2021 was another year learning how to navigate in a pandemic, not only how to survive as a business, but how to grow, succeed and better prepare for the unknown. We’ve learned to take more chances, be openminded to different possibilities, and be innovative in how we conduct business.
The shift towards projectization was a big part of 2021. As a result, the focus on project business, the management and governance of project processes from beginning to end, has emerged as a hot topic.
Companies in all different industries have started to recognize the importance of focusing on the business side of projects to successfully deliver projects externally to their customers or manage projects internally. By bringing together the operational and financial components of running projects into one discipline, companies are able to better manage the project schedule and resources, but also the budget and costs simultaneously.
Here’s how project business has changed over the past year.
Increase Focus on Data Analytics
Companies generate large amounts of data every day. However, there’s been more emphasis placed on leveraging that data to better serve how things get done and how decisions are made. Especially when it comes to projects, project analytics and insight plays a big role. It’s common for senior management and executives to be left in the dark, making important business decisions based on outdated data because by the time they receive their weekly or monthly reports, it’s already outdated. Now, companies are searching for project solutions that give them real-time visibility into the status of their projects, so they are able to reduce risk and make decisions based on accurate, reliable data.
Hybrid Work Environment
Now that we’re starting to adjust post-pandemic, many companies are implementing a hybrid work environment. Of course, there are still businesses that require an on-site presence, but as companies are allowing remote work, the need for better collaboration and communication has never been more in demand. Companies are looking for all-in-one solutions that provide a single source of truth for their entire company. If data is spread out in different point solutions and need to be manually integrated, the risk of making a mistake or overlooking important information greatly increases. For data to bring value to the organization, it has to be collected and shared between departments.
More Work Delivered Through Projects
Project business is everywhere. Regardless of the industry you’re in, project business is applicable when projects matter to your business. What varies is the percentage or degree of that project business. Companies that operate the majority of their business in projects include architecture, engineering & construction, project-based manufacturing, professional services, and others. Their bread and butter depend on the successful delivery of projects to their customers.
Other types of companies including retail, distribution, pharma, manufacturing, and others also manage project business. Many of their projects need to be integrated with the rest of the business as far as costs and the value delivered. These companies have project-based divisions or significant capital projects that require project business management. We’re starting to see more work delivered through projects and roles focused on projects.
Increase Openness to New Technology and Focus on Cloud-Based Solutions
If there’s one thing the pandemic has taught us, it’s to be better prepared for any situation. Many companies that were hesitant to change, whether implementing new technologies or finding efficient ways of doing business, are more open to accepting solutions to better meet their needs. Companies are also continuing to discuss cloud and digital strategy to be more agile and competitive. Unfortunately, many project-based companies like construction are still among the least digitized and that includes use of the cloud. However, that’s slowly starting to change as project-based companies are seeing the need to consolidate their disparate point applications into one comprehensive business system.
Project Business Automation: The Future of Project Business
Project Business Automation (PBA), a new category of software solutions designed specifically for any company who considers projects an important part of their business, has been covered and talked about all over the place this past year. While there are many project management solutions available in the market, PBA is the only solution that integrates all project business processes from end-to-end. Companies don’t have to purchase individual point solutions to meet their financial, operational, and analytical needs. With Adeaca PBA, businesses are able to manage every aspect of a project on one platform, guaranteeing projects are delivered on time and on budget.
To learn more about Project Business Automation, download the Project Business Automation Quick Guide.