Project management played a critical role in the success of credit unions in 2023 and will continue to do so in 2024. However, some credit unions are still questioning the need for project management and how to best implement a strategy that meets their specific needs. There are many things to consider when figuring out your strategy, including how people work and the recent advances in technology, particularly AI. As the need for solid project management becomes increasingly significant in our rapidly changing world, these are a few trends to keep an eye on in 2024.
Bifurcation of Project Management Methodologies
Part of creating the right project management strategy involves choosing the correct implementation method. Many credit unions choose either a waterfall or agile methodology. The waterfall methodology focuses on a set of steps to take in order, while the agile management methodology focuses on producing deliverables in stages that have been socialized and tested. However, in more recent years, more credit unions have trended toward a hybrid mix of both strategies. This approach combines the planning instilled in the waterfall process with the flexibility of the agile methodology.
For smaller to mid-sized credit unions or credit unions just getting started in project management work, O2 Consulting Group CEO Bonnie Ortiz recommends the waterfall method. It will allow your team to understand the project scope from end to end, driving the tasks downward from an overall conceptual outcome. But because teams often get overwhelmed with project management planning and lose interest in the steps necessary to achieve the required deliverables, a more flexible approach is desired. Therefore, larger credit unions and IT departments with software development projects often opt for the agile method, Ortiz shared. Using agile methodology allows credit unions to test working models and adapt to feedback in a constant loop. The famed Agile Manifesto reads:
We are uncovering better ways of developing software by doing it and helping others do it. Through this work, we have come to value:
- Individuals and interactions over processes and tools
- Working software over comprehensive documentation
- Customer collaboration over contract negotiation
- Responding to change over following a plan
Rise of Artificial Intelligence
As with many other businesses, artificial intelligence and other management software will become an increasingly important tool for credit unions. It can help take care of the smaller tasks while the rest of your team focuses on the larger, more thoughtful parts of the project. If you can, automate where it is most feasible. Have it handle the tedious tasks, such as deadline and progress notifications, and let the human resources on your team put their best effort into more substantive tasks. Of course, you shouldn’t leave the automation to its own devices; ensure it documents everything.
Centralization vs. Decentralization
Traditionally in credit unions, business leaders have run projects in their respective departments. While they may have expertise in the subject matter of their business line, they often must gain experience in the essentials of the project management process. Centralizing project management with expert project managers to oversee projects will help ensure the entire portfolio of projects is aligned with the organization’s overall strategy. It also will establish consistency and protocols across the organization to successfully manage implementations to the desired outcomes. A centralized project management group supports the standardization of the essential processes, sets priorities, and keeps communication flowing, making identifying risks and potential issues easier.
For credit unions to succeed in managing projects in 2024, they must have the right team to develop and oversee an expert plan across the entire organization. Leveraging project management experts will help credit union leaders run a more efficient and effective organization. Finally, we must select the right methodology for our organizations and specialties and open our eyes to the growing role of AI in project management (and everything else).
Regardless of the size of your credit union, O2 Consulting Group’s veteran project managers, who all come from the credit union community, will partner with you for success. Outsourcing project management avoids the need to hire full-time, high-cost, in-demand or less seasoned staff to fit your budget – a tremendous value! Contact Bonnie and the team today to let us know how O2 can breathe life into your projects.
