So far, so good. Your plans are approved and offer clear margins; all you have to do now is deliver the full scope of work, on time and on budget.
Of course, it’s never that simple. In fact, just 77% of professional services projects are delivered on time. And as deadlines slip, so invariably costs mount, eating away at your profit. It’s bad enough when you know this is happening. It’s worse still if it comes as an unwelcome surprise – because then it’s often too late to salvage.
The truth is that the only way to ensure profitability of a project is through rigorous, ongoing performance monitoring: using professional services project management software to not only track whether key stages are being delivered on time, but gaining a granular insight into the progress of every task.
By having that deeper visibility, professional services project managers can assure themselves – and those to whom they report – that they’re on track. And just as importantly, they can adjust if they’re not.
Here are some key aspects of a performance management approach that helps secure profitability:
- You have a near real-time view of actual project costs incurred
- You can set thresholds and receive alerts when key stages are reached – or missed
- You can integrate effectively with finance systems
- You can easily meet reporting requirements and view information in different formats
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