There are many reasons why projects fail. Maybe the project manager bit off more than they can chew, maybe resources are lacking, maybe sponsorship is dwindling, maybe goals are shifting, maybe roadblocks are neglected, or maybe it’s a combination of a few of these things.
Whatever the reason, it’s important to know that if you’re a multi-entity organization these challenges are magnified when managing projects simultaneously. Nearly 60% of project managers are running between two and five projects, and 15% are running more than 10. Managing numerous projects across multiple entities is complex and overwhelming because you’re juggling so many priorities at once. So, how can we help you neutralize some common project pitfalls, so you don’t become a failure statistic? Well, our favorite is implementing agile project management tools and project portfolio management software in your organization.
Communication is the lifeblood of a project. That’s why a lack thereof is in our #1 spot. According to Cutting Edge PR, communication problems are 90% of the reason most projects fail. If you look beyond the issue, you might discover it’s because there isn’t a simple way to transmit messages. Or maybe the communique is getting sent out, but it’s delayed, causing misunderstandings that lose a project’s traction.
Project portfolio management software, like Sage Intacct Project Financial Management solution, provides a consistent channel for effective communication. It provides a clear path to circulate understanding, direction, and motivation among the team, especially a team that is scattered across the organization managing projects of various sizes and lengths. A project management platform, with colorful dashboards and visual elements, allows teams to effortlessly report on the status of key performance indicators and objectives, all in real-time leading to quick identification of challenges or roadblocks that may impede a project’s goals.
Effective Resource Management
The outdated myth of ‘do more with less’ is not helpful. We cannot pour with an empty cup, nor should that be an expectation we have on our staff. What we should be saying instead is, ‘better organize resources to become more efficient’. Sage Intacct provides a powerful platform that tracks a project’s evolution and employee time sheets along with costing and resource management tools. You are better able to get the right people and materials assigned to tasks without manual data re-entry which often brings time-consuming errors.
You can also streamline resource assignment by seeing at-a-glance who is overstretched, underutilized, or has the right skills, availability, and location to be assigned to a project role without worrying about resource adjustments that might disrupt the project later. Ensure that expectations, deadlines, roles, and responsibilities are realistic and designated appropriately, and clearly, from the beginning.
Clearly Defined Deliverables
Unclear or shifting deliverables lead to scope creep. This has the potential to negatively affect a project’s schedule, budget, costs, resources, and overall objectives and goals. When people aren’t on the same page, they aren’t working at their full potential. Conflicts arise, which jeopardize valuable time and people’s emotions while also risking the goals and outcome of a project. Clearly defined parameters of a project ensure that the team stays focused on a common vision and goal, even when unforeseen events occur, or threats disguised as opportunities pop up.
Sage Intacct’s cloud financial project management solution lets you configure and assign unique deliverables for your project. Data on the progress of these deliverables and goals are tracked and visible all in one place that everyone can access anywhere for real-time analysis. Without having the appropriate tools for planning, monitoring, and reporting on deliverables, valuable time and resources could be lost. Also, meaningful data will not be clear enough to use for better future planning.
Accurate Cost Estimates
If there’s one sure way of derailing a project, it’s not benchmarking realistic cost estimates. Sage Intacct’s project management dashboard makes cost estimation simple by clearly displaying your budget vs actuals. It also notifies users if costs are increasing too fast or not enough is being spent. Clear tracking of financial and non-financial project data in one place allows for efficient management of resources, timely billing, and appropriate revenue recognition.
Sage Intacct lets you adopt the right-sized project solution, and it integrates with your CRM software so planning and budgeting become a breeze. You can set budgets on resources to help keep projects within scope and on track. You also have the option of creating placeholder resources so you can see labor cost estimates before actually assigning any resources to a job.
There are many things to think about when delivering on multiple internal and external projects. Way more things than a couple of pens, some pieces of paper, and a standard methodology will help you with. Businesses that employ project portfolio management software, unify all phases of a project, like collaboration, communication, resource planning, reporting and analysis, time tracking, and more. If you’re still not convinced, talk to our Sage Intacct implementation experts to see what the possibilities are for your business.