Many project managers under-estimate the importance of authentic project data and over-estimate their ability to detect problems and lies at the earliest possible time. Consequently, they discover their project problems too late or at the time that the project problems are already big enough to threaten their positions. They of course find ways to minimize condemnations from others.

Right Tool for Project Management

Nowadays, with the advancement in technology, it is much easier to obtain authentic project data than in the past. Besides selecting a project methodology and doing a proper job in people management, project leaders can take advantage of the modern technology such as 8MSaaS PM to manage authentic project information to keep people honest and their projects on track.

Right Tool for Project Labor Cost Management

Project resource management is a stress test for any project management software on the market. If project resource management and project labor cost management are done properly in the system, clicking any actual labor cost number, one will see the list of timesheet cost items that were aggregated up in real-time to form the labor cost number. In other words, the data for resource allocation and utilization, overtime normalization, leave cost distribution and actual labor cost are linked in real-time. Doing project resource management and project cost management right is essential in project management and the first important step to progress to project-based business management.

Right Tool for Revenue Project Management

For revenue project management, one must have the unbroken real-time system view of client, contract, project, acceptance, billing and profitability in order to manage effectively. But many organizations have not implemented their systems properly and are constantly relying on human efforts to connect broken system views together. Consequently, things fall through the cracks easily. Revenue project management is the second important step to progress to project-based business management.

Right Tool for Project Portfolio Management (PPM)

Vendors can put a much higher price tag on PPM software than project management software because people have the general impression that PPM is far more complex than project management. In reality, a portfolio is merely a high-level view of all the projects an organization is running in order to meet its strategic objectives. How good is the PPM system heavily depends on its underlying which is a project management system. PPM is the third important step to progress to project-based business management.

Right Tool for Full Automation for Project-based Business Management

Full Automation is adding CRM, SRM, HCM, Management Accounting on top of PPM and all workflows and data are real-time connected. A manufacturing organization needs an ERP (assembly line based) to manage its business and operations while a non-manufacturing organization needs Full Automation (project-based) to manage its business and operations.

Final Words

Doing proper project labor cost management is the turning point for effective project management and progression on project-based business management. Once people have the insight on how project labor cost can be managed properly, the rest (mentioned above) are similar from wisdom and insight standpoint.