Over the years, there’s been a shift toward projectization with almost every company dealing with projects to some extent. Whether you’re running projects for your customers or managing projects internally, if you have a project with a budget and that project matters to the success of your business, you’re managing project business.
Project business brings into focus the business side of projects. More specifically, it addresses the need to manage projects in a way that’s integrated with the rest of the business, operationally and financially.
Regardless of the industry you’re in, whether that’s a project-based company (e.g. AEC or project manufacturing), a company with project-based divisions (e.g. retail or hospitality), or a company with capital project needs (e.g. distribution or manufacturing), you need a solution that addresses your core project business needs in one system.
The Problem: Failure to Communicate and Integrate
While companies tend to recognize that projects are a vital component of their day-to-day activities, they are often managed in silos, with each department using their own applications to manage their operations. Running a project business has a unique set of challenges and the fact is, most business systems are not built to solve these problems.
Companies tend to adopt new tools and applications when a problem arises, and they need a solution to fix that particular problem. Over time, they end up with 10 to 15 different point solutions to run their project business.
The problem is there’s no communication and data integration between these applications. And more often than not, companies end up using lots of spreadsheets to import and export data just to figure out what’s going on. This manual process not only takes up resources including time and money, but also leads to higher risk and errors, ultimately leading to poor business performance. In addition, many of these companies have grown to a point where their tools won’t address their complex needs.
Project business is more than just project management, resource management, or cost management by themselves. Rather it’s about managing and integrating all project processes and business requirements. Project business brings project operations together with project financials and project portfolio analysis and views them as part of the same whole.
Project Business Automation: Built to Manage Project Business in any Industry
Projects are complex and complicated as it is, with many moving parts and stakeholders involved. Project Business Automation takes a process-first approach to project business. As a new category of software solutions for companies who consider projects a critical component of their business, PBA provides an integrated and continuously updated view of core project business processes normally managed in disparate applications.
Take a good look at your organization and think about how much projects play a role in the success of your business. If a big part of your business is done through projects, it’s worth your time researching and investing in a solution that puts projects front and center.