Project management marks a departure from the traditional school of doing business and gives managers a chance to put on their thinking caps and churn out better ideas and more effective strategies. In the process, it allows them to approach a desired solution from all possible directions. By implementing the fundamental project management strategies, managers and team leads can narrow their focus and achieve desired goals within specified time and cost perimeters. Thus, effective project management allows work to flow in a multidirectional way and leads to higher efficiency, effectiveness and stability of an organization.
In the previous article we learnt about the different processes of Project Management and how the application of these tools and techniques can help an organization reach its desired level of success. Let us now take a look at the benefits that well coordinated and coherent Project Management can render for an organization.
The symbiotic relationship
Employing the tools and techniques of Project management, managers drive a project from one point to another in an efficient, cost saving a genuine way. In doing so, the manager gets a big opportunity to actually lead his team and see through the goal fulfillment process with effective strategizing. The clients are kept in loop and not only feel confident about a company’s service but also get delighted by the fact that their opinion and inputs are taken into consideration and amalgamated to achieve the desired results. The workers on the other hand also have a stake in the project and therefore work with full efficiency to ensure that the project gets completed on time. The employment and application of the project management tools, techniques, knowledge and strategies help to meet as well as exceed the stakeholders’ expectations from a particular project.
The benefits of project management
Now that we know about the importance of a symbiotic relationship between managers, workers and clients, the background for the benefits of project management has been created. Let us now dive into the apparent benefits and see how they affect the overall work structure in an organization:
• Improved efficiency: Project management is essentially like a roadmap that demarcates the goal, plans the route to achieve the goal and evaluates the resources to be employed to accomplish the goal. It clearly states out how employees can work smarter, instead of harder or longer to complete a project within a specified time frame. Everybody’s role is clearly defined and every task is allocated a unique operable unit to meet project objectives and facilitate the efficient completion of the project. Project management thus helps a team to finish the project in minimum time, without compromising on quality and by optimizing its utilization of the available tools, techniques and ideas to produce the deliverables. In this way, effective project management leads an organization to achieve greater degrees of efficiency.
• Enhanced delivery: Project management strategies followed in one case scenario or to produce one set of deliverables can be used as precedents or customized for repeat deliveries. This ensures successful completion of multiple projects, many times over. Enhanced deliveries not only add an ace up the sleeve of organizations following a well structured project management plan but also earn them a good repute in the market.
• Better client relationship management: A good project management plan makes sure that customers have a say in the process followed for completing their project. By actually being able to intervene, clients feel important and can also rest assured that their ideas and directions are being followed in the best possible manner to achieve their specific results. Effective project managements bring organizations closer to their clients and help in developing better customer relationship management. This can turn out to be quite lucrative in future with a satisfied customer recommending the organization to more people.
• Improved team development: With a good project management in action, positive results are bound to occur. These not only instill a ‘feel good’ factor amongst the work force but also inspire workers greatly to aim for improved efficiencies to win the appreciation of the managers and clients. When your team works more efficiently, it tends to produce better results in lesser time.
• Stronger market hold and competitive edge: Most organizations bank on recommendations and references to continue doing business and maintaining a strong hold in the market. Satisfied customers, impressed by superior performances, help organizations to rope in such recommendations and make a name for themselves in the market.
• Expansion opportunities: Greater standing in a highly competitive marketplace paves the way for a company to expand and cater to ever growing demands. Good project management followed in every project it undertakes helps it to achieve improved performance and better profits too.
• Operational flexibility: Flexibility to operate is one of the most important benefits that project management provides an organization. Although project management provides a detailed plan to achieve a goal. However, it also allows project managers the freedom to adopt and employ a smarter and better strategy that can further increase efficiency or bring down the overall delivery timeline or cost.
• Better risk assessment: Because a project management plan is so detailed, it helps managers to identify and analyze all the possible risks involved in a project that can lead to wastage of time, money and resources. With a good strategy in place, managers can not only identify the potential risks but also be prepared to tackle them when they appear or devise strategies to nip them in the bud before they signal their teams to start working on the project.
• Improved quantity: Better efficiency in work process, achieved as a result of proficient project management amounts to increase in the quantity of the deliverables produces. With effective time management, resource management and risk management, a manager can actually lead his team to produce more result in lesser amount of time.
• Improved quality: This also goes hand-in-hand with improved efficiency and effectiveness of a work process. Better quality produced in minimum time can allow an organization to raise its cost bar, thereby rolling in improved profits.
• Better customer satisfaction: Improved quantity, enhanced quality, customized services and timely deliveries lead to better client satisfaction and lets organizations stand a chance of earning repeat businesses.
• Cost effectiveness: Effective and efficient project management implementation can be acquired at a very pocket-friendly cost and results in an increase in business. Profits are consequently expected to rise with successful implementation of project management strategies.
Perhaps the biggest advantage of Project Management is that it can be applied in any industry, irrespective of the size of the organization, the scope of the projects or the population of the work force. Its very versatility makes it immensely popular in all modern business scenarios.
About the author
This article by Frank Johnson is in continuation to his series on ‘Project Management’. Frank is a regular editorial contributor on technology products and services that help small to mid size businesses. To know more about Project Management applications and strategies, you may interact with him here