Every 20 seconds more than $US1 million is being wasted by organisations around the world with poor project management, according to a recent survey by the Project Management Institute. This ineffective implementation of business strategy wastes around $US 2 trillion annually.
Clearly efficient project management is essential for business productivity and growth, and can leave more money on the bottom line. Key factors include:
- Budget – you need the ability to create, manage, and track customer projects using timesheets, along with advanced job costing and reporting capabilities. You should also be able to develop, modify, and control budgets to ensure project profitability.
- Plan – it’s essential to manage resource levels by planning capacity and sales. You also need to track invoicing for customers against planned costs on orders and quotes.
- Analyse – it’s important that you’re able to make effective decisions with real-time insight on project status, profitability and resource-usage metrics.
If your business requires comprehensive project management software, Microsoft Dynamics 365 Business Central includes Project Service Automation. It features tools for core project management tasks such as configuring jobs, scheduling resources, managing budgets and monitoring progress.
Having all your projects in one centralised system means you’re not constantly having to toggle between differing standalone applications. It cuts down on confusion and reduces errors, as well as creating more streamline processes. This is a big plus for project management, when many areas need to be working together to drive the project forward.
Business Central enables project managers to register, group, and sell resources, as well as monitor and analyse usage to help inform estimates, manage costs, and plan projects based on resource availability.
Jobs can also be tracked, with project managers able to manage fixed-price jobs and time-and materials jobs, and generate customer invoices based on tracked costs.
Timesheets allows you to track hours logged for both employees and equipment, and keep track of allocation of resources by requiring manager approval.
What it boils down to is that Business Central means you can manage the entire lifecycle of your projects to improve delivery, optimise resource capacity and utilisation levels – all essential to maximising project profitability.
Find out more about how you can align and improve the way you manage projects with Microsoft Dynamics 365 Business Central.