How Project Management Helps To Grow Your Business

When you have comprehensive and real time visibility of your resources and projects, you can improve business efficiency and boost revenues. If you are keen on growing your business that delivers products or services to customers, you need a proper way to manage your numerous projects – and what better way to do this than with a project management tool?

Better Process of Project Estimation

You need to plan a project properly and have a budget with estimated cost, time, and effort worked out; though there are several factors that impact the outcome of a project, estimation is a crucial factor. Sadly, very few businesses perform project estimation, or fail to realize its importance for the business, the customers, and employees. By conducting project estimation, you can have a pretty accurate estimate of how much resources and money will be utilized for a specific project, and understand the impact a project can have on your resources and finances. You will be able to standardize how your team members interact with customers, leading to less confusion, smoother processes, enhanced productivity and customer satisfaction.

Understand your true Resource Capability

For any business to succeed, resource capability planning is crucial; this empowers a business to analyze what impact the delivery of projects in real time and on resource capability will have. This feature of a project management solution allows businesses to match customer expectations, boost productivity, satisfy SLAs, and bring down expenditure. It is a valuable activity even for small businesses, as it is very handy to plan your growth.

Prioritize Projects

When you set an order of priority for projects, it helps to allocate scarce resources for the most essential projects and maximize your revenues. With a project management system, you can prioritize projects after assessing the potential ROI of the projects based on the risk prevalent, the expenditure, time, and resources you will need to spend. This way you can reduce possibility of failures and even delays, and make smart use of your limited resources.

Clear and Consistent Project Planning

To ensure that you deliver a project within the stipulated time, you need to plan the entire project in detail – break it down into tasks and sub-tasks, assign team members with different degrees of responsibility, deadlines, milestones and more. Only time and project management software can help you do this in a clear, systematic method, and help you avoid delays and confusions.!

Optimizing Use of Resources

To determine project feasibility and set realistic customer expectations, you need to schedule your resources appropriately before you actually start work on the project. This will allow your project managers to see how flexible they can be with resources, task assignments and so on, as well as what to do if resources become unavailable. Project managers, armed with this knowledge beforehand, can resort to alternative methods or reprioritize the work to avoid delays. If your business has volatile resource needs, this activity will enable you to optimize usage levels of resources, and boost revenues by empowering you to allocate available resources that are the best fit to requests, based on experience, location, skills and so on, to smooth resource conflicts.

Real Time Visibility of Deliverables Status

Managing your project deliverables is extremely important for any organization – especially small businesses looking to grow, as you’re less likely to have formally defined business cases or project management processes. Remember that deliverables are not the same as project milestones – deliverables mean the goods or services actually produced as the result of completing the project – and they can be quantified. The project management software solution offers real time visibility into the status of deliverables, allowing them to estimate what profit a project will earn for the business.

Better Management of Finances

For many businesses the prospect of generating a project budget is daunting, especially if little project management experience exists. However, the project budget is an essential tool for measuring the performance and progress of any project. This is where project management software excels, enabling you to create project budgets directly from project plans or from your project estimates. In addition project management software will ensure you can monitor budget, versus actual versus planned to ensure you have an accurate picture of your current budget and future financial projections in real time..

Better Product and Service Delivery

To properly manage deliver of your products and services, you need an efficient tool. A Project Management solution equips your managers to lead the team effectively and plan product delivery to the customers’ satisfaction. Your customers will be gratified to learn that the process of project delivery is positively impacted by their input, and your employees will be happy to know what their stake in the project and delivery is.

Fosters Greater Team Collaboration

The success of any business as a whole or individual projects hinges on interdepartmental cooperation and teamwork. A project management tool makes communication easy, and allows every team member to know their exact roles and responsibilities – thereby promoting synergistic work.

Greater Customer Happiness

It goes without saying that when all the business processes are running smoothly, employees working in a structured manner, SLA adherence is 100%, and the project is delivered within the predetermined time and budget, your customers are going to be very happy. This will help you retain existing customers and gain new ones.

Enhanced Reporting and Analytics

Any good project management software will provide robust reporting and analytics features. Information like status of the project, cost, resource allocation, productivity, etc. can be viewed in real time, offering actionable insights to project managers. They can take timely decisions to fix any bottlenecks and improve efficiency.

At IPIX Tech Services we understand how essential a flexible, fully integrated project management solution is for a small business. If you’re looking for a cost effective tool to effectively manage your projects, contact us! We will get back to you within 24 hours and tell you how we can help.