According to an article in the Wall Street Journal’s CFO Journal, “The pressures on CFOs are enormous — and mounting. Some, such as ongoing external volatility, are obvious, while others, such as time creep, threaten the overall performance of finance itself.”
If you’re like other CFOs, one of your top ten concerns is avoiding execution missteps that lead to cost overruns or higher expenses. Sixty percent of your peers worry about whether their current strategies can flexibly withstand change, and 85% admit concern about being able to implement and execute any new strategies.
A solution to managing project-related time and costs
Many CFOs have implemented ERP and CRM applications to help manage their day-to-day business operations, but a continuing problem is how to ensure that their enterprise’s complete portfolio of projects is managed appropriately and completed on time and on budget. Therefore, more CFOs are seeking out innovative cloud-based Project and Program Management solutions that provide improved insights into critical projects, ensure resources are allocated correctly, and align project metrics with key performance metrics.
Key evaluation considerations
According to Deloitte, the right solution can help CFOs deliver greater value and savings through improved budgeting, project planning, and execution processes. If you’re interested in evaluating a project and program management application, look for one that can effectively address these key questions for your organization:
- Are the right projects being focused on right now?
- Are we allocating scarce resources in the most effective way?
- Can we effectively staff current and proposed projects in the portfolio?
- Do we have good visibility to understand resource capacity issues and conflicts before they negatively impact project execution?
- Are we getting the results we want?
- Are project metrics effectively tracking time, as well as key operational milestones and outcomes?
Once you’ve finally put these top project and program execution worries to bed, you’ll be assured of a better night’s sleep!