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I N F O R M AT I O N T E C H N O LO G Y S E R V I C E S

Moving Agility to
the CIO Agenda
Towards Enterprise-Grade
AgileManagement

CIO ADVISORY | 2015


MOVING AGILITY TO THE CIO AGENDA

CONTENTS EXECUTIVE SUMMARY


Executive summary 2 CIOs are inherently positioned to facilitate the transition to new digital business
models based on Agile processes and structures and supported by digital innovation.
Driving agility above and beyond application development 3 But the reality is that many senior IT executives have difficulty working out where to
begin and how to proceed. On the one hand, they can draw from a rich arsenal of Agile
Organizational agility comes in three flavors 3
methods, tools and examples for software development, but on the other hand, it is not
Strategic agility identifies and seizes agility-enabling opportunities 3 always obvious how to turn this knowledge into an actionable framework for increasing
Portfolio agility facilitates the flexible allocation of resources 4 agility above and beyond applicationdevelopment.
Operational agility enables new and more effective ways ofworking 5 KPMG member firms have already helped several organizations turn Agile knowledge into
powerful approaches for delivering effective results in several areas, including unexpected
Facing and removing the obstacles impeding progress 6
ones such as meeting SOX requirements. Based on this broad experience we recommend
Progressing towards greater organizational agility 7 CIOs structure their agility agendas across three types:
1) Launching new digital business capabilities based on innovative technologies such as cloud,
How KPMG can help 9 social, mobile and advanced analytics;
2) Developing an effective governance and portfolio management framework for guiding the
allocation of resources between innovative capabilities and the legacy core; and
3) Applying Agile frameworks like Scrum, not only to accelerate software development but to
bring agility to business process transformation as well.
Organizations embarking on agility-enabling initiatives follow similar learning curves and steps as
they advance from understanding how Agile methods work to attaining high levels of organizational
agility and process maturity. Success depends on the ability to overcome the barriers that stagger
or stall many implementations. Specifically when it comes to Agile frameworks, CIOs need to be
aware of a few pitfalls, including focusing too narrowly on application development projects, failing to
address the need for more collaborative and less formal decision-making processes between business
stakeholders and IT experts, and using misplaced service contracts and structures to separate the
business functions from IT, as many organizations used to do in thepast.

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DRIVING AGILITY ABOVE AND BEYOND APPLICATION DEVELOPMENT


Business leaders increasingly view agility For example, research from Gartner shows where to begin and how to proceed. On for increasing overall organizationalagility?
as a critical imperative for competing in that the synergy of mobile, social, cloud the one hand, they can draw on Agile a
Given the significance and scope of
todays economy1. The concept originated and analytics has driven the fast adoption of rich management framework consisting of
organizational agility, CIOs need to partner
in product design and manufacturing, but innovative business practices and processes principles, concepts, structures, methods and
with the business and IT stakeholders as
during recent years has been successfully that are now morphing into new platforms tools for software development, including
change agents and enablers to drive agility
applied in the IT industry to accelerate for digital business4. Meanwhile Forrester Extreme Programming (XP), Scrum, Kanban,
and take responsibility for the outcomes.
product innovation and address complexity, ranks agility as the single most important Lean Software Development, variants of
Readers already familiar with Agile methods
cost, quality and lifecycle management capability that enables organizations to these and more. On the other hand, it is often
like Scrum will recognize the similarity
issues related to software development survive and thrive in todays turbulent difficult to develop agile capabilities beyond
between this role and how product owners
anddelivery2. world, through attributes such as channel software development if business owners
and Scrum masters help stakeholders
integration, infrastructure elasticity and and other IT stakeholders are not conversant
As IT innovation continues to enable an (business and process executives, software
software innovation5. with the same Agile methods and rules.
ever-expanding wave of complementary developers and IT suppliers) identify and
business innovation across all industries, CIOs operating at the nexus between In this paper we apply KPMG member reach consensus on what needs to be
avariety of studies point to the necessity of business and IT are inherently positioned firms experience from several client done; and to confront and remove the
making organizational structures more agile to drive the transformation to digitization engagements to answer the question: obstacles that impede progress, stay
in order to leverage these rapid advances and greater organizational agility. But What should CIOs do to translate focused and advance towards future goals.
in technology-based innovation and quickly reality demonstrates that many senior their mastery of Agile for application
convert them into compelling products3. IT executives have difficulty working out development into an actionable framework

ORGANIZATIONAL AGILITY COMES IN THREE FLAVORS


Turning agility into a business imperative STRATEGIC AGILITY IDENTIFIES AND SEIZES of such agility-enabling technologies and re-thinking of traditional IT management
requires consensus among stakeholders AGILITY-ENABLING OPPORTUNITIES solutions include mobile and cloud-based capabilities for planning, building and
on goals and means. This isnt always easy, digital platforms for product development, running applications. Theresult is the
CIOs have always been expected to run an
because expectations and perceptions process automation and digital business; deployment of a new operating model for
efficient and effective IT organization that
change over time, and in most cases agility analytics for accelerating decision support; IT7. The business expectations from this
supports the business but more recently
is not only a moving target but the change and social media for enabling faster new model are faster and more flexible
they are expected to also identify and
driver as well. CIOs can facilitate consensus communication and deeper engagement communication with customers and
apply IT innovation directly into creating
building around the agility imperative by with customers. partners, shorter development lifecycles,
differentiated products and services.
developing an agenda that incorporates rapid return on investments, continuous
Evenmore challenging, the rate of change Under the current wave of technology
three types including strategic, portfolio, process improvement and feedback loops,
is much faster and time to market is the innovation and solutions, a critical aspect
and operationalagility6. and better risk mitigation. Arguably, one
most important metric. Todays examples of the CIOs agility-enabling job is the
of the most effective approaches for

1 http://www.kpmginfo.com/ceo-study/documents/ceo-study1.pdf 5 http://searchcio.techtarget.com/tip/Forrester-Achieve-business-agility-by-adopting-these-10-attributes
2 L. Mathiassen and J. Pries-Heje, Business agility and diffusion of information technology, European Journal of Information 6 https://hbr.org/2009/02/how-to-thrive-in-turbulent-markets
Systems (2006) 15, 116119, http://www.palgrave-journals.com/ejis/journal/v15/n2/pdf/3000610a.pdf 7 http://www.kpmg-institutes.com/content/dam/kpmg/advisory-institute/pdf/2014/next-generation-it-operating-models.pdf
3 E. Brynjolfsson & A. McAfee, The Race Against The Machine (2011), http://raceagainstthemachine.com/
4 https://www.gartner.com/doc/2933218?srcId=1-3132930191#a-14327807

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ORGANIZATIONAL AGILITY COMES IN THREE FLAVORS CONT...


delivering these benefits relies on Agile, Given the advent of agility-enabling FIGURE 1: WHY SUCCESSFUL ORGANIZATIONS USE AGILE METHODS LIKE SCRUM FOR
the management framework that many technologies and Agile methods and tools, PRODUCT DEVELOPMENT
startups and technology giants like IBM which make possible the release of new
and Microsoft, and more recently Amazon, functionality and changes on daily and Rapid Client Delivery with Focus on Return
Apple, Google and Facebook have been weekly cycles, IT organizations also need on Investment (ROI)
using alike, to accelerate the delivery of more flexible planning and budgeting
Highly-valued features are implemented first and hence higher
their products and services and compete cycles as well as more efficient operational return on investment is realized in the early stages.
in the IT industry (see Figure 1). The processes to exploit the potential benefits
framework has also been adopted by many of the new technologies and management Risk Mitigation
Fortune 500 companies to accelerate the frameworks. But changing the traditional IT
Short iterations support continuous feedback and enhance
digitization of business processes, and has model requires time and resources, and is
visibility into the project and product all the way through, rather
occasionally been generalized and applied not risk-free. To avoid undesired disruptions, than at the end of the project.
to product development above and beyond many CIOs are looking at bimodal10 or
software development8. two-speed11 transformation strategies Continuous Client Evaluation
leading to hybrid IT models12 which continue Iterative delivery allows client to validate the product inch by inch
PORTFOLIO AGILITY FACILITATES THE FLEXIBLE and inhibits defect accumulation with regard to requirements,
to run and improve traditional capabilities
ALLOCATION OF RESOURCES Agile design, and code.
while permitting the deployment of more Benefits
Traditionally IT organizations have played agile ones.
the role of service suppliers to business Evolving Requirement Adaptability
stakeholders, as they have taken To make the hybrid IT model work,
responsibility for the timely delivery of CIOs need an effective governance and An iterative approach allows for quick modifications at minimal
portfolio management framework for cost and time impact.
robust, reliable, standardized, scalable
systems by using yearly planning and guiding business stakeholders through the
budgeting cycles, waterfall models for allocation of resources between traditional Continuous Quality Management
software development, and standardized core IT and new digital innovation. KPMG Ongoing testing, throughout the development iteration lifecycle.
processes based on best-practice member firms have developed such a
frameworks like ITIL for IT delivery and framework for client organizations to help
support9. After decades of continuous them manage the growing complexity Continuous Learning and Improvement
improvement, this approach has become of their applications and transition from
Retrospectives are carried out at the end of each sprint, not at
common practice and it is extensively reactive inventory management to proactive the end of the project.
applied by IT organizations across all application portfolio optimization (APO)
industries to keep the costs and risks of and innovation. The framework, which has
technology investments under control, and been validated during numerous client
proactively manage the ever-increasing engagements, is aimed at increasing
complexity of IT systems through carefully business agility and value from technology
planned quarterly or yearly upgrades and investments, controlling complexity and
rationalization cycles. costs, and mitigating operational risks13.

8 Jeff Sutherland, Scrum The Art of Doing Twice the Work in Half the Time, the Crown Publishing Group, 2014 http://www.amazon. 11 http://www.mckinsey.com/insights/business_technology/reinventing_it_to_support_digitization
com/Scrum-Doing-Twice-Work-Half/dp/038534645X 12 http://www.kpmg-institutes.com/content/dam/kpmg/advisory-institute/pdf/2014/next-generation-it-operating-models.pdf
9 http://www.itlibrary.org/ 13 http://www.kpmg-institutes.com/institutes/advisory-institute/articles/2014/10/optimizing-application-portfolio.html
10 http://www.forbes.com/sites/howardbaldwin/2014/01/17/the-cios-dilemma-making-the-leap-to-the-next-phase-of-computing/

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ORGANIZATIONAL AGILITY COMES IN THREE FLAVORS CONT...


OPERATIONAL AGILITY ENABLES NEW AND Create and prioritize the product FIGURE 2: KEY DIFFERENCES BETWEEN TRADITIONAL AND AGILE PROJECT MANAGEMENT
MORE EFFECTIVE WAYS OFWORKING backlog. This is the list of requirements
In addition to improving agility through and roadmap that need to be
effective governance and proactive portfolio implemented in order to translate the
optimizations, CIOs need to champion product vision or desired change state
and support the deployment of faster and into reality. Thebacklog evolves over the
more flexible work processes based on product lifecycle. The product owner
optimized communications and shorter consults with stakeholders and the team
to align expectations versus what can be TRADITIONAL
delivery cycles. One of the most successful PROJECT MANAGEMENT AGILE APPROACH
Agile approaches supporting these new done. She estimates the work, articulates
processes and ways of working is Scrum, criteria for calling the work done, and Working Software
Comprehensive Documentation
a management concept which revolves prioritizes the backlog. (Major release, (Incremental delivery,
around lean management principles, a Plan and execute sprints. Sprints are defects impact is very high) defects impact is lower)
collaborative structure and a fast, iterative fixed length development cycles no Contract Negotiation Customer Collaboration
process, known as sprint (see Figure 2). longer than two to four weeks. During
Command and Control Leadership and Collaboration
A good way to get familiar and experiment sprints the team works autonomously
on backlog items that are fixed once the Following a Plan Responding to Change
with Agile frameworks like Scrum is
sprint plan has been agreed. Therefore (There is no going back) (Response to change is more
through application development projects. timely and free flowing)
But the methodology can also be described it is important that the product owner
as a generalized succession of steps that makes sure during planning that the Linear and Sequential Approach Iterative Workflow
team clearly understands what needs (Main Release, Activities follow (Small releases of software
can be easily applied to any initiative aimed
to be done. Then, during execution the a linear sequence) modular nature, Activities will
at creating or improving products, services
scrum master coordinates the effort of occur in parallel)
or capabilities:
the autonomous team according to the Formal Communication Formal and informal
Establish the project structure and envisaged progression of the work and Communication
assign roles and responsibilities. Scrum facilitates daily communication with the Predictability Adaptability
projects are typically flat, interactive team members.
groups where business people and
domain experts work collaboratively, Demonstrate tangible results and
communicating face-to-face when review the sprint. At the end of
possible. Scrum projects have three each sprint the team demonstrates to
roles: product or capability owner, scrum stakeholders tangible results in terms
master and team. of the work they have completed. If the
product is still a work in progress, these
results should be a completed part or
feature. Then the team reviews the sprint
to evaluate what worked well, what
didnt, and what they need to improve in
the next sprint.

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ORGANIZATIONAL AGILITY COMES IN THREE FLAVORS CONT...


Organizations that have implemented project requiring fast, accurate and efficient expected areas such as meeting SOX obstacles hindering the implementation
Scrum have also discovered that this implementation. KPMG member firms requirements. Butexpanding Scrum above of Agile projects through a sustainable
Agile framework has the power to have already helped several organizations and beyond application development is organizational changeapproach.
accelerate and improve not only software turn Scrum into a powerful approach not trivial. CIOs need to help stakeholders
development but essentially any kind of for delivering effective results in less embrace the Agile mindset and remove any

FACING AND REMOVING THE OBSTACLES IMPEDING PROGRESS


Deployment of Agile requires a mindset customers and IT suppliers even and slow approach falls short in the on new applications versus managing
change and a shift in the way organizations when suppliers are internal functions, world of digital innovation and agile the existing ones? Which applications
work, and is likely to be subject to the which should share and be measured processes where new initiatives need are business critical, and which are nice
same obstacles that occur during most on the same goals as their customers. to be completed within a few weeks or to have? What levels of performance
organizational change initiatives14. In Moreover, when the organization uses months. KPMG expects that during the does the organization expect from its
addition, Agile methods require CIOs to be formal accountability models that give coming years the majority of CIOs are application portfolio? What levels of risk
aware of a few more pitfalls: full ownership of IT costs and risks to IT likely to address this challenge through is the organization prepared to accept
silos, the traditional model puts a hard hybrid or bimodal IT, an operating model from developing new applications and
Too narrow focus on application
stop to collaboration and innovation. CIOs that will continue to use the traditional maintaining the existing ones?
development. The advantage of
can improve the situation by deploying budgeting, planning and approval
developing software more quickly than Mistaken compliance policies. In
Scrum-style project structures and roles approach for core IT, while deploying
traditional methods will fade away if many organizations compliance is
that encourage the business and IT a more fluid business-driven planning
the development process is not aligned perceived as an obstacle to agility,
functions to collaborate and focus on process based on Agile principles for the
with other IT roles and processes in the especially when it consists of onerous
common goals, instead of driving them digitalbusiness15.
context of shared business objectives. documentation, cumbersome control
apart through misplaced service contracts
Therefore CIOs need to make sure that Inappropriate IT governance. and heavyweight processes. Along with
and chargeback mechanisms.
the implementation of Agile makes the Organizations implementing bimodal inappropriate governance, this approach
leap beyond software development to Misaligned IT planning and budgeting IT operating models will need new and needs a mindset change to reaffirm that
address the entire lifecycle of applications processes. Manyorganizations measure improved IT governance and portfolio compliance is about transparency and
and IT services, including for example and monitor their IT budgets based on management capabilities. As already transparency doesnt necessarily require
the transition from development to benchmark numbers that cap IT spending discussed, these will need to replace heavy documentation and command
production through test, validation, as a percentage of revenue. They also the traditional structures and mindset and control structures. CIOs need to
deployment, change and configuration employ strategic roadmaps covering which separate business and IT with a facilitate the development of compliance
management capabilities, IT operations, three- to five-year periods that identify collaborative decision-making approach, policies and processes aligned with the
and continual service improvement. infrastructure gaps and new needs, where the business stakeholders take organizations needs for more visibility,
followed by a lengthy and cumbersome ownership of IT outcomes and clearly controls and security, while at the
Traditional IT management structures
approval process to fund specific projects answer fundamental questions such as: same time eliminating non-value adding
and mindset. Traditional IT management
that address them. This highly structured How much should the organization spend activities and bureaucracy.
models separate the roles of business

14 Jeffrey Pfeffer, Robert I. Sutton, The Knowing-Doing Gap: How Smart Companies Turn Knowledge into Action, Harvard Business Press, January 2000
15 http://www.kpmg-institutes.com/content/dam/kpmg/advisory-institute/pdf/2014/next-generation-it-operating-models.pdf

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PROGRESSING TOWARDS GREATER ORGANIZATIONAL AGILITY


KPMG member firms have worked with coach them during pilot projects; and
KPMG MEMBER FIRMS HAVE HELPED A DEVELOPMENT ORGANIZATION IN THE FINANCE
several CIO clients during agility-enabling monitor these projects and measure their
INDUSTRY TO UNDERSTAND AND LAUNCH AGILE
initiatives that started inside application impact on performance against pre-
development using frameworks like Scrum specified metrics, like schedule, effort,
CASE STUDY KPMG helps development organization in the finance
and expanded to improve the flexibility of and quality. A critical aspect of deploying
industry to understand and launch Agile.
IT and business capabilities. Based on this this new way of working and structure is
experience, we recommend the following to abandon traditional and often mistaken
steps for implementing these initiatives: planning, governance and compliance
REQUIREMENT The client wanted to understand the fundamentals of
processes in favor of a collaborative
Increase awareness. Thedeployment Agile, and if found useful, wanted to transform all the projects operating in
partnership relationship, as described in
of Agile requires a cultural change traditional methods to Agile Scrum methodology. Candidates for training
the previous section. (See Sidebar 1) were Project and Program Managers, Designers, Developers, Testers, and
and a shift in the way the organization
operates. Therefore, starting with IT and Institutionalize. As the piloted Quality Assurance personnel.
business leaders and other potential methodology begins to show
change agents, the entire organization performance improvements, the
will need to develop an understanding of organization needs to set the stage for CUTTING THROUGH COMPLEXITY KPMG developed detailed and
how it works and embrace it over time. a larger deployment process supported broad-ranging training material on Agile practices to help the organization
It is critical that stakeholders develop by best practice methods and tools. establish Agile practices and coach teams on them. Several case studies
a common understanding of why the Eventually, the taskforce evolves into and exercises were integrated into the course, so that the participants
organization needs Agile, and how it an Agile center of excellence (CoE), received first hand exposure to the concepts of Scrum methodology.
needs to manage change to facilitate which is responsible for: refining and
its implementation. An effective way to tuning the Agile framework; selecting,
achieve this is to expose the organization implementing and tuning the portfolio
to professionals who have been through of Agile tools that have proved the most
the process, and can provide maturity effective in practice; providing training KPMG delivered a range of insights and training and received positive
assessments, training and coaching and championing productivity, cost feedback. The training then led to a consulting engagement, where actual
during the subsequent deployment steps. containment, and delivery excellence; coaching of Projects to the Agile world was delivered.
guiding project teams through the entire
Launch a small taskforce. Itsmission is
course of Agile deployment; and providing
to incubate Agile and translate practices
quantitative and qualitative evidence of
and methodological concepts such as
benefits accumulated and overall maturity
the Scrum process, roles, daily rituals,
improvements (see Figure3).
and tools into the organizations realities
and language; train the stakeholders and

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PROGRESSING TOWARDS GREATER ORGANIZATIONAL AGILITY CONTINUED


FIGURE 3: USING FIVE LEVELS TO MONITOR MATURITY IN AGILE INITIATIVES

Agile Maturity

03 04 05
02
LEVEL

01
LEVEL
LEVEL OPTIMIZED/
LEVEL MANAGED/ CULTURALLY AGILE
LEVEL DEFINED/BEING AGILE THINKING AGILE
REPEATABLE/DOING
INITIAL/AD-HOC AGILE
Agile KPIs are reported and
Agile KPIs are defined and management decisions
Agile planning and requirements
Improved Agile requirements measured by project teams are derived
Agile planning and requirements practices are mature and
engineering documented. Automated testing solutions are
practices are piloted Agile tools utilized throughout
Orientation of customer and utilized project lifecycle
Customer involvement is ad-hoc Enterprise standard Agile
stakeholders practices process, roles and Teams are much more Scalability is addressed
Improved collaboration and responsibilities are defined empowered and rewarded
Optimized agile processes
planning practices Working software/product is Focus on Scalability
delivered frequently with
customer reviews
Customer and stakeholder
collaboration practices are
mature
Teams struggle with scaling
issues, such as strategies for
large or distributed teams

16 http://guide.agilealliance.org/guide/scrumofscrums.html

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PROGRESSING TOWARDS GREATER ORGANIZATIONAL AGILITY CONT...

Scale up. The CoE starts applying


Agile to larger and more complex HOW KPMG CAN HELP AN INTERNATIONAL PERSONAL CARE PRODUCTS COMPANY USES AGILE TO IMPLEMENT
projects using techniques like Scrum of SOX REQUIREMENTS
Scrums16. The organization also dedicates KPMG member firms offer a number of
capabilities for Agile development and CASE STUDY KPMG member firms helped an international personal-care
additional effort to: marketing Agile via products company to implement SOX requirements.
deliberate evangelization campaigns; management. We are recognized for our
forming communities of practice; relentless focus on creating business value
creating contextual and customized by balancing cost, performance and risk.
Our expert consultants deliver a broad REQUIREMENT The client needed to implement SOX requirements fort
workshops to address specific business the IT area of a particular country where the company had operations. The
needs; creating customized training portfolio of Agile-related services including
IT function had gone through several changes and there were many open
modules to cover the entire organization; organization-wide deployment, maturity
points that required to be taken care of to fulfill SOX requirements in a
and managing the portfolio of Agile assessments, Lean methodology adoption,
short time frame (procedures that had to be adjusted to reflect changes in
methods and tools for optimal business program management and training, and the IT area, configuration items that had to be put under control, etc.). The
results. facilitation and coaching at all levels of the company wanted to fulfill the regulatory requirements, but also to improve
organization. We have the deep levels of from the implementation of those changes. They also needed to do it in a
Broaden scope. As the Agile management expertise required to facilitate very short time frame.
implementation continues to gain the development of the governance,
momentum and scale, the focus turns to security, compliance, planning and portfolio
broadening the scope of the framework management capabilities which make Agile CUTTING THROUGH COMPLEXITY KPMG used an agile approach to the
beyond application development. The initiatives succeed or fail. development of the required assets, building a product backlog featuring
goal is to identify new areas of process the requirements to be fulfilled and their priority according to their impact
improvement, move away from silo Based on our hands-on experience,
in compliance. The team used a virtual taskboard to improve collaboration
optimization, and expand the Agile member firm professionals can also
and allow the client to view the status of the project all the time (a plus
framework into a broad organizational efficiently assess agility challenges
given the criticality of the endeavor).
capability. (See Sidebar2) with a business-centric approach that
leverages tools and market comparators
to analyze benefits, cost and risks at
an aggregate level. Equally importantly,
we provide a valuable understanding KPMG enabled the client to fulfil the requirements on time, also setting a
of current Agile trends and insights good base for IT process improvement.
across several industries and in different
geographies. Lastbut not least, member
firms have broad experience in business
transformation and its critical importance in
defining Agile strategies, assessing change
readiness, and providing guidance for IT
leaders.

16 http://guide.agilealliance.org/guide/scrumofscrums.html

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CONTRIBUTORS CONTACTS
With thanks to the following subject Matt Bishop
matter experts for providing their input and CIO Advisory North America
guidance on this paper. T: +1 214-840-2749
Walter Risi, Partner in KPMGs Buenos E: mbishop@kpmg.com
Aires Office Bob Hayward
Craig Symons, Director in CIO Advisory CIO Advisory Asia Pacific
Global Centre of Excellence T: +65 8151 4192
E: bobhayward@kpmg.com.sg
Lisa Heneghan
CIO Advisory EMEA
T: +44 7718 582368
E: lisa.heneghan@kpmg.co.uk
Marc E. Snyder
CIO Advisory
Global Centre of Excellence
T: +1 978-807-0522
E: msnyder@kpmg.com
Glenn Tjon
CIO Advisory Latin America
T: +50 7208 0700
E: gtjon@kpmg.com

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely
information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information
without appropriate professional advice after a thorough examination of the particular situation.

2015 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG
International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does KPMG International
have any such authority to obligate or bind any member firm. All rights reserved. Printed in United Kingdom.

The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. Create Graphics | CRT036368

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