PMI PMO of the Year Finalist 2022: Johnson & Johnson FS&T Project Management Office

Project Management Institute (PMI)

2 Feb 202302:07

Summary

TLDRJohnson & Johnson's Finance, Solutions, and Technology PMO, a finalist for PMI's 2022 PMO of the Year, spearheaded a transformation program to reimagine finance within the company. The initiative aimed at global standardization, digital enhancements, and process simplification. The PMO's success was attributed to a strategic blend of finance and technology professionals, ensuring a single source of truth for financial data. They transitioned from project-based to outcome-based reporting, fostering a business partnership with function leaders and breaking down project silos, positioning the PMO as a continuous source of innovation for Johnson & Johnson's digital finance organization.

Takeaways

🏥 Johnson & Johnson's Finance, Solutions, and Technology PMO was a finalist for PMI's PMO of the Year award in 2022.
🌟 The PMO aimed to transform finance within Johnson & Johnson by achieving global standardization, enhancing digital capabilities, and simplifying processes.
🔄 The company sought to centralize financial data and harmonize business processes to establish a single source of truth.
📈 The goal was to shift from retrospective reporting to proactive planning and forecasting.
🤝 The PMO's success was attributed to a strategic blend of program and project managers with diverse backgrounds in finance and technology.
📊 The team worked closely with the Global Finance Leadership Team to bridge the gap between strategic vision and its execution.
👥 Implementation leads were appointed to ensure organizational readiness for the transformation.
🔄 The PMO demonstrated agility by adapting its approach and pivoting its journey as needed.
📊 Transitioning from project-based to outcome-based reporting was a significant change that helped break down project silos and fostered collaboration.
🚀 The PMO is committed to driving business outcomes and operational excellence in Johnson & Johnson's digital finance organization, positioning itself as a continuous source of innovation.

Q & A

What was the main goal of Johnson & Johnson's Finance, Solutions, and Technology PMO?
-The main goal was to reimagine finance within Johnson & Johnson to deliver global standardization, enhanced digital capabilities, and process simplification.
How did Johnson & Johnson address the challenge of being a complex, diverse, and global business?
-They aimed to centralize financial data and harmonize business processes to provide a single source of truth.
What was the shift that Johnson & Johnson's PMO wanted to achieve in their financial reporting?
-They wanted to move from backward-looking reporting to forward-looking planning and forecasting.
How did the PMO blend different backgrounds to create an integrated team?
-They deliberately blended program and project managers with talent from both finance and technology backgrounds.
What was the role of the Global Finance Leadership Team in the PMO's success?
-They partnered with the PMO to close the gap between strategy and its execution, appointing implementation leads on programs to ensure organization readiness.
How did the PMO's approach to reporting change during their journey?
-They pivoted from project-based to outcome-based reporting, which helped them become a true business partner to their function leaders and break project silos.
What was the impact of the PMO's new approach to reporting?
-It was a game changer, allowing the PMO to drive business outcomes and become a source of innovation for Johnson & Johnson's digital finance organization.
What does the PMO's future role entail in terms of driving business outcomes?
-The PMO will continue to drive business outcomes for future releases and the operational side of Johnson & Johnson's digital finance organization.
How did the PMO ensure the integration of business and IT within their team structure?
-By blending program and project managers with finance and technology backgrounds, they created a PMO that truly integrated both business and IT.
What was the significance of the PMO's pivot in their approach to reporting?
-The pivot to outcome-based reporting allowed the PMO to become more aligned with business goals, enhancing their role as a strategic partner within the organization.
How did the PMO's success contribute to Johnson & Johnson's overall transformation program?
-The PMO's success in integrating finance and technology, along with their innovative reporting approach, contributed significantly to the company-wide transformation program by enhancing digital capabilities and process simplification.

Outlines

00:00

🏆 Johnson & Johnson's PMO Success Story

The script introduces Johnson & Johnson's Finance, Solutions, and Technology PMO as a finalist for the Project Management Institute's PMO of the Year in 2022. The PMO played a pivotal role in the company's transformation program, aiming to standardize finance globally, enhance digital capabilities, and simplify processes. The challenge was to centralize financial data and harmonize business processes to create a single source of truth, shifting from backward-looking reporting to forward-looking planning and forecasting.

Mindmap

Keywords

💡Project Management Institute (PMI)

The Project Management Institute (PMI) is a global organization that offers certifications, resources, and community to professionals involved in project management. In the context of the video, PMI recognizes Johnson & Johnson's Finance, Solutions, and Technology PMO as a finalist for PMO of the Year, highlighting its excellence in project management practices.

💡PMO (Project Management Office)

A Project Management Office (PMO) is a centralized unit within an organization that is responsible for the coordination, standardization, and governance of projects. In the video, Johnson & Johnson's PMO is depicted as a key component in the company's transformation program, aiming to reimagine finance through global standardization and digital capabilities.

💡Transformation Program

A transformation program refers to a strategic initiative undertaken by an organization to fundamentally change its business processes, culture, or structure. The video describes Johnson & Johnson's transformation program as an effort to reimagine finance within the company, aiming for global standardization and enhanced digital capabilities.

💡Global Standardization

Global standardization is the process of implementing uniform processes, policies, and practices across an organization's global operations. The video mentions that Johnson & Johnson sought to achieve global standardization in finance to streamline operations and improve efficiency.

💡Digital Capabilities

Digital capabilities refer to the technologies and skills that enable an organization to operate and innovate in a digital environment. In the video, enhancing digital capabilities is a key goal of Johnson & Johnson's transformation program, aiming to modernize their financial processes.

💡Process Simplification

Process simplification involves making business processes more straightforward and efficient. The video emphasizes Johnson & Johnson's goal to simplify financial processes as part of their transformation, which is crucial for improving operational efficiency.

💡Single Source of Truth

A single source of truth refers to a unified, consistent, and authoritative data set that serves as the basis for reporting and decision-making. The video highlights the challenge of centralizing financial data and harmonizing business processes to achieve a single source of truth for Johnson & Johnson.

💡Forward-Looking Planning and Forecasting

Forward-looking planning and forecasting involve anticipating future trends and conditions to make strategic decisions. The video describes Johnson & Johnson's shift from backward-looking reporting to a more proactive approach, which is essential for strategic planning and forecasting.

💡Program and Project Managers

Program and project managers are professionals who oversee the planning, execution, and closing of projects or programs. The video notes that Johnson & Johnson's PMO deliberately blended program and project managers with finance and technology backgrounds to ensure a comprehensive approach to project management.

💡Implementation Leads

Implementation leads are individuals appointed to oversee the execution of specific programs or initiatives within an organization. The video mentions that Johnson & Johnson appointed implementation leads to ensure organization readiness and bridge the gap between strategy and execution.

💡Outcome-Based Reporting

Outcome-based reporting focuses on the results and impact of projects or initiatives rather than just the activities or outputs. The video describes how Johnson & Johnson's PMO shifted to outcome-based reporting, which helped them become a true business partner and break down project silos.

💡Innovation

Innovation refers to the process of introducing new ideas, methods, or products. The video concludes by emphasizing the ongoing journey of innovation within Johnson & Johnson's PMO, which aims to drive business outcomes and continue as a source of innovation for the digital finance organization.

Highlights

Johnson & Johnson's Finance, Solutions, and Technology PMO is a finalist for the 2022 PMO of the Year award.

The PMO aimed to reimagine finance within Johnson & Johnson for global standardization and digital capabilities.

The challenge was to centralize financial data and harmonize business processes for a single source of truth.

The goal was to shift from backward-looking reporting to forward-looking planning and forecasting.

Casting played a significant role in the PMO's success by blending finance and technology talents.

The team understood the importance of strategy execution and structured their team accordingly.

Partnering with the Global Finance Leadership Team was crucial for strategy and execution alignment.

Implementation leads were appointed to ensure organization readiness for program execution.

The PMO's pivot in their journey and the new approach to reporting created significant value for the organization.

Transitioning from project-based to outcome-based reporting was a key change for the PMO.

This shift helped the PMO become a true business partner and break down project silos.

Innovation is considered a continuous journey rather than a destination for the financial solutions and technology PMO.

The PMO will continue to drive business outcomes and be a source of innovation for Johnson & Johnson's digital finance organization.

The PMO's success is attributed to its ability to integrate business and IT, creating a cohesive team.

The PMO's approach to team structuring and partnering with leadership ensured the gap between strategy and execution was closed.

The PMO's innovative reporting methods have been a game changer, enhancing its role as a business partner.

The PMO's focus on outcomes rather than projects has helped to break down silos and improve collaboration.