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Imagine a team that can instantly adapt to the unexpected, anticipate the needs of an ever-changing market, and deliver innovative
The impact of project management on the overall performance of a company
Sharemundo and business performance
In complex industrial fields such as energy, aeronautics, construction or automotive, project management has specificities that make it unique and more complex than traditional project management. Methodology, processes, interfaces, resources… are part of the parameters to be taken into consideration to succeed in your project and manage the associated activities!
Project Management and Performance
Why is project management essential in business?
We are evolving in an increasingly complex environment. As a result, every company faces internal challenges to ensure effective productivity. This is where project management comes into play and is a guarantee of success and competitiveness for companies.
In this article, we will detail 5 reasons why project management should be an essential concept for every company.
Staying on time and on budget
If we start with statistics: 11.4% of companies lose their budget due to poor project management (source: Project Management Institute (PMI) study) Project management allows you to set precise deadlines and track expenses closely. This is an element that should not be overlooked when you want to track your expenses internally. This not only reduces the risk of overruns, but also ensures that resources are used optimally. According to a KPMG survey, well-managed projects are 90% more likely to be completed on time and on budget.
Case in point: Let’s imagine a company that wants to launch a new product in six months. Without a structured plan, the project could easily fall behind schedule due to a lack of visibility into critical milestones, or unexpected marketing and production expenses. Through project management, this company could track the progress of each step and manage resources efficiently. If needed, it could allocate more budget to marketing if the production is completed early, ensuring a better return on investment.
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Improve team productivity
Project management improves the efficiency of teams. A study conducted by Wrike shows that companies with a clear project management structure improve efficiency by up to 20%. With clear goals and well-defined responsibilities, teams work in a coordinated manner, reducing errors and maximizing productivity. By clarifying priorities and assigning tasks accurately, employees know exactly what is expected of them, avoiding confusion and redundancy.
Reduce risks and anticipate the unexpected
Every project comes with risks, whether it's delays, budget overruns, or technical issues. Good project management includes a rigorous analysis of risks, allowing teams to anticipate them and implement preventive solutions. According to a study by the Standish Group, well-managed projects are 2.5 times more likely to succeed because of this ability to identify and manage risk upfront. Risk planning improves the resilience of projects to unforeseen events and limits disruptions in execution.
Ensure customer and stakeholder satisfaction
By integrating the needs of stakeholders from the beginning of the project, project management helps to increase customer satisfaction and retention. The PMI shows that 75% of companies with effective project management practices are better at meeting stakeholder expectations. By setting realistic goals, keeping stakeholders regularly updated on progress, and getting their feedback, project management helps maintain alignment with their expectations throughout the process.
Increase flexibility and adaptability
Work environments are changing rapidly. Project management offers flexible structures, such as agile methods, to allow companies to adjust their projects as they go. According to PMI, 71% of companies using agile methods are better able to respond quickly to changing market needs. This ability to adapt is a major asset in a context where technological innovations and consumer demands are constantly evolving. To conclude, project management is not only an asset, but an imperative for modern businesses. With the rise of artificial intelligence and automation technologies, it is becoming a driver of productivity and innovation. The most important thing is the means put in place to find the right recruits to carry out your project. Companies that invest in this practice can expect not only immediate gains, but also a strengthened long-term position in an ever-changing market.
Conclusion
A unique challenge!
The importance of project management in business lies in its ability to organize activities to achieve its technical objectives and customer satisfaction by optimizing resources and respecting the schedule and budgets.
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