How Project Management Software can Impact your Business
Any business that delivers products or services needs a proper way to manage projects – especially so when it grows. If you’re not convinced, here are some ways in which an efficient project management software can impact your business:
Improve Project Estimation
Final outcomes of projects are influenced by several factors, and two of the most critical factors are planning and estimation. Using this feature of a project management software offers a reliable method for assessing resources and expenditure across your business, and helps you to understand what impact a project has on your resource capability and finances. It can also help in standardizing your project managers’ and sales team’s interaction with customers. Eventually this can result in increased productivity greater customer satisfaction, and more projects delivered within budget and in time.
Better Understanding Of True Resource Capability
A critical element of success for business is planning resource capability efficiently. This will enable you to study the effect of using your resource capability to deliver projects in real time, and allow you to manage expectations of customers more efficiently, enhance productivity, cut costs, and exceed SLAs. Resource capability planning is critical even for small businesses; it offers a reliable visual depiction of your work and how you will deliver it, and gives you an important tool to plan growth.
Selection and Prioritization of Projects
Regardless of industry or size, every business needs to prioritize projects; this way you can prioritize the tasks under each project and create an optimal order of tasks. Squeezing the most out of your scarce resources and eliminating failures is a huge ask; it is simplified with project selection and prioritization with effective project management software. It will help you estimate your potential ROI on each project, considering risk factors.
Plan Projects Better
Proper planning before starting out, is essential for successfully delivering a project. Project Planning gives an easy way of planning responsibilities, tasks, activities, deliverables etc. that each project requires. Clear and reliable project planning helps eliminate failure and delays through risk reduction and providing proper timings and points of decision to ensure timely delivery.
Optimizing Resource Usage
To determine how feasible your project plan is, you need to perform resource scheduling before the project begins. This will allow the project manager to evaluate how flexible the business is regarding using certain resources, aligning work packages and tasks with resource availability. In case of lack of resources, and it’s impossible to delay the project, you can either re-prioritize tasks or perform tradeoffs. Resource scheduling feature of a project management solution allows optimal utilization of resources and allows quick assignment of suitable available resources depending on location, experience and skills for fulfilling resource requests.
Real Time Visibility Into Status Of Deliverables
It is critical to manage project deliverables efficiently – no matter how big or small your business. They are not the same as project milestones; deliverables refer to the quantity of tangible or intangible products or services produced during a project. Managing project deliverables will offer real-time visibility into deliverables and the benefit and/or profitability each project contributes to the business.
Improved Budgeting
Drawing a budget is often cumbersome; however, it is a critical tool that helps you measure the performance and track project progress. Project management system software allows you to create budgets straight from your estimates or plans. Moreover, the software will let you compare the planned budget with the actual so that you can check the effectiveness of budgeting, and also helps in future budgeting.
Improved Product and Service Delivery
Managing the delivery of products and services properly is vital; project management software equips you with the tools you need to do this. Employees get a clear picture of their roles in production and delivery, and customers will be happy to know their inputs have an impact too. An integrated project management software is flexible and provides flexible options to choose better paths when available.
Fosters Better Team Collaboration
Project management software gives your business an excellent platform for your employees to collaborate and share knowledge across departments throughout the project lifecycle. When individual members contribute towards common goals, you have more creativity, better problem solving, reduced costs, and more efficient project delivery.
Minimal Risk and Reduced Project Failures
An efficient project management system equips your business with tools to manage risk pro-actively. With centralized risk management, you gain real-time visibility into risk status at each phase of project management. This allows you to take remedial actions to mitigate risk and soften their impact on your project deliverables. With pro-active risk management from ideation to implementation, you can deliver more projects within deadlines and budgets, and achieve greater customer satisfaction.
To Conclude
Project management is today an inextricable part of doing business, regardless of whether you’re a startup, established business, or corporate giant. Effective management of available resources and finances, tracking work progress, mitigating risk, and cutting costs help a business to be successful.
If you’re looking for a reliable, affordable, secure, and scalable project management solution, IPIX PMS is a perfect fit for you. Contact us today to fast track your growth story.