Avoid Financial Pitfalls and Project Under Performance With Claritask
Every day there are many examples of project management in an office setting.
Implementing a new software system: This could involve managing a team of developers, like at MyDev (the parent company of Claritask, coordinating with stakeholders to determine system requirements, creating a timeline, or ensuring that new software is properly integrated into an organization (like a restaurant point-of-sale).
Company events: Managing a team of event planners, coordinating with vendors and suppliers, creating a budget, or ensuring that the event runs smoothly.
Developing a marketing campaign: Managing a sales team, conducting market research, creating a marketing campaign, and ensuring it is effective and within budget, like mass emailing with Sendbat.
Launching a new product: Creating a launch plan, and ensuring that the product is ready for release with enough inventory stocked (Morsix), ready to be shipped globally via a mobile order on a website built on MyDev
Despite these usual use cases for project management, issues can arise within an organization during the process, it’s important to root them out. According to the President of the Project Management Institute “If your organization is not good at project management, you’re putting too much at risk in terms of ultimately delivering on strategy.”
Common issues include:
Poor Communication Skills: Project managers need to communicate effectively with team members, stakeholders, and clients. As newer generations take a foot in the workplace, it’s important to note that they are better at communicating via text and live chat. Regardless of the preferred contact method, both the business and the client must communicate to set expectations and deliver a successful project. Too often, timid or passive communication or assumptions made lead to disgruntled clients.
Time management: Project managers need to be able to manage their time effectively and ensure that projects are completed on schedule. Nearly 40% of projects fail due to poor planning. Not having the right step-by-step plan to hold employees accountable to their work can lead to a loss in both the project and confidence in the organization. Both end with a client canceling their relationship with your business and falling sales…
Resource allocation: Project managers need to allocate resources effectively and ensure that team members have the resources they need to complete their tasks. This is a big one, mismanagement of funds is another client-ending mistake.
Scope creep: Project managers need to manage scope effectively and prevent project scope from expanding beyond what was originally agreed upon. Clients are demanding and assertive, if a project manager is passive and keeps accepting alterations to a project without a realistic new timeframe, then dissatisfaction is sure to follow at delivery.
Risk management: Project managers need to identify and manage risks effectively to prevent them from becoming issues. If risk management is a nonstandard practice within the organization then, poor project performance is sure to follow.
A combination of the issues lists above leads to project underperformance or overspending. Here are some stats on how much an organization can fail if led by the wrong project manager.
2018 Stats By PMI: Success in Disruptive Times
● 9.9% of every dollar is wasted due to poor project performance — that’s $99 million for every $1 billion invested
● The GDP contributions from project-oriented industries are forecasted to reach $20.2 trillion over the next 20 years
● Scaled to encompass total global capital investment, around $1 million is wasted every 20 seconds — or $2 trillion every year
Wow! These numbers are staggering and underline how it pays (saves) to hire the right project manager.
An effective project manager is:
- An excellent and assertive communicator
- Spends his time wisely on big-ticket tasks
- A great risk manager
- A financially stable individual
Now that you know what to look for in hiring a competent project manager, how can a project management platform like Clartisk further insure your organization from falling into financial pitfalls or project failure?
Time Tracking: Track time so you know exactly the amount of time everyone has worked on that Task.
Time Catagories: Assign a category to each time entry and understand how time was utilized on each project.
Timesheet Reports: Generate detailed reports based on People, Projects, Tasks, Time Categories, and more so you can quickly discuss them with your team or clients.
Comment on Task Level: Quickly discuss and clarify deliverables with your team. Get non-intrusive notifications and reply about any change in direction if needed.
Tasks: Tasks give you the power to keep track of your Projects in incremental detail with multiple options: people, tags, dates, descriptions, subtasks, files, comments, time tracking, and more.
Delete: Delete anything in Claritask (Tasks, Projects, Groups, Subtasks…) without the fear that it’s forever lost.
These are just a few of the 48 total features Claritask has to offer, use the platform and take control of your project’s success. You’ll be glad that you reduced the risk of financial losses and heightened client satisfaction.