What is the Value of Enterprise Project Management?
Enterprise Project Management is how corporations simplify the complexity of their projects. Why is this important? A 2013 study completed by Bain & Company found that 63% of executives were extremely concerned about increasing complexity, citing that it was increasing their costs and stunting potential growth.
Further proof that projects are quickly becoming a major problem for large corporations was found in a survey completed in 2013 by the Project Management Institute. They found that just under 40% of all corporate projects fail to achieve their goals on time. When you consider how enormous the budgets of these projects are, it means that an incredible amount of money is being put at risk.
Everything You Need To Know About Enterprise Project Management
How Does Enterprise Project Management Work?
EPM works by streamlining the project management process. This gives business units operating in different departments and locations the ability to work together towards the same goals.
EPM pulls the curtain back and looks at the project as a whole. It focuses on analyzing and allocating resources optimally. Here are some of the ways an EPM works:
- Implements standard processes and methods to be used for the project, and provides an easy way to access them.
- Developing life-cycle and stage-gate models to ensure the project is on track to meet deadlines.
- Establishing processes and controls to calculate when resources should be reallocated or pulled in from elsewhere.
- Keeps tabs on even the smallest pieces of the puzzle by assigning owners, tracking progress, and enforcing due dates.
What Benefits Does Enterprise Project Management Provide?
EPM provides organizations tremendous value in a wide variety of ways. One of the biggest benefits it offers is providing you complete control over your project.
Control is easy to lose when trying to manage a huge project over many different teams. By providing the ability to track every task, even the most minor, nothing slips through the cracks. EPMs also provide flexibility in resource and budget allocation, giving you control well beyond the planning stages.
Of course, return on investment is the most important metric in measuring success.
Here are the ways an EPM will positively benefit your bottom line:
- Reduce administrative overhead and potential errors through automated billing and budgeting processes.
- Providing a heads up on problems and discrepancies in real-time, giving you the ability to deal with them before they snowball.
- Lowering overall costs due to streamlined processed and increased efficiencies.
- Minimizing downtime.
- Ensuring the timely success of projects. This minimizes opportunity cost, and the sunk costs of a failed project.
- Corporations are facing a crisis when it comes to completing their projects on time and hitting their goals.
- EPMs are able to resolve these issues by providing a simple, integrated solution to project management.
- EPMs will greatly improve the visibility and control of your project.
- A positive ROI is achieved with EPMs in a wide variety of ways.
Clearly, an EPM system is a must-have for any large company looking to run successful, scalable projects. Oracle’s Primavera P6 Enterprise Project Portfolio Management offers one solution for the management of projects of any size. With the most powerful, robust, and easy-to-use solution for globally prioritizing, planning, managing, and executing projects, programs, and portfolios. Primavera P6 Enterprise Project Portfolio Management perfect for all projects.