Oftentimes, executives and managers of Project Businesses don’t know if their project is truly successful and profitable until after it’s complete. How can this be acceptable? That’s not an effective way of running a business, especially when delivering projects is how you directly serve your customers and make money.
This is the last blog of a seven-part blog series (see the sixth blog here) that discusses why productivity in Project Business has flatlined by addressing the seven challenges of a Project Business.
Challenge #7: Lack of Real-Time Project Insight
The number one complaint we hear from C-level executives is they don’t actually know what’s going on with their projects until they are done. Why? They simply don’t have that information available in a timely manner. If they want that information, they must dedicate people to finding, consolidating, and presenting it in the right format.
This intensive process means executives end up making important business decisions based on either no data or unreliable, outdated data. In some cases, they don’t make any decisions at all. As a result, they end up reacting, rather than proactively managing their business.
The lack of real-time project insight means there is no way to establish early detection regarding project issues.
Want to see what real-time project insight looks like? Watch this.
“In project management, early detection is king,” says Henrik Lerkenfeld, VP of Engineering at Adeaca. “If you’re able to identify a problem while it’s small and manageable, then you can mitigate and prevent it from becoming worse.”
However, if you’re only paying attention to the problem when it’s already grown into a major issue, sometimes it’s too late to do anything at all. In a best-case scenario, it will cost much more to mitigate the problem at that point. The earlier you detect an issue, the faster and more cost effectively you can respond.
There are many disruptions that can arise when delivering projects. This can include a problem on site, a vendor who is delivering poor quality items, or an internal production order that is not ready on time. Lack of real-time project insight means you’re seeing the effect of disruptions after they happen instead of detecting that a disruption is coming.
Real-time insight gives you the ability to make informed decisions based on accurate, up-to-date information, which allows you to plan and ensure projects are delivered on time and within budget.
Check out our Power BI project management dashboards for more examples of real-time project insight.
Be Proactive, Not Reactive
Managing a Project Business by reacting to disruptions or problems that may arise is no way to run a business. Only by implementing a solution that gives you real-time insights into your projects can you improve efficiency, timelines, and risk management. This gives decision makers and executives the visibility they need to manage an enterprise in real time and gain greater control over all parts of their Project Business.
Download the Project Business Automation Blueprint to learn more about creating a comprehensive business system for your Project Business.