5 Project Management Strategies for Business Transformation

5 Project Management Strategies for Business Transformation

Did you know that nearly every 10 seconds, $1 million is wasted by companies worldwide due to ineffective implementation of business strategy?

Not meeting deadlines, exceeding budgets, or the results not meeting the expectations, at times, become a more frequent part of a project lifecycle. And we know that it’s daunting and demotivating to start over a project due to such slip-ups. Worse, you could lose your customers because of this.

Fortunately, there are intelligent project management strategies you can implement to better your project lifecycle and close the gaps between execution and design.

Through this blog, we’ll go through five project management strategies you can practice immediately. However, before that, let’s sift through the importance of project management strategies

Importance of project management strategies in business transformation

Strategy is about making choices; it’s about deliberately choosing to be different.

-Michael Porter

The term is coined from the Greek expression strategia, which means commanding an army. It has only recently been adapted into the business world over the last few decades. Like how the military men gave commands to ensure the plan was effective, business management strategies help the corporate commanders (managers or decision-makers) be informed about a project’s progress. Moreover, it helps to,

• Identify objectives,
• Develops project plans,
• Manage project performance
• Deliver results

Improves change management

Except for tracking progress and analyzing a project status, it enhances change management as it helps specify how changes will be handled and conveyed to stakeholders.

Increases quality control

Project management encourages frequent testing and quality standards, making sure the outcome fulfills all necessary criteria and is of excellent quality.

However, the more significant challenge is to come up with effective project management strategies that drive the results.

Follow a guide to project management documentation

A project asks for a blueprint before its execution. Because without it, there’s no direction to follow.

It’s also about keeping the stakeholders informed about the project’s need to work effectively. Efficient project documentation,

• keeps all members on the same page
• enhances communication between stakeholders
• reduces project risks

However, to gauge its full benefits, the documentation should be well-structured and, most importantly, accessible. For example, Meistertask’s guide to project management documentation lets you document the project from start to end. Because every project needs a different development stage, let’s understand.

Planning the project

Before executing the project, you need a plan for what to do, who to assign to what task, and the estimated time for project completion. You can communicate these needs with the concerned members through the documentation tool.

Task updates

Once the project begins, you’ll need to keep your members and stakeholders informed about the updates on the project. A tool with meeting notes and project updates comes in handy here!

Post project completion

Once the project finishes, you need a record of lessons learned to improve future projects. Documentation where you can add these closing notes and conclusions will help.

Research the available project documentation tools and find the one that fits your business and budget needs!

Use a project management tool for maximum results

You’re only a tool away from making your manager’s job easy. Still, only 25% of organizations use one.

A good project management tool keeps project tasks running smoothly and efficiently, a prerequisite for any project to be successful. This article could easily cover all the above points with an intelligent project management tool.

From planning to scheduling tasks to letting employees access the information they need and providing restrictions to information they don’t need, a tool improves productivity while reducing costs.

If you already use a management tool,

Integrate Google Consent Mode

In case you already have a project management framework implemented, integrate Google Consent Mode to achieve sustainable growth. From aligning project timelines to enhancing customer engagement, this technology will ensure a user-centric approach while respecting user privacy.

If you don’t already have one, how do you choose the right project management tool?

Consider the features you need

You may only need chat features integrated into your existing software or a part to create, update and assign tasks. Tune into what’s necessary and only research tools with those features.

Consider whether you want an offline or online management tool

We strongly suggest you use an online management tool; however, if your project isn’t on the web, you may benefit from offline management tools.

Consider your budget

Some tools charge per user, while some charge a fixed amount; it’s up to your budget to decide which suits your needs.

After considering all the above factors, choose the tool that gives you maximum benefits at an affordable price. (you could go with the feature-rich costly one if your budget allows you to!).

Come up with creative ways to practice clear communication with the team

From manufacturing to designing to testing, different teams get involved in achieving a single project milestone. And communication lag in any of these milestones could easily become a major contributor to a poor-quality product.

Also, post-pandemic, with workplace models going hybrid, the need for effective communication has only increased. Statistics on remote workers reveal that more than 4.7 million people work remotely at least half the time in the United States.

Here are the steps to take to better the communication of your teams and keep them engaged.

Share project goals during meetings

Update the latest project goals for the upcoming sprint, and previous sprint achievements to make an effective mode of communication. Doing so offers room for improvement and suggestions for time-effective methods from team members.

Create need-based employee benefits package

An employee benefits package that goes beyond sick leaves, paid leaves or parental leaves will keep employees engaged. Offer them gym memberships, conduct meditation camps, find out what the employees need the most to stay engaged and then curate a package.

Listen to your team members

Last but not least, listen to your team members as they are in direct contact with the issues they face during project execution. Use surveys, meetings, discussion boards, etc. to let them share their thoughts.

Take the help of technology

It comes as no surprise that technology boosts productivity across different departments. There are many tools available today that make remote teamwork easier. An all-in-one tool featuring different collaboration tools will enable your team to access and work on the same files regardless of their location.

Track and manage tasks in sprints

Any project can be divided into endless mini-projects, also known as sprints. Dividing the entire project into sprints is essential to ensure that your team focuses on solving the problem at hand. Moreover, a few other benefits of spilling the project in sprints include,

No backlogs to worry about

Since all the team members are focused on a specific sprint, there’s no backlog for them to worry about. This increases the overall productivity of employees and reduces the time taken to complete the task.

Reduced costs

A large project also takes a lot of investment. If you use sprints, you can accommodate any updates in the upcoming sprint, leaving the previous sprints unaffected. If you don’t, you may have to start over the entire project, wasting money and time.

Better outcome

Working in sprints affects the overall quality of the product. It improves the rate since the team members have specific tasks to focus on in a specified timeline.

Customer satisfaction

Customers can share their thoughts throughout the project lifecycle, which results in higher customer satisfaction. And we know how customer satisfaction in business is important. You could incorporate their feedback into your upcoming sprint and retain customers to increase your business.

Identify and manage potential risks

Proper risk identification and mitigation strategies clear up half the road to overall project success. From identifying potential risks to developing a risk management plan, ensure you practice and devise strategies for both. Develop contingency plans for risks that can’t be avoided or mitigated.

Consider the following pointers when developing these strategies.

• Define the necessary steps you need to take in case a risk arises.
• What should be the team’s response, resource requirements and the impact on the project’s objectives?
• Who is the immediate member in charge in times of risk?

Once identified, analyze each risk. At every stage of the project lifecycle, you’ll encounter different risks. For example, a sudden lapse in the technological aspect may cost you heavily. Similarly, there are operational risks, resource risks, and market risks to look after.

It’s important to note that risk management is a continuous process throughout the project lifecycle.

Implement these strategies for maximum results

All in all, efficient project management largely depends on the focus you put into every project and the tools at your disposal.

Look for the best project management tools that offer,

• Communication features including comments, mentions, and video calling, to keep the team on the same page
• Task creation, updating and assignment
• Remote Collaboration
• Timelines and calendars for each task

Also, a tool that easily integrates into your existing software is always a good-to-have tool.

A tool that lets you automate, communicate and collaborate, whether in-office or remote is the one!

Parita Pandya is an Engineer turned Writer. She usually finds herself writing for businesses. When she is not writing, she is either strumming her guitar or penning her thoughts down on paritapandya.com.