As is the case with any other sector, the manufacturing industry, too, is reeling from the effects of the COVID-19 pandemic.
Manufacturing organizations are having to pivot to newer development workflows with greater flexibility and agility. Project costs and scopes are constantly increasing with the evolving customer demands. In such a dynamic scenario, minimizing the risks of scope creep, eliminating budget overshoots, and preventing time delays is key.
A project manager’s primary goal is to ensure that the project gets completed on time, within the stipulated scope, and within the estimated budget. If you’ve ever wondered about how to be a better project manager, this handy guide might be a good place to start.
If you’re wondering about the benefits of project management software for the manufacturing industry, you’ve come to the right place. In this blog, we will demonstrate how manufacturing firms can benefit from robust project management software to deliver projects on time, within the stipulated budget, of great end-quality, and with a reduced load of administrative work. Let’s jump right in.
Top 4 Advantages of Project Management Software for Accounting Firms
- Improved Communication and Collaboration
One of the biggest advantages of project management software for accounting firms is that it offers useful features that can drive seamless communication. Examples include the ability to insert comments, provide instant job-related alerts to the relevant team, leverage the instant chat feature, and so on. This helps the teams collaborate with each other and offers greater clarity on the task at hand.
By paving the way for an open and collaborative line of communication, the teams can literally be on the same page and drive the project to completion together.
- Realistic Task Estimation and Accurate Allocation
Ask any project manager what their biggest pet peeve is, and nine out of ten times, the answer will be this: Gaining complete transparency and visibility into the ongoing tasks, activities, inventory levels, and resources available is a constant issue. This problem can be solved by leveraging features such as spreadsheets, which team members can access anytime, anywhere. More importantly, they can enter and update the tasks themselves.
The idea is to allow managers to access updated resource schedules, stock levels, etc., and make changes in real-time as the situation demands. This will prevent unnecessary project delays and drive a culture of optimized resource and asset utilization.
Project management software for accounting firms can also help provide an accurate estimate about the time it will take to complete various tasks (read: tasks related to research or testing, for instance). This ‘predictive’ feature empowers managers to proactively assign tasks and get work done without any resource shuffling.
- Optimized Decision-Making and Faster Project Delivery
By placing real-time data (related to the operations, processes, and people) at the center of the project life cycle, project managers can benefit from informed and accurate project-centric decision-making.
For instance, project managers can gauge how the development of a new product can affect the project timelines and scope. Similarly, project managers can extract actionable insights into what’s working for the project (and what’s not) and drive speedy project completion without compromising on project quality.
This kind of powerful data and analytics can improve the project management process in a strategic and logical capacity.
- Greater Project Management Optimization and Less Time Wastage
Project management software comes in handy when prioritizing tasks. Furthermore, these tools can do much of the heavy lifting, such as collecting and maintaining project data, so that project managers can focus on more critical responsibilities which require creative problem-solving (as opposed to engaging in routine and repetitive administrative work) and a ‘human touch.’
Some other ways in which project management software for the manufacturing industry can enhance the process include:
- Allowing managers to access and control the inventory levels, thereby boosting productivity and cost-efficiency (resulting from saved revenues)
- Identifying the best product to develop and customizing a manufacturing workflow for efficient production
- Integrating into the current manufacturing systems to synchronize data and optimize production through a ‘single source of truth’
- Capturing the work done by the team in one centralized place and providing visibility into the engineering and manufacturing efforts at one go
Project management software for the manufacturing industry is no longer a ‘nice-to-have’ option; it has emerged as a must-have. After all, manufacturing managers have to take care of multiple moving parts – from ensuring that the machinery is in good shape to making sure that the cross-functional teams are on track.
A comprehensive, all-in-one project management software has thus become the need of the hour.
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