For every company, regardless of the industry, if you have a project with a budget, you’re managing a project business. It’s simply the percentage or degree of project business that varies. That said, project business is everywhere, and now more than ever, it’s never been more evident. We’re seeing more work delivered through projects and roles focused on projects.
Project business is about managing all the project processes and business requirements in an integrated fashion. Unfortunately, many companies have used multiple tools and applications to manage their projects, creating silos that are disconnected from one another. For example, cost and revenue will be managed in one application, and project schedules in another. This lack of process integration means data are not shared and project processes are not aligned.
However, with the shift towards more project work, companies in all different industries are starting to recognize the importance of project business management by bringing together the operational and financial components of running projects into one discipline.
Here’s where we see project business going this year.
More Project Work
The $1.2 trillion infrastructure bill has thousands of public works projects lined up from upgrading roads and bridges, water and energy systems, broadband infrastructure, airports, environmental remediation, and more. However, with more project work comes the need to figure out how all these projects will be executed. Especially with the continued cost, scheduling, and technical problems the country faced last year, now it’s even more important for companies to find an efficient way to manage the increased number of tasks, costs and risk that accompany these major, complex projects.
Increased Focus on Sustainability and Environmental Initiatives
The pandemic has companies not only finding ways to survive, but also to be better prepare for the future and the unknown. Many have taken steps towards the sustainability of the environment to improve their reputation, attract and retain top talent, and better manage risk. Many project managers are now focused on the sustainability measures of a project, considering the responsible use of resources and paying attention to how projects might support any future changes.
Acceptance Towards Project Business Management
Companies are starting to focus on the management and governance of project processes from beginning to end. Many are moving away from the fragmented environment of disparate systems that makes it difficult to run a stable and profitable project business. Implementing multiple tools that are not integrated with one another results in an increase in risk and cost, ultimately leading to poor project and business performance. Now, many companies are searching for all-in-one solutions to manage their project business processes, one that puts projects front and center.
Moving Forward with Project Business Automation
As project work increases, companies are starting to recognize the unique challenges of managing project business including poor project and business insight to disconnected operations and more. Project Business Automation (PBA) solves these problems by standardizing, systemizing, and integrating all project business processes.
To learn more about Project Business Automation, download our PBA Quick Guide.
PBA puts projects processes at the center and supports the entire project lifecycle from end-to-end in a completely integrated fashion. For projects to be successful, project KPIs need to cover both the financial and operational side of the projects. In addition, these project insights are only made possibly by a completely integrated business system built specifically for projects.