Importance of Project Management
Started in the late 1950s, as a discipline to harness the rapid development of computer technology, Project Management has turned into a lucrative discipline that has played an important role in forging the destiny of the biggest corporations of the world today. To say that Project Management has come a long way would be an understatement. It has become the (not-so) secret sauce to execute a vision that can change the world.
And it continues to push the boundaries of its scope to deal with the future and its changing project realities — making it one of the most desired processes that help teams thrive in competitive industries and fast-moving environments.
Here are four ways in which embracing project management can help you kick-start your way to an exponential growth trajectory
- Clarity precedes success — Organise the chaos
A clarity of vision creates clarity of priorities. Priorities will help break down your work into actionable tasks.
No one ever reached their true potential while drafting five emails, assigning tasks to team members, solving a client grievance while engaging with a potential lead on LinkedIn, all at the same time (unless you are Elon Musk!). 55% of team members claim that project objectives are mostly unclear.
In a postmodern world where we are vouching for four-hour workweeks, clarity becomes essential. It can be achieved by creating a simple yet powerful space — identifying what matters, decluttering, and doing one thing at a time.
The discipline of project management with its support tools in a world of data overload — becomes the harbinger of clarity and a great enabler to help you and your team succeed not once but every day.
2. Rome wasn’t built in a day/ You can’t reach Mars overnight
Neither can your project, product, or service. Time is a precious commodity and learning to use it wisely is not a skill but a need.
It took SpaceX 18 years since its foundation to be the first private company to send astronauts to orbit. It took Amazon 28 years to cross the $1 trillion thresholds since its inception.
If you want to run a marathon, you need to stop training for a sprint. Keeping track of all your project budgets by hours spent, project progress by milestones achieved, and identifying bottlenecks will optimize your workflow. And help you timely deliver on a project by eliminating burnout.
The structured approach offered by project management helps an employee deliver clever and unconventional solutions, keeping in mind all the constraints.
3. None of us is as smart as all of us
A product/service becomes a winner because of the people behind it. Period
As opposed to projects that depend completely on individual responsibility, an estimated 90% of all projects will require the participation of the entire team. Collaboration is better than the competition and has the potential to take your team further than the competition.
This, in turn, will help facilitate Data collaboration. By augmenting your data and insights with that of stakeholders, you can learn from mistakes, make smarter decisions while nurturing a continuous pipeline of new growth opportunities.
An effective project management tool will ensure that all the team members are on the same page (literally). While also giving you the bandwidth to invite and collaborate with guests for free. And hence, becoming a powerful force multiplier for your business.
4. Conversation is king
Effective communication is more crucial now than ever before, according to Forbes.
Almost 31% of companies across the globe, sight miscommunications about project objectives to be the number one reason for project failure. In a research conducted by SHRM: Poor communication costs small businesses with less than a hundred employees $420,000 annually, while companies that have more than one hundred thousand employees over $62 million in a given year.
To escape and eliminate this possibility, you as a business will have to foster an environment of open and honest communication that drives engagement and creativity.
Dedicating time for celebrating milestones, helping a coworker in their problem solving, applauding small wins, will strengthen your team and motivate them to deliver a stellar project.
And if this isn’t reason enough, companies that develop project management practices have the potential to save 28 times more money than those that do not.
Project Management is no more a secret sauce used by the elite few but has become an everyday reality to attain organizational goals.