People often think that operations management and project management software are the same as both offer goal setting, resource scheduling, budget management, reviewing progress, and revising strategy. So, businesses think they can manage their functions and projects with either option.
However, these solutions are not the same.
Manually recording your business expenses can be a huge challenge. The chances are higher for erroneous reporting, duplication, and miscalculation of expenses, profits, and loss. These mistakes adversely impact the financial health and future of your business.
One way to avoid this situation is by using accounting software to automate most of the processes. However, the challenge is finding a good enough solution that meets all your business needs and fits your budget.
We know that the inefficient and unorganized management of projects results in low team productivity, which causes project failure. It’s one reason why businesses consider investing in project management software for their teams.
A GetApp survey about understanding small-business challenges and approaches to technology investments found that “productivity improvements” is the top trigger for small businesses to invest in new technology. One in two companies find “identifying the right technology” to be a top challenge when planning to invest in new technologies.
Here’s a situation most project managers are familiar with: Your team prefers to work remotely and wants flexibility. However, you’re unable to strike a balance between the demands of your team and build an agile, collaborative work environment that facilitates good project performance. As a result, your team members are unhappy and disengaged at work, which hurts their performance.
No matter what fancy project management software or style you use, it’s a “no-wins” situation.
The solution? Project managers should customize their project management styles so that they are able to effectively manage remote workers and keep them engaged.
Your team will be 24% happier and more productive if they get to work from home at least once a month, compared with those who don’t. You’ll also lower employee absenteeism, increase retention, improve your brand image, and gain access to a larger talent pool that’s more diverse and highly skilled.
Update 04/17/2019: This article was originally published in 2017 based on previous survey results. In February 2019, we conducted a new survey of 187 projects managers in the United States and have updated this article with the latest survey results.
Having project management (PM) software doesn’t ensure project success or better project performance. What’s more important is having the right set of features in your project management solution so that your team can be more productive.
A Gartner survey, conducted online from July to September 2018 among 715 respondents in the United States (the companies screened had an employee size of 2-249 and annual revenue of less than $100 million), aimed to understand small business challenges and their approach to technology investments. It found that “every 1 in 2 companies find ‘identifying the right technology’ as one of the top challenges when planning investment in new technologies.”
Keeping this in mind, project managers must match their vital business needs to specific software features before purchasing a PM tool. Failing to identify and invest in the right PM capabilities means you could lose 9.9% of every dollar you invest as a result of poor project performance.
Of the more than 2,200 prospective project management software buyers GetApp interviewed from 2016 to 2018, 64 percent said that “inefficient and unorganized management of projects” was their biggest pain point.
If your small business also struggles with project management and poor performance resulting in revenue loss, it’s time to re-evaluate your project management processes.
Project managers can tackle project mismanagement by using a standardized, step-by-step project lifecycle methodology. Embedding standardized project management practices throughout the organization reduces the risk of project failure and delivers better project outcomes.
Which one is better—traditional waterfall project management methodology or agile?
This isn’t a new debate. While agile is the buzzword these days, it may not suit all your small business projects. Some projects actually perform better with a traditional waterfall project management methodology.
That’s why, which methodology to choose to manage what kind of project is the relevant question to ask, but tough to answer.
According to a PMI report, about 44 percent of projects use predictive approaches (traditional waterfall project management), 30 percent use agile approaches, and 23 percent use hybrid approaches. So, businesses are using both methodologies—and sometimes, both—for successful project delivery.
As a project manager, you must identify which projects need to be agile and which need to be managed traditionally for optimized project performance. If you fail to use the right project management methodology, you will waste about 9.9 percent of every dollar that you invest.
There are many myths surrounding Agile project processes that make it difficult for teams to successfully adapt to them.
Project managers must demystify and debunk these myths for their team members as well as to reduce the resistance to change from the team. Failing to do so puts you at risk of witnessing Agile project process failure. This will negatively impact your team’s productivity, project deliveries, and overall business revenue.
In this article, we’ll debunk five common myths that make Agile project process adoption for your team difficult. This will help you fully understand the Agile project process, realize its benefits, and embrace the change.
Often, IT project failures and budget/time overruns can be attributed to a poor communications plan—or to the complete lack of a plan.
IT projects require more agility because of iterations at various stages of the project life cycle (such as requirements and analysis, architecture, design, construction, integration and testing, and implementation). With so many iterations, sparse and infrequent communication between stakeholders (external and internal) can adversely affect project success.
Idea management can be a challenge if IT projects aren’t structured well. Unstructured workflows imply lack of collaboration and communication among team members, which results in them being out of sync with one another when it comes to ideas and innovation.
If you’re a small-business IT project manager, make sure that your focus on project management doesn’t keep your team away from ideation. Set a process to store all these ideas to avoid missing opportunities for improving the business.