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Why Project Management is Important

January 31, 2024

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Project management (PM) is a function which is necessary and very important for any organization – big or small. Unfortunately, many organization does not take this seriously and do not implement project management as a practice in place. Many SMBs find it too heavy on the bottom line that they do not want to pay for the tool. For those few who do implement PM, the tool thereof is not mature enough to show effectiveness. Most of the time, the tool is not compelling enough for the employees to use it.
It will be reckless to say that the SMBs do not have ‘projects’ large enough which require a sophistication of PM tools. Any mission which requires a concerted effort by team members or colleagues in an organization can be termed as ‘project’, and every project needs collaboration and management. Very commonly, it is understood that activities which directly surround the making of products or services deliverable in return for a huge price make a ‘project’. For example, software development and maintenance in an IT offshoring company and construction of a flyover for public use are termed as projects.
What is the advantage of using project management tool?

  1. Project Management approach helps organizations to quantify goals and make them traceable through time tracker and milestone tracker.
  2. Project management approach helps reducing iterations in tasks and therefore, brings in speed in completing any undertaking.
  3. A good sophisticated PM tool will help you capture the instances where the project faltered. It will enable you to document the ‘Do’s & Dont’s’ for the future and help you make a repository of the best practices for your organization.
  4. If you are still thinking of cost as one of the reasons for forgoing the implementation of PM, you will be glad to know that there are tools available as hosted applications. These hosted applications (as SaaS) prove to be very economical.With the PM tools as SaaS, SMBs and startups can see the bright side of it and go for the collaboration tools.

ProductDossier

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ProductDossier - The makers of TouchBase PPM solution, that is configured specifically to the needs of your industry and organizational standards & processes. TouchBase is designed uniquely for external customer projects, new product development, and internal initiatives. TouchBase supports multiple project management approaches such as predictive, agile, and hybrid. TouchBase digitizes your project management landscape, offers holistic solution to your project management needs, and integrates with your existing enterprise applications such as ERPs, CRMs, Accounting, and others - to deliver one version of project management truth!

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