Many industries and businesses are dependent on project management. Managers live a daily life that includes timelines, stakeholders, KPIs and Gantt charts as well as progress meetings.
You might be surprised at how common project management is in business.
It can be difficult to estimate the cost, best approach, and resources required for a project.
Because projects are unique by nature and often depend on a new product or service, it is difficult to predict the completion date.
It can become increasingly difficult to complete a project properly as it grows in size and complexity.
Have you ever thought about how bad project management can impact your bottom-line, beyond the headaches and wasted time reading through spreadsheets?
Bad project management can cost you dear
It is estimated that $1 million per 20 seconds is wasted on project management tasks that could be automated. This amounts to $438bn annually. (McKinsey, PWC, PMI).
This is a significant cost that businesses cannot continue to pay.
There is also a human and emotional cost to this, in addition to the financial. Why would you want your workforce to be occupied with mundane tasks that have no inherent value? With mind-numbing repetition, machines can now automate many of the tasks humans used to have to do.
You could allow your staff to be more creative, innovative, and valuable.
Happy employees are more productive, more likely stay with your company for longer, and more pleasant to work with. It’s a win/win situation. Businesses should consider the financial impact of poor project management as well as the potential cost to employees who are unhappy.
Why do projects fail?
Businesses are often affected by outdated work processes. Businesses simply cannot function the same way as before because more people work remotely.
The traditional project management products are outdated, but machine learning and AI are improving them.
The industry cannot train new workers at the rate that the demand for project managers is increasing.
Technology will eventually take over, but that does not mean that the project manager role is dead. Instead, we will see a new generation of project managers who are more creative and empowered.
2020 taught us that project managers must be able to manage both distributed and co-located teams. Remote work gained momentum during the coronavirus epidemic, which led project managers to use this skill and to pay more attention to empowering their teams in difficult times.
Remote team management is a key part of project management. Experts can move project communication from conference rooms into one central online location, and find better ways to track project progress regardless their location.
How can companies improve their project management efficiency and achieve better results?
How to improve your project game
Before you begin to use a new tool, strategy, or methodology, make sure you have an objective in mind.
There are many tools available for businesses of all sizes, not to mention the many other project management methods that go along. It doesn’t matter if it’s a custom solution or one that is already available, it must be the right tool for your job.
Every project is unique, but there are core skills that every manager and team should have.
Communication
Communication is the foundation of 90% of project management. Understanding the expertise of everyone is key to project management success.
