We all know how useful it is for project management stakeholders to have access to accurate project data. Scratch that. It’s not just useful, it’s vital! But when data is stored on spreadsheets owned by the PMO, the efficiency of accessing that whenever you need just doesn’t exist.
The cost of not using PPM software for PMOs
This outdated and fragmented approach creates numerous challenges including bottlenecks and difficulty in tracking progress, hindered collaboration, leading to inefficiencies and delays in accessing crucial information. Without a unified view of project data, stakeholders struggle to make informed decisions, leading to delays, misalignment with strategic objectives, and wasted resources. Finding a solution that addresses these issues and provides a single source of truth is fundamental for project success and you’ll be glad to hear that a great solution exists! Transition away from messy spreadsheets that slow down the team and introduce a comprehensive project portfolio management (PPM) software for endless benefits.
The hidden cost of spreadsheets
Let's face it, relying on scattered spreadsheets and lacking a live view of project data comes with a hefty price tag. Without a unified and real-time source of data, you're left grappling with costly consequences that have a very real impact on your business’s bottom line.
First and foremost, valuable time is wasted. Project management stakeholders spend countless hours manually updating spreadsheets, joining up multiple data sources, and searching for information buried in email threads. These inefficiencies eat away at productivity, delaying critical decisions and hindering project progress. But time is not the only casualty. Your project spend suffers as well. The lack of centralised data means you’re always waiting on someone else to see the ‘updated’ version (which, let’s face it is probably already out of date!) which creates detrimental bottlenecks. As a result, project financials are squandered on misaligned projects, duplicate efforts, and unforeseen expenses. If you were to put that wastage into a percentage for example, you truly begin to see the hidden cost of working with spreadsheets. The Project Management Institute’s 2020 Pulse survey findings state that 11.4% of project budget is wasted on average due to poor project performance. Even on a project portfolio investment budget of £100k, that’s £11.4k wasted!
The consequences go beyond wasted time and money. Morale within PMOs and project teams suffers due to the frustration of working with disconnected, unreliable data. Team members lack a clear understanding of project progress, struggle to collaborate effectively, and feel disengaged from the bigger picture.
It's clear that operating without a single source of data and a real-time view of project information has a heavy toll on your organisation's financial health, productivity, and team dynamics. But fear not! A solution is within reach that adds value to your project management journey.
Why you should seriously consider PPM software
With your entire team working on the same ppm software platform, all project data is centralised and accessible, not to mention available for auditing. This provides senior decision makers with a single source of truth and promotes collaboration across project stakeholders. What’s the benefit of that? Reduced bottlenecks, delays and frustrations.
Great PPM software should give you instant access to real-time data, available at your fingertips with a unified and live view of project information. This gives you complete visibility into project statuses, key metrics, and performance indicators. That also means no more digging through spreadsheets or waiting for updates. Everything you need is right there, empowering project management stakeholders and project managers to make informed decisions swiftly and have confidence in projects.
Collaboration also takes a giant leap forward with the help of a PPM solution. Breaking free from the confines of disconnected spreadsheets, you can effortlessly collaborate with your project teams, project management stakeholders, and partners. The value of real-time data and a live view of project information cannot be highlighted enough. It empowers you to respond swiftly to changing circumstances, identify risks and opportunities proactively, and maintain a pulse on project health. With a clear understanding of project statuses, resource utilisation, and budgetary constraints, you can optimise execution, drive strategic initiatives, and ensure every project is aligned with your organisation's objectives.
There are different types of PPM software, so the value any one can bring may differ, but an all-in-one solution provides your organisation with even more value. By all-in-one we mean a tool that has the best of portfolio management and project management features combined. Picture a streamlined workflow, where data entry is simplified, redundant tasks are eliminated, and processes are automated. With an all-in-one solution, you can say goodbye to manual data entry and tedious reconciliations, freeing up valuable time and resources.
Why you need an all-in-one ppm software solution
When it comes to effective project management, relying on a complex tech stack of tools that don’t play nicely with each other leads to more failed projects. Embracing an all-in-one ppm software solution, empowers you to streamline your processes, enhance collaboration, and get more projects over the line on time and within budget.
- Seamless collaboration
An all-in-one software solution breaks down the barriers to collaboration by providing a centralised platform where team members can work together across projects in real time. With instant access to shared documents, task assignments, and project updates, collaboration becomes seamless and efficient.
- Real-time data insights
Live views and interactive dashboards provide up-to-the-minute information on project progress, resource allocation, and key performance indicators. This allows you to make informed decisions based on accurate, current data, for improved project outcomes.
- Enhanced productivity
By eliminating the bottlenecks of spreadsheets and multiple tools, all-in-one PPM software enables teams to work more efficiently and productively. With streamlined processes, automated workflows, and integrated tools, project tasks can be completed faster and with greater accuracy. This frees up time for valuable work and allows teams to focus on delivering work, not managing it.
- Improved visibility and transparency
Gain complete visibility into your projects with real-time data updates and interactive reporting provide a clear picture of project status, milestones, and risks. This transparency provides more accountability, enables proactive decision-making, and facilitates effective communication among your project stakeholders.
- Agile adaptation
Projects are dynamic, and requirements can change rapidly. PPM software equips you with the ability to adapt to evolving project needs. With flexible features, customisable workflows, and real-time collaboration, you can easily accommodate changes, address challenges, and keep your projects on track.
4 steps for efficient data sharing for PMOs
We’ve stressed the importance and value of having a single source of truth for all project work and data. This is especially true for PMOs who’re responsible for ensuring project standards and governance are adhered to. Transitioning to a single source of truth can be done in these 4 steps:
- Assess current data management
Evaluate the existing data management practices, including data sources, storage, and accessibility. Identify pain points and areas that require improvement.
- Define data governance policies
Establish clear data governance policies and guidelines to ensure data accuracy, consistency, and security. This includes defining roles and responsibilities for data management.
- Implement a centralised platform for your data (like Fluid)
Select and implement a centralised ppm platform that serves as the single source of truth for project data. Ensure it supports all aspects of your projects, real-time updates and collaboration.
- Data migration and integration
Migrate existing project data from various sources to the centralised database, ensuring proper data mapping and integration. Cleanse and validate the data to maintain accuracy.
Seamless project portfolio management
Now, we’ve established that a centralised solution to house project data helps collaboration, productivity and pretty much the entire cycle of a project, it’s important to understand why certain solutions are essential for your business.
Intuitive interface and collaboration
Fluid's intuitive interface simplifies project management tasks and makes it easier for teams to collaborate on projects. The platform gives you real-time communication, document sharing, and task management, eliminating the need for multiple tools and systems.
Real-time reporting and dashboards
Comprehensive real-time reporting and dynamic dashboards, provide you with live views of project statuses, progress, and alignment. Your stakeholders can make informed decisions and take proactive measures based on up-to-date information.
Centralised Project Repository
Fluid provides a centralised project repository where all project-related information, documents, and updates are stored. This allows your stakeholders, including project managers, team members, and executives, to access the latest information from a single location. With everyone accessing the same data, miscommunication and information gaps are minimised, leading to better coordination and alignment.
Leveraging Fluid's all-in-one project management solution streamlines processes, enhances collaboration, and aligns projects with strategic objectives. From customisable metadata to real-time reporting and resource allocation, Fluid empowers organisations to improve efficiency and success by eliminating disparate tools and systems.
Start a free trial today to get started with Fluid and streamline your project management processes.