Managing projects is no easy task and there are so many things that could go wrong. Known and unknown risks threaten not only individual projects, but the overall business itself. Many project-based companies struggle to keep track of all those risks and don’t have a system in place that automatically alerts the right people to the right information.
Project issues are not discovered until after they cause major problems, which often results in a delay or significant added costs. This is a direct result of managing projects in disparate systems and applications. There’s no way to monitor financial and operational data in real time. Consolidating and integrating project data from different applications is not only time consuming but increases the chances of problems being overlooked. As a result, it’s almost impossible to present actionable intelligence to the right people the instant a problem occurs.
Project risk management should provide early detection of issues before they become big problems.
Issue and Risk Management in a Third-Generation Project Business System
Issue and risk management in Adeaca Project Business Automation, a third-generation project business system, provides unique capabilities that go beyond other solutions on the market. Due to its integrated nature, every part of every project is monitored so when a problem happens, you have the right information in time to mitigate the risk.
Whether it’s a slight budget overrun or early erosion of scheduled slack, many of these changes can be resolved by timely detection and intervention. Issue and risk management in Adeaca PBA flags warning signs immediately and well before they deteriorate and significantly impact project performance.
Adeaca PBA enables continuous tracking and reporting against project risks by providing a continuously updated issue register, formal month-end and gateway review risk assessments, and over 20 built in project health indicators.
If profit margins start to slip, deadlines are missed, or external constraints delay a project, you’ll know about it immediately.
Risk Ready: Know What’s Going on at all Times
If you are ready for risk, you can prevent issues that put your project success in jeopardy. This means knowing what is going on with all projects at all times. Issue and risk management in Adeaca PBA constantly monitors financial and operational data in real time so you can gather and organize project data and analyze it for risk in real time. This allows you to understand your cost and scheduling KPIs and where your project stands at any time.
In addition, since Adeaca PBA is a completely integrated project business system, all project data including operations, financials, and insight is automatically integrated so you can systemize the analysis of your projects beyond manual gateway reviews. With Adeaca PBA, you can measure performance in real time against critical thresholds you determine.
Project businesses need a system that automatically alerts the right people when there’s a problem. Keep in mind, many challenges can be resolved by timely detection and intervention. With Adeaca PBA, you can pinpoint the issue quickly and resolve it before it becomes a major problem. Project-based companies can focus on fixing problems rather than trying to find them, allowing people to have the capacity to do more.
Being ready for risk is all about having the right information in time to mitigate the risk. Reduce the chance that issues will negatively impact your projects by operating in a completely integrated project business system.