Since the pandemic, many businesses have been forced to go remote and conduct their operations online. Not everyone has been able to deal with these sudden changes in the way they manage their projects.

Experienced project managers have encountered all kinds of crises over their careers, including fires, floods, and more. They know that with every problem come changes in timelines, costs, and project plans.

But now that they’ve had to navigate a very different kind of challenge, they’ve learned to fight a problem that not only affects them but the world at large. The trouble is that many businesses might not be prepared for the fight.

Research shows that only 21% of companies have standardized project management systems in place.

In their search for ways to emphasize speed and focus, businesses are increasingly looking out for trends in productivity in project management.

In this article, we will learn 4 trends that project management leaders can leverage as part of a quality project management solution.

Risk Management

Implementing effective risk management strategies can minimize potential threats and give companies a competitive advantage. This can enhance project success and ROI while also maintaining the confidence of clients and stakeholders.

As per a study, 60% of project managers already incorporate risk management strategies to achieve superior outcomes and prevent unforeseen events. Such measures have helped them navigate the pandemic with minimal impact.

Research shows that only 21% of companies have standardized project management systems in place.

By implementing risk management techniques at various project stages, business owners can anticipate potential threats or challenges and devise strategies to minimize their impact. This can also help determine stakeholders’ tolerance for risk and ways to demonstrate expertise to gain their trust.

Some effective risk management methods include The Root Analysis and SWOT Analysis, which aid in identifying and mitigating the effects of risks. Additionally, investing in an IT risk template can provide a comprehensive list of potential dangers to the IT environment, ranging from hardware or software malfunctions to hacks, viruses, phishing, or data theft, enabling businesses to address any issues that may impede the project proactively.

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Optimized Collaboration

Communication has always been an essential part of collaborative business projects. Skills like negotiation, active criticism and emotional intelligence help project managers keep their teams, clients, and other stakeholders motivated and mobilized in crises.

Fortunately, these skills can enhance the effectiveness of your project management tools and software.

According to research, 51% of companies already use project management solutions to optimize collaboration and productivity in their operations. These include MS Teams, Agile Methodology and SharePoint, as well as many other popular project management tools.

According to a study, 60% of project managers already review and apply risk management strategies to produce better results and prevent any mishap

However, to use these project management solutions, you need software that can help adapt, structure, and support them according to your workflow. For example, suppose you’re opting for agile methodology for efficiency and team management. In that case, you should have a workflow that embraces the adaptability and speed of Agile.

Wrike was built specifically with Agile teams in mind. This template allows you to unify team communications and ensure that everyone is on the same page no matter how huge the project is. It also ensures that all employees consistently deliver results with a customizable workspace that streamlines all your tasks.

Using these tools makes it easy for team members and managers to make better-informed decisions.

Increased Emphasis on Utilizing Data Analytics

As businesses strive to enhance customer satisfaction and experience, they are actively pursuing avenues to make prompt and informed decisions that would enhance their customer service. Leveraging customer data to gain insights into their behavior, requirements, gender, and demographics is the most effective approach.

Data analytics has evolved from being a distinguishing aspect of business performance to a crucial element that drives most business operations. According to the 2018 Future of Work Report, by 2022, a whopping 85% of businesses worldwide will employ data analytics to scrutinize “big consumer data” that involves extensive and intricate analysis.

According to research, 51% of companies already use project management solutions to optimize collaboration and productivity in their operations.

In a competitive market, companies must adopt a more thoughtful approach to project data estimation and planning beyond mere reliance on algorithms. It necessitates actively engaging in data analysis and strategic project planning by gathering relevant data that aligns with the service offered.

To enhance your practice of translating and extracting data, you need to:
• Incorporate project management tools like data analysis in your operations
• Stay updated with data visualization tools like PipeDrive that can allow you to visualize your sales data and map it out
• Learn to use data in ways that can represent any risks, loopholes, and progress to stakeholders so they can be on board with your company’s strategies

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Efficient Allocation Of Labor And Resources

All organizations face a common issue in inefficient allocation of time, money, and resources spent on individual projects. Some projects may use up your entire labor force while generating a relatively low ROI, while some projects may have the potential to yield a much larger ROI if proper resources are allocated to them.

2018 Future of Work Report states that by 2022, 85% of companies worldwide will use data analytics to examine “big consumer data” that involves massive and complex amounts of analysis.

Project management software like Project Manager can identify projects requiring more budgets and prompt users when a certain project goes beyond the allocated finances. You can set up designated deadlines and timelines for all your team to see and set up timely alerts to notify you when project milestones are met.

The best part about using project management tools is that it only takes one click to determine the true cost vs. the estimated ROI and then allocate resources to it accordingly. In the long-term, budgeting and resource allocation can prove to be a cost-effective method of optimizing your business operations.

Conclusion

Virtual communication has proven to be fast, efficient, and more organized with project management software, making it easy to prioritize and delegate tasks between employees.
Not only do project management tools ease collaboration and communication between managers and employees, but as a result, they also improve productivity.

Even though companies are developing and implementing new technology, one thing to remember is that it’s not about incorporating digital expertise for the sake of it. It’s about using the right technology software or project management solution on the right data at the right time.

Knowing how to use quality project management solutions to mitigate data risks and prioritize projects will positively impact your management activities and your company in 2021.

justin