By Recruiter | April 30, 2018

Time Is Tied to Outcomes

The role of project manager is evolving, and the project managers of today have heightened responsibility when it comes to company profits and bottom lines. Those who can’t adapt will be left behind, but those who learn to evolve have the opportunity to become heroes within their organizations.

Project Managers’ Responsibilities in the Automation Era

In the past, the ideal project manager had a laser focus on project planning and delivery above all else. The majority of their time was dedicated to evaluating available resources, building out timelines, and managing critical paths. While these tasks remain within the purview of today’s project managers — and are critical to the success of any project — the proliferation of professional services automation (PSA) technology means that project managers also have many more responsibilities to shoulder.

As automation technology takes on some of the traditional project management tasks, companies are looking at how their project managers can deliver more. Project managers are expected not only to oversee project planning and delivery, but also to do so with overall profitability and the company’s bottom line in mind.

The general thought is that thanks to advanced PSA technology, these additional profitability concerns should be an easy undertaking for project managers. However, this is rarely the case — often because PSA technology does not give project managers what they need.

For example, some PSA tools do not match specific hours worked to specific deliverables — the key driver behind profitability. As a result, project managers may not understand the reality of how their projects operate. Project managers may have erroneous beliefs about how profitable their projects really are.

The Profitability Myth

The “profitability myth” is a direct result of the shortcomings of PSA tools with respect to managing and tracking time.

Project managers rely on PSA tools to manage the resources and capital that go into servicing projects on time and within budget. They see dollars spent, and they see hours tallied and allocated, but they don’t see specific time matched to specific deliverables. This all seems to work fine until time goes missing or gets misallocated — and then project managers must scramble to understand what happened.

PSA software can spit out final numbers, but it fails to account for underreported time, unbalanced skill sets among team members, other projects competing for time and attention, or the unsung heroes who work late nights off the clock to meet deadlines. As a result, a project that initially looks profitable may not really be so. The profitability myth prevents even the best managers from recognizing these situations as they arise.

Tying Time to Outcomes

Most projects are complex, multifaceted undertakings. They rarely follow the linear paths we want them to. The project managers of today deserve solutions that can account for both the minute details and the big picture.

Where PSA falls short, companies need a complete business operations offering to help managers see where time is being spent wisely and where it’s being wasted. To keep their eye on profitability, project managers must be able to access easily the information that helps them understand:

  • which combinations of staff are most efficient;
  • which projects are showing symptoms of scope creep in real time; and
  • the adjustments necessary to return a project to profitability.

To control deliverables in a way that feeds into a company’s bottom line, project managers must utilize solutions that tie time directly to outcomes. Importantly, these solutions must contextualize the time spent and outcomes produced. When project managers gain visibility into their time operations, they can make necessary adjustments in real time, turning the myth of profitability into a reality.

When time spent is tied to outcomes, project managers can be heroes.


Original Source: https://www.recruiter.com

Author: RAJ NARAYANASWAMY

Get started today.
Set up a free trial based on your business needs. Start Free Trial

Global Compliance Desk – Ireland

New Unpaid Parental Leave Entitlement The Parental Leave Acts allow parents to take parental leave from employment in respect of certain children. Under the Parental Leave Act 1998, parents of…Read More

Global Compliance Desk – Germany

Annual Leave Entitlement During Unpaid Special Leave  An employee who is continuously on unpaid special leave for a calendar year is not entitled to holiday leave in the absence of…Read More

25 Employee Payroll Tips for Small Business Owners

Recruiter | July 05, 2019 By Lakshmi Raj, Co-Founder and Co-CEO, Replicon Payroll can be a challenging task for any small business but with the right tools, it can become…Read More

Miscalculating wages by a few cents led to this company paying a six-figure lawsuit

West Marine Products, which operates a chain of retail stores across the United States specializing in boating supply and fishing equipment, recently settled a class action lawsuit involving 707 former…Read More

Employee time tracking is dead

iBeacons, Bluetooth Low Energy, Proximity sensing and the obsolescence of time tracking as we know it. Businesses have to track the time their employees work for a variety of reasons,…Read More

How Sarbanes-Oxley Impacts HR Departments

Ever since the Sarbanes-Oxley Act (SOX) was passed in 2002, following a spate of high-profile corporate scandals, companies have had to take a wide range of precautions to ensure that…Read More
  • Cloud
  • In The News
  • Corporate
  • Professional Services Management
  • Project and Program Management
  • Shared Services Management
  • Time and Attendance Management
  • Workforce Management
  • Customer Feature
  • Feature Update
  • Time Intelligence
  • Industry News
  • Webinar Recap
  • Global Compliance Updates
  • Chat with us
    How can we help you?