Why is project management important for your business?

According to a survey by the Project Management Institute (PMI), more than a half of companies realize the actual importance of project management and how it allows them to effectively manage the issues they are facing. The same survey state that only 23% of the companies actually use standardized project management practices.

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Without any doubt the project management can stimulate the productivity, improve clarity and transparency and brings a lot of advantages to the organizations:

  • Better resource allocation. The most important resource any project managers have at their disposal is the team members. Project teams consist of people of different backgrounds and departments and they might have other commitments. Through proper project planning, you can ensure that they are available when needed. The other resources can be arranged effectively to avoid project delays during the execution. Through properly allocation for each resource from the very beginning, you can also monitor the phases that are more demanding and prepare accordingly.
  • Increased productivity. The field of project management is actually at the basis of productivity concept in a business or organization. Through proper utilization of resources and having an efficient system in place, a team can easily get more work done in a shorter amount of time and increase productivity.
  • Flexibility. Being more productive and efficient by using project management techniques your organization would be able to gain more capital which it can use to expand the business and hire new talent.
  • Higher risk tolerance. Proper planning means that you are ready for potential “what if” scenarios that may occur. This means that you are somewhat prepared to tackle any unforeseen occurrences that may negatively impact your project or your business. This can lead to bigger profits for your organization.
  • Retain talents. With continuous success and effective performance, your team gains more confidence. Effective project managers inspire their team by incentivizing and regularly rewarding top performers to keep everyone motivated.
  • Better client satisfaction. Retaining clients is considered more important than acquiring new ones and a guaranteed way of doing it is by offering unparalleled services. An effective set of operations that focuses on quality and efficiency, would naturally leave the clients feeling satisfied. This means that they would return with more business in the future. A satisfied client would also refer your organization to other potential customers, which means free marketing for you. This can be an extremely effective marketing strategy for businesses.

Project management today is different from what it was even 5 years ago. With the introduction of different cloud-based project management tools, project teams are no longer bound by geographical location or departmental regulations. Project management tools centralize all data and allow users to track progress, assign tasks, and give feedback easily.

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Get in touch with Wibiway team and we will be glad to support you. We are experts in tracking profitability indicators, business strategy and digital transformation. Our dedicated application will lead your way to track your profitability indicators and provide you the means to steer your business to success.

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