Upstream Data Project Portfolio Benchmarking as a Novel Approach for Strategy and Value Realization

PETRONAS Upstream has been executing multiple data projects each year with different level of complexity and risk comprising of a myriad of project categories such as data delivery, stranded data recovery, system development and data governance. The imperative requirement in delivering the projects to ensure business success and continuity calls for a strategic decision to produce and design a methodology to benchmark the projects for a comprehensive data portfolio management, which is crucial for maximizing the value of data projects to the organization. This paper outlines a novel approach on how Upstream Data innovate a portfolio benchmarking process to quantitatively assess the complexity of the projects by utilizing a modified Diamond Framework Model referred to as the Pentagon Model with the following objectives in mind: Improve resource planning and allocation efficiencyConduct a thorough project risk assessment and value realizationAnalyze project benefits and assess possible business impactIdentify appropriate project management approaches and styles