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.
The right risk management strategies can reduce the frequency of threats and give companies an edge over their competitors. This can boost project success and ROI while also retaining the trust of clients and stakeholders alike.
According to a study, 60% of project managers already review and apply risk management strategies to produce better results and prevent any mishap. And there is no doubt that they’ve managed to escape the pandemic relatively unscathed.
Risk management at different stages of the project helps business owners predict any threats or foreseeable issues in their plans to come up with tactics to mitigate the impacts of these risks. You can also predict with relative certainty how much trouble your stakeholders are willing to bear and what you can do to convince them of your expertise.
Some of the best risk management techniques involve The Root Analysis and SWOT Analysis to identify and mitigate the effects of risk. Also, invest in an IT risk template that offers you a list of all the potential dangers to your IT environment. From hardware or software malfunctions to hacks, viruses, phishing, or data embezzlement, you can keep a check on all possible issues that may hinder your project.
Communication has always been an important part of collaborative business projects. Skills like negotiation, active criticism, and emotional intelligence are proven to help project managers keep their teams, clients, and other stakeholders motivated and mobilized in the face of 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.
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 are consistently delivering 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.
Greater Focus On Data Analytics
In a world driven by customer experience and satisfaction, companies are seeking out opportunities to make better and faster decisions that would improve customer service. And the best way to use customer data is with data analytics that offers insights on customer behavior according to their needs, gender, and demographics.
From being a differentiating factor in business performances, data analytics is now becoming the drier for most of these operations. In fact, the 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.
With increased competition in the market, companies have to be smarter about estimating and planning project data, which usually means doing much more than just relying on algorithms. This mandates taking an active role in data analysis and planning out projects strategically by collecting the right types of data for the right service.
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
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.
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.
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.