Importance of Project Management

Do you ever forget uploading your social media posts on time? Imagine having to upload one post each day for a thousand products. This is one of the basic problems large companies face in today’s digital world.

Projects are vital to tackling such issues. They are an essential part of running a business in today’s increasingly complex and competitive business environment. Most projects comprise marketing campaigns, business development, execution, etc. Most campaigns and products have dedicated teams to meet all the goals associated with the project at large.

However, industry research reveals that only 2.5% of all the companies complete their projects in every aspect. This is due to the lack of proper project planning and management in such conglomerates.

Here are a few integral reasons why you must consider project management before undertaking a new initiative under your company’s banner:

• Organisational Clarity: When a project is properly chalked out on a whiteboard, everyone working on it is on the same page. There are no communication gaps and the work done is delegated efficiently as well. Around 57% of all projects fail due to human errors or communication issues.
• Strategic Alignment: Every company has their specific policies and business ethics. Strategically planning out your projects can help improve the credibility of not only your project but also your business at large. An aligned campaign is much likely to resonate with your brand image and identity. Over 39% of projects fail due to the lack of proper planning.
• Cost Control and Budgeting: Prior planning and tactically allocating your finances to a project can help reduce the risk of incurring a loss. It standardised the cost of operations as well as the payroll for the employees working on the project. There are no financial grey areas. You’re also statistically likely to spend 27% less if you have an efficient project management system in place.
• Incur Less Deadtime: If you plan out a project before beginning to implement the project in your target market, you will incur less deadtime before gaining conversions and earning a high return on your initial investments.
• Benefit from Subject Specialists: If you have a proper Project Management system in place, you can hire subject-matter specialists for monitoring the project quality and performing effective checks to improve the utility of your product or project in various aspects.

In this respect, imagine having to schedule and monitor each person and each task from up-top. It is quite impossible without automated assistance. Moreover, approximately 77% of all high-performing companies use some form of project management whereas only about 40% of low-performing companies understand the value of project management. Similarly, research suggests that projects valued at over 1 million US dollars have a 50% higher failure rate than budget projects below 350,000 US dollars.

When customers are confused about what a project or product is all about they tend to relate the project or product with the brand or business that is bringing it to the market. Hence, from the customer’s point of view, a strategically aligned and planned project that is well-managed internally is most desirable, in a world full of choices and alternatives.