As technology evolves with each passing day, there is a dire need for organizations to adapt to a fresh approach when it comes to monitoring and managing projects. Thinking out-of-the-box is a must-have backed with cutting-edge skills, uninhibited management styles with of course disruptive technologies to slide on.
The manner of interaction of each project with each other has seen a drastic shift. It not just about scope, cost & schedule, the preference has shifted towards skills to adapt to the dynamic environment, multitasking, improved leadership, and honing one’s attributes to cope with the dynamics of the industry. We are turning into a project-driven economy.
As companies scale from a startup to an MNC, project size also grows. Therefore, to maneuver the vast resources with tact and efficacy is an art. The founder of any firm tilted towards growth knows the importance of fundamental tools that necessitate the flight from start-up to an aggressive growth company. This is where project management (PM) software plays a key role.
A small-sized company that has its workload spread across a few projects can get through the tasks in hand by imprinting them on manageable excel spreadsheets. However, as projects and team members increase in size, the need for a more robust solution increases.
It is estimated that the Online Project management software industry shall reach $6.68 billion USD by 2026. It is imperative to keep projects on track with a well-rounded task management software solution. This means boosting performance via plenty of channels, the most critical of these being the management of risk, resource, and demand.
Here are a few advantages that the correct PM solution can offer to put the best foot forward and gear up for future business success:
1. Optimized Resource Management
The apt solution shall showcase real-time insights into the precise condition of the existing resources and shall also assist to forecast requirements for each project- both of which are crucial for optimized growth or growth with minimum resource wastage.
There are AI-powered tools that analyze data inputs given by staff members on all projects. This gathered information enables fellow team members to find out what predictions and trends lie ahead. Research from Gartner suggests that AI will have generated $2.9 trillion in business value by 2021, which is promising viability while defining the project scope of the software.
The reports generated from these software tools also make way for optimum risk aversion by providing an at-a-glance view of all projects, activities, and milestones from a centralized platform. This would enable staff to identify trends and risks in schedule performance, as well as outliers that indicate something going astray.
Whenever one has to face an unexpected lapse of deadline due to unforeseen circumstances, this gives a heavy blow to morale, and self-image, not to mention profitability. The implementation of a PM software tool to mitigate these setbacks is integral to a future proof business.
2. Handling the growing demand
Whenever business expands, one is no doubt faced with numerous options on a daily basis to make decisions. For example, what needs to be prioritized and what can be dealt with later. Such decisions are often made based on one’s own judgment and the proximity to a business relationship. Rather than base them on analyzed informed data, readily available, which shall harvest the correct outcome.
To determine the priority value of each project or task should be laid out at the project proposal stage itself. The software should enable the collection of such metrics. Let’s say, for example, there is a massive number of projects at your disposal but at a time only a quarter of the quantity can be sufficiently addressed.
Each project can be assigned a score based on distinct criteria evaluation such as potential value, risk assessment, allotment of resources, and level of continued maintenance. All these factors can help one arrive at the most measured, logical decision.
Keep in mind that as the business expands, it will seek tools that not only grow with it but also drive that growth. PM software tools are an investment that provides data-supported insights from everything related to consumption of resources and their availability, prioritization of projects, and their associated hazards, all of which will allow you to scale minus bearing the scale-worthy downturns.
Of course, the more projects you manage, the more likely you’ll rely on a greater number of tools, such as SaaS software. So, it’s vital to monitor and control all IT systems, infrastructure, and assets and the IT infrastructure to ensure they remain available and reliable without any interruptions — whether your business and your projects are large or small.
3. Management of Risk
As businesses scale, they undoubtedly encounter situations that entail higher risk requiring agile decision making on a frequent basis. For small businesses, human-based intervention on risk management is acceptable. But with expanding business responsibilities comes the additional onus of managing scarce resources efficiently. Projects need to be dabbled simultaneously and the underlying risks need to be kept in check.
PM software enables to locate such key metrics to schedule task performance, permits SES to review their position in relation to meeting set deadlines. This empowers teams with capacities to enroll in considerable planning so that either deadline can be adjusted or more resources can be allocated to a certain unit so that situations can be controlled from going haywire. The stage of project analysis also gets a boost due to such additional support.
4. Repercussions of ill-managed projects
Managing projects haphazardly is not going to reflect well on the organization’s image. Neither is it a healthy sign for an organization to tap its capabilities and explore beyond horizons. Such an approach is only going to give the competition the edge which can even sway away customers from their territory. Therefore, it is imperative for organizations to buckle up their shoes and strive for excellence with effective project management solutions.
A well-managed project pipeline is only going to make the overall organization’s performance efficient. The flow of projects or the journey of growing from one project to another is going to be smooth. Every transitory phase is going to be even and in control. It would be next to impossible to find a loophole in the project management ecosystem. And so the mandate of such an organization is going to be ‘project management made simple’.
It is estimated that almost 12% of their financials will be dampened this year due to poor project performance. This is derived from the Project Management Institute’s (PMI) survey of greater than 3K project management professionals globally. The demand for project professionals is estimated to grow to 88 million by 2027 on a global level.
This portrays the impact that project management or the lack of it is going to have on businesses going forward.
5. Means to effective project management
It is essential to integrate a strong project management culture in order to support strategy. Organizations need to lay the foundation of effective project management by strengthening the bond between project managers and executive sponsors. At the same time, the approach should be flexible and receptive to change to evolve new and innovative workflows.
The task force needs to be empowered with tech know-how in order to reap the gains of illustrious project management facets. Organizations can initiate a range of steps from organizing seminars to registering their employees for online courses and harness their skills. This responsiveness and nimbleness give the opportunity to team members to not only support the twists and turns of technology while still binding in the right project management standards and tools.
The mindset of senior management also needs to see a shift from viewing Project Management Operations as a cost center to a prevalent domain where employees can be deployed as a technician, guide, and project delivery expert, all at once.
A well-furnished project management layout is, in the end, going to ultimately result in a hike in the revenue proceeds. So consider it an investment rather than a compulsorily endorsed responsibility. Such an open approach is going to reflect in the execution of projects and shall continue in the undertaking of forthcoming projects, making it a cycle of progress.
6. Upgrade to Project Management or Perish
It can thus be inferred that project management skills are essential to imbibe at every juncture of organizational growth, every organization hierarchy level, and at each incident of learning. Each staff member needs to be oriented with its benefits and their skills honed enough to tackle any given business situation with grit and élan.
The dominance of effective project management skills is here to stay and only those that can keep pace with the evolving trends will be able to see through the light of the day, get attuned to the radar, and grow with it.
Project and program managers are today in an advantageous position where they can mold themselves to be ambassadors to help influence organization leadership see-through phases of ambiguity and uncertainty.
All it requires is a small start, a step in the right direction, a belief in the system, and the rest shall take care of itself. As has been the observation, one successful project shall inspire the other and even if it fails by chance, the learnings of one project shall help the other.