been built on core project management principles. Particularly, the Vikas Engine project was a testament to maximising results from minimal resources, demonstrating that when projects have a clear objective and vision, it gives the team a sense of purpose and direction that enables effective execution. The management also implemented a ‘Know Why’ module within the ‘Know How’ project to give leaders an in-depth understanding and share the desired outcome of the project before they undertake the execution phase.

The IT sector has successfully integrated project managers as a key cog in the ecosystem, helping organisations secure optimal returns from complicated technological systems, while ensuring that project costs don’t overrun the company’s budget.

In the infrastructure sector, apart from the complex public and private projects that are being executed, the expected boom in green energy will also fuel the demand for project management professionals. Even insurance companies, stockbrokers and banking institutions often need 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-have. The younger workforce today represents diversity of skills and mindsets, and organisations are beginning to realise that it is important to embrace this diversity and leverage expertise of the workforce in a way that delivers value for the organisation.

Project Management Institute has estimated that the value of project-oriented economic activity worldwide would grow from $12 trillion in 2017 to $20 trillion by 2027, in the process putting some 88 million people to work 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 diverse learning appetite in a workforce, adaptive learning could be effective in implementing a knowledge programme that personalises the pedagogy, the learning map and the pace based on individual preferences. This will need a judicious mix of artificial intelligence, machine learning and predictive and prescriptive analytics that will ensure that learners stay engaged.

The transformation to a project economy will have a profound implications — as leaders realise that projects not only streamline workflows but also have a positive behavioural impact on employees.

Indian companies should consider adopting the project-based approach either on their own or as part of multiple viable options as they step into Industry 4.0. Digital India is fast becoming a reality and a project approach is the best way to build successful digital futures — for individuals, organisations and society.

Natarajan is Board Chair, 5F World, Lighthouse Communities & Honeywell Automation India Ltd; Srinivasan is Regional Managing Director - South Asia, Project Management Institute

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