Some projects fail; that’s just reality. A survey conducted by PwC found that more than 60 percent of project failures are linked to internal project issues (e.g., missed deadlines, insufficient resources). In fact, the top three reasons for project failure — bad estimates/missed deadlines, scope changes and insufficient resources — are internal project factors, and that these three categories alone comprise 50 percent of the reasons for project failure.
Organizations often have to juggle numerous projects and programs to meet up with demands. Having a robust project controls solution to help projects throughout all of its life cycle stages gives organizations an internal advantage over the competition and keeps them organized.
Project management tools give companies sufficient leverage to maximize profits and time for expansion. Here we highlight how the effective application of project management software gives organizations an edge over companies who haven’t yet started to digitize.
The Benefits of Using Project Management Software
Constant business expansion and tech developments have reiterated the importance of project management software to keep projects and tasks under control. As a business owner with plans of further expansion, you’d find that you’d need various tools to keep up with the tide. Here are some of the reasons why project management software could just be what you need.
1. Project Monitoring
One of the key aspects of meeting with constant project demands is to monitor the progress of the projects an organization is tasked with. Keeping track allows room for inventory management and records maintenance. Project management software tools like ARES PRISM allow organizations to monitor project progress and performance.
Project management software plays an important role in an organization by giving insights into project progress, performance, and inventory tracking. It helps in improving the proficiency in data by integrating with the company’s accounting/ERP, procurement, scheduling and time-sheet systems.
2. Easy Project Collaboration
Teamwork plays a paramount role in any organization. However, individual input makes up a better part of bigger projects being worked. Project management tools pave the way for better teamwork by helping everyone maintain standards. Project controls software provides interfaces for timelines, real-time updates,and document management.
For example, ARES PRISM project controls software gets stakeholders the regular updates and communication to ensure efficiency that they require. It simplifies this process by providing a medium for quick exchange of information that can be put into 150+ report formats.
Additionally, notifications are automatically sent out to alert individuals about the progress of certain tasks to enable faster links and communication between team members.
3. Improved Internal and External Communication
Regardless of the organizational hierarchy, breaks in communication can be disastrous to any company with growth in mind. One key goal of project management software is to help organizations collaborate in real-time.
With effective project management tools, organizations benefit from effective communication between users, teams, departments, and stakeholders. Everyone is working with the same real-time information, so projects are managed better and smarter, and data is no longer siloed.
4. Project Budget Management
Projects generally come with costs and expenses which, of course, revolve around budget planning. Also, it is already established that businesses in a roundabout way aim at maximizing profit.
The aforementioned PwC survey also found that more than 60 percent of project failures are linked to internal project issues (e.g., missed deadlines, insufficient resources) which reiterates that poor project management is linked to project failures.
Award-winning project management tools like ARES PRISM help with budget planning and control by managing cost and expenses. Organizing invoices and documentation can be rather tedious especially when on a large scale; in most cases, creating and updating simple spreadsheets doesn’t cut it. A good project controls software will efficiently manage these issues.
An automated invoicing process removes the manual labor and hours spent on invoice computation. Project Managers should be diving into the data, not trying to track it down and get it ready for analysis.
Secondly, having reports and charts on the progress of current projects and previous projects, makes budget allocations easier. This was effectively proven by a report by PMI in 2017 which outlines that companies with 80 percent of their project completed on-time save more on their budgets.
5. Optimized Time Management and Scheduling
Time management is an essential part of an organization’s framework, and should never be neglected. The productivity and organization of a typical workplace can be determined by the scheduling system in place. Without knowing where to report to or what order each task falls into, efficiency is impeded.
Using a project management tool goes a long way in organization and planning. Most of the best project management software solutions are designed to help businesses cope with even the most arduous tasks by outlining the hierarchy of importance of every task and in overseeing change management.
They are also vital in the provision of details on the time slot allocated to every member of a team and setting up reminders on deadlines. One of the highlighted benefits of project management tools in this variation remains that there is support for time management practices while minimizing misunderstandings in the process.
6. Enhanced Decision-Making Process
Decision-making process is a tricky part of every organization’s step towards advancement. It requires precision, accuracy and careful planning. Proper project management tools invariably go a long way in organizing this aspect.
When you have tons of project time and cost data, using the right project management software that was designed with industry best practices in mind helps you run through your operations without glitches. Increased visibility and control leads to optimal results.
Why Do Businesses Need Project Management Software?
The business world has in recent times become synonymous to rapid evolution. This rapid evolution is strongly tied to digitization. Organizations today need all the tools available to keep up with the tide and gain a greater ROI on projects.
Effective project management is invariably one of the challenges faced by companies and organizations. However, constant technological growth has made it such that these tasks are brought under subjection with various digital solutions.
Project management software like ARES PRISM gives enterprises a competitive edge while working to optimize time and maximize profits. Harnessing the power wielded by such tools ensures that there is ease in operations alongside steady growth.