Staying on Budget With Project Management

Your enterprise's financial plans must align with your business strategies. Choosing the appropriate project management software will help you stay on budget while implementing important initiatives that will grow your business.

Project Management Cost Control
Project management software allows you to control costs. Unmanaged project costs can balloon, especially in long running projects. According to 2005 Standish Group research, the average IT project is expected to run over budget by 43%! A simple SaaS solution can help you track issues that add costs to your project. This software also makes project managers accountable. "Most companies do a good job of tracking their biggest and most important IT projects," said Mike Metcalf, VP of Marketing at Artemis International Solutions Corp. But it's the many smaller projects that are "crudely defined and poorly managed. Those are the ones that kill you."

Online Database Software Centralizes Information
There are numerous online solutions for project management. Task software can help keep project team members on track with their responsibilities, making them less likely to miss deadlines and push up costs. A web-based solution should be easy to use and should allow users throughout an organization to contribute information and to make changes to budgets. Ideally, the software should offer a dashboard to quickly report project information that is relevant. A SaaS solution also permits project managers to track changes, as well as revert back to the original plan as needed. Spend some time researching the available options until you find the perfect fit for your organization.

Keeping projects on schedule and within budget will help your profitability. Project management software should allow your project team to complete tasks, manage their direct responsibilities, and keep costs under control.