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DIY vs PMO: 5 key considerations for credit unions

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For many small and mid-sized credit unions, deciding between a do-it-yourself (DIY) approach or leveraging a Project Management Office (PMO) for critical projects can feel like a balancing act. Cost concerns, resource limitations, and the desire to retain control often drive credit unions toward DIY. However, the risks of DIY often outweigh the perceived benefits, especially when tackling complex initiatives. Let’s explore five key factors credit unions should consider when making this important decision.

Complexity of the project

The first and most crucial consideration is the complexity of the project. DIY is better suited for smaller, straightforward initiatives with minimal interdependencies. However, for large-scale projects, such as a core system migration or a digital transformation effort, the expertise and structure of a PMO are indispensable.

A PMO brings seasoned professionals who can navigate these intricacies, ensuring timelines and budgets are met without compromising quality. Attempting such projects internally, without specialized skills, risks operational chaos and failure to achieve desired outcomes.

Resource availability

Credit unions often operate with lean teams. One person is not going to be enough to handle all of the projects that need to be managed. Internal staff may already be stretched thin with their daily responsibilities, leaving limited bandwidth for managing large or multiple projects.

A PMO offers dedicated resources, freeing internal teams to focus on core operational tasks while project specialists handle the heavy lifting. For example, one credit union leader interviewed by NAFCU’s Management and Leadership Institute reported a 200% increase in project completion rates after implementing a PMO.

Risk tolerance

DIY projects come with significant risks, including high failure rates. Research shows that 70% of projects fail to meet their intended goals without proper planning and oversight. However, organizations with a PMO report 38% higher success rates.

You don’t want some projects run with a standard methodology while others are managed differently, because that leads right back into operational chaos. A PMO’s standardized processes mitigate these risks, providing consistency across projects and reducing the likelihood of missed deadlines, budget overruns, and dissatisfied members.

Vendor management expertise

Many credit union projects require coordinating with multiple vendors, often involving complex integrations. DIY teams may lack the experience needed to negotiate effectively or manage these relationships. Vendor management is crucial, especially for projects where timelines and dependencies can easily spiral out of control.

A PMO’s expertise ensures smooth vendor interactions, minimizing delays and ensuring successful integrations. This level of oversight can make or break a project.

Strategic alignment

One of the greatest advantages of a PMO is its ability to align projects with organizational goals. An efficient process for determining what projects to undertake, aligning them with credit union objectives, and adjusting as new priorities emerge is vital for long-term success.

DIY approaches often focus on short-term wins or ad-hoc initiatives. In contrast, a PMO provides a strategic lens, ensuring that every project contributes to broader goals such as modernization, member growth, or enhanced member experiences.

Making the right choice

Choosing between a DIY approach and a PMO is a pivotal decision for credit unions. While DIY may appear cost-effective at first glance, it often comes with hidden risks, inefficiencies, and potential long-term setbacks. On the other hand, investing in a PMO ensures structured execution, better alignment with organizational goals, and greater consistency in project outcomes.

For resource-intensive projects, a PMO provides the expertise and framework needed to manage challenges and deliver measurable results. Whether in-house or outsourced, a PMO empowers credit unions to execute projects confidently and achieve transformative success.

Contact us to learn how O2 Consulting Group can help your credit union with a PMO to tackle complex projects with confidence and achieve extraordinary results.

Bonnie Ortiz

Bonnie Ortiz

O2 Consulting Group