- According to a Global Project Management Survey, 31% of projects fail to deliver on time and within budget.
- McKinsey reports that on average, large IT projects run 45% over budget and 7% over time, while delivering 56% less value than predicted.
- A new study by the Project Management Institute found that organizations risk $135 million for every $1 billion spent, and that government organizations were found to put even more money at risk.
- According to Firoz Dosani, VP of Mercer Management, “When the true costs are added up, as many as 80% of technology projects actually cost more money than they return.”
All these statistics clearly point to the necessity for good project management in organizations, regardless of whether projects are internal, or for services provided to external clients. The most common difficulties in managing projects effectively were the lack of tools to help in scoping, forecasting project budgets and resource requirements, along with the lack of visibility into project status to take necessary actions. It’s no wonder that organizations are quickly turning to technology to help them get better at streamlining their processes around managing projects.
Good project and program management solutions provide:
- Historical project data that will help you with project costs, timelines and resource requirements, so that you are able to give a credible estimate to your clients.
- Real time insights into your projects’ time and cost, so that if decisions need to be made to ensure that you’re always on-time and on-budget, you have the right data handy.
- Complete visibility into the time and work put in by your employees—the most valuable asset in your organization—to help you use them efficiently and productively.
- The ability to manage your pipeline of projects better, and to understand which projects can be handled—and what additional resource requirements need to be catered to—before taking up new projects.
- Advanced analytics capabilities to help you pull together information needed with self-service reports. The reporting engine needs to be configurable and easy to use, so that users are able to create reports without depending on the IT department.
- Seamless integration capabilities with other systems in the organization, so that data can flow effortlessly across the system, without the need for manual intervention, which could lead to duplication of work and errors.
Replicon is the leading provider of cloud time tracking applications. Our products are used by over 7,800 companies of all sizes worldwide to better manage workforce attendance, projects, professional services organizations and shared services resources.
Our Project and Program Management & Professional Services Management solutions have helped organizations:
- Streamline their project time capture process
- Track project time and costs
- Optimize resource use
- Maximize revenues
- Improve forecasts and make better investment decisions
Replicon’s award-winning products are delivered 100% in the cloud on a single platform, and are therefore simple and hassle-free to trial, buy, deploy and use.