Today I’ll share with you the five reasons why you need an enterprise project performance system.
Reporting difficulties can come in a lot of different flavors. You could take a long time to produce your reports, compiling the reports and, downloading data from different systems so there’s very little time left to analyze the data in front of you.
You’re reporting difficulties could mean shallow reporting, so there’s not a lot of analytics, not a lot of analysis that goes in behind those reports.
The value of project controls is in forecasting and looking forward into what the project will do in the future. The decisions that are being made today, need to be made on real time data. And what we’ve found is that before our customers have implemented an enterprise project performance system, it could take up to a week to produce a monthly report. So by the time that report is produced, the information is already outdated.
Information Isn’t Connected
I’ve worked with companies that have upwards of 20 different point solutions that their project teams need to effectively run their projects. When that happens, there’s a lot of downloading of data from those different systems, and they have to compile that data, usually in Excel and try to make sense of it. So all that time is spent doing this low value task of, of compiling the data where the real value of the project teams is in analyzing the data that’s in front of them so that they can make decisions today that will positively impact the outcome of their project.
I’ve met with companies that tell me we don’t have double entry of data. We have quadruple entry of data. So when you look at all of the different systems in place, not having a single source of truth creates added time, difficulty and room for error.
I’ve been in project review meetings where PDF is produced, and then a question is raised about the data that’s being presented and the meeting gets sidetracked, goes down a rabbit hole to try to figure out where that data came from. Where if the meeting was being run by interactive dashboards that you could drill down into the data knowing that those charts and graphs were produced by the raw data that the project teams have created, then a lot more trust in the data can be had.
Lack of Scalability
Sometimes I’ll, I’ll meet with companies that have, that have taken it upon themselves to build their own custom solution, but usually that’s for a single project, a single business unit, so a single purpose. Then they find that they’ve already invested in that and that that tool, and now they want to get some more value out of it.
So the next step is to force projects into that tool. It wasn’t really built for that purpose, so they find it difficult to scale their custom solution in a way that EcoSys is scalable where they can implement across all projects, small or large, and allows them to configure and add additional business processes as their needs evolve.
It’s impossible to standardize your business process across the organization when everyone is using Excel spreadsheets. When this happens, when you try to standardize your process, it might take the form of a binder full of processes that sits on a shelf that no one ever reads, but you actually need an enabling platform that you can provide a standard work process that can be configured to each project’s needs or each business unit’s needs.
Each part of the business may have slightly different processes, but the majority of those processes might be the same where you can standardize on that and then make slight configuration changes where everyone is still using the same tool so you’re able to roll up that information.
When management sees reports, they’re able to drill down on those reports into whatever level of detail that they desire. If they see an early warning indicator, something doesn’t look right on the project at a high level, they can drill down and see exactly what’s causing that, that issue.
Not being able to view the entire portfolio means each project is operating in a silo and each project manager, a project manager might think that a small overrun on their project is not that big of a deal. But if each project manager has this mindset and you multiply that across your organization, it starts to negatively impact the whole portfolio of projects.
So it’s important to have all of your projects in one system so that you can identify trends across those projects and start to compare projects to each other. You can use our predictability metrics to see just how predictable your projects are. Maybe you could incentivize project managers to run more predictable projects, to show forecast variances earlier so that corrective action can be taken and that will boost not only that project’s outcomes, but all of the project outcomes across the organization.