Project management: Tool to grow business and touch success

Project management: Tool to grow business and touch success

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Project management is an essential business tool that can be used by businesses of all sizes and varied agenda to improve productivity with better strategy. It creates a roadmap for executing a project effectively and efficiently taking all aspects of a project into consideration. Project management software provide a holistic view of the project from end to end, thus providing an opportunity to prepare for eventualities, set timelines, assign tasks, create goals and set priorities.

Better performance with better process

Project management enables the business to define the process, thereby defining a methodology that is both effective and efficient. It is a tool that will enable the manager to create a standard approach towards projects which can be implemented consistently. Lack of a standard process can result in loss of time, inconsistency and poor performance. Project management tools help develop systems that can be accessed by all team members, enabling them to understand the standard operations in project implementation.

What are the Projects in Business?

Projects can be defined as any activity within a business that are performed to drive the business forward. Right from administration of the business, to conducting business operations, every activity can be defined as a project and managed as such. After identifying the business drivers, project management techniques can be devised and applied. These techniques must be simple and easy to follow, and training of every team member is essential in skills required for executing the project. It is highly conducive if all members of the team are trained project managers as it becomes easy to explain the ideas and the bigger picture of the project.

Project Management Tools

There are numerous software solutions that can be accessed on the internet, intranet and via cloud for teams that are dispersed in the larger geographic area. Software solutions such as MS Project enable effective project tracking and scheduling, while Project Management scorecards present the effectiveness of the techniques throughout the project. Project management tools boost business productivity immensely, and some of the evident results have been as follows –

  • Streamlined Documentation: All essential documents pertaining to the project can be saved in a single location for access by the relevant team members. The cloud-based project management tools enable access of these documents across devices and locations too via a remote server. Further, documents can be password-protected to ensure security.
  • Regularized task management: Task management tools enable the manager to keep tab of individual employees by enabling the team leader to assign specific tasks and managing multiple employee groups through the system itself.
  • Staying on top of Schedules: Whether it is lean or busy season, project management tools enable managers to keep track of schedules with reminders and calendars to ensure deadlines are met. Plans can be made for short, medium and long term with agenda and deadline views giving minute details of every day operations.
  • Measuring Productivity: With detailed schedules of assigned tasks and deadlines, it is easy to measure individual employee as well as overall business productivity. Project management tools offer better visibility and control of the overall project due to which unproductive gaps can be eliminated and costs can be cut down directly.

Project matters that matter most

Project management tools provide a comprehensive picture of the project as a whole and provides a microscopic view with analysis. Since project management tools are updated in real time, they offer the current status and analysis reports which ensure that immediate actions can be taken. Here are a few ‘Big’ benefits of project management for business growth and success:

  • Better reporting and analytics: Project management tools lead the business beyond the basic errors of the Excel to provide accurate management information in real time. Hence, the exact costs, status, profitability, budget performance, resource utilization and customer satisfaction in quantifiable figures are present for measuring project viability and performance.
  • Minimized risks and failures: Since all the data pertaining to project performance is available in its most updated status, project risks can be easily mitigated and causes for failure can be identified. Historic performance of past projects, along with detailed reports can fortify the company while taking up similar projects in future.
  • Better team collaboration: Project collaboration software facilitate better team work across boundaries. With individual roles clearly defined, project management tools enable a positive synergy to create a conducive work group.
  • Better delivery: The end of a project is with its delivery, which is also the element that defines the project and thereafter the business success or failure. Project management tools provide real time status of deliverables, both tangible and intangible, thus providing a clear overview of business and project performance.

Ultimately, project management tools provide a clear and consistent view of the entire process, paving the way for better decision making and transparent business operations. The software tools, supported by mobile technology and software applications melt boundaries in business execution. Thus, business can be carried beyond the borders of the office space and expansion can be taken to a global scale with improved processes.

About the Author:

Sonal Maheshwari loves pursuing excellence through writing and has a passion for technology. She has successfully managed and run personal technology magazines and websites. She currently writes for intellipaat.com, a global training company that provides e-learning and professional certification training.

The courses offered by Intellipaat address the unique needs of working professionals. She is based out of Pune and has an experience of 6 years in the field of content writing and blogging. Her work has been published on various sites related to Project Management, Digital Marketing and more.