Picture this:

You sit at your desk, coffee in hand, ready to start the day.

But, when you open your computer, your inbox is overflowing with questions.

Where are we on this project? Has Brian in Marketing finished today’s newsletter? I’m still waiting to hear back from Janet…

Your to-do list is 5 pages long.

You have a post-it note that says, “Talk to Sarah in Accounting about new software implementation,” but you can’t remember what you need to talk about.

Whether you’re managing 5 projects or 50, keeping track of the moving parts is a full-time job. But you already know that, because it’s your full-time job.

Good project management is essential for any modern business. Still, many people discount the importance of project management.

In this article, we’ll show why project management is a must in 2021 and how to improve the way your business handles projects.

Is project management valuable to my business?

Almost every business can benefit from project management. But, since many business owners and managers don’t view their day-to-day work as “projects,” they often overlook the need for project management skills.

Then, when it comes time to update their software or processes to grow, their companies often struggle to move forward. Without project management skills, completing projects on time, on budget, and within scope is tough.

Some people assume that project management is just enforcing deadlines. But then, they wonder why one project after another falls short of its goals.

Many companies that undervalue project management say that an average of 67% of their projects fail outright. That leads to a lot of time and money down the drain.

But, the value of project management goes far beyond higher ROI for big implementations.

Even if you don’t see process changes or introducing new products as “projects,” these initiatives can be substantially more successful with the right tools and experience.

Visualization of the top five reasons businesses start projects, including building or refreshing infrastructures, delivering business improvements, growing revenue, introducing new products or services, and developing IT systems

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Improving the business, growing revenue, and introducing new products or services are all top drivers for companies launching internal projects.

This really shouldn’t come as a surprise. Business and process improvement is now a must for companies in these fast-moving times. If you want to stay competitive, you need to continually seek out how to be better.

Project management helps with that.

Project management best practices can help you manage and execute process updates, and help you track how the results are impacting your bottom line.

In 2020, 11.4% of every dollar invested in projects was wasted because of poor project management. So if you’re going to undertake projects, it’s crucial you manage them effectively.

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But what exactly is project management?

Project management is the overseeing of projects from start to finish. But of course, it’s not as simple as it sounds. If it was, there wouldn’t be an entire industry of professionals dedicated to its practice.

When you’re new to project management, all the frameworks and acronyms can seem daunting. However, at its core, project management has 5 main phases: initiating, planning, executing, monitoring or controlling, and closing.

The main objective of project management is to create a solid project plan, and actively monitor project execution to combat risks, control changes, clear roadblocks, and increase chances of success — all while also keeping project stakeholders informed, engaged, and happy.

How does a project management platform help?

Planning a project doesn’t happen overnight. If you’re not used to planning projects, you may be surprised at how much time it takes before your project team starts creating.

Managing projects on paper or in a spreadsheet may work for a while, but often things fall through the cracks when only one person can see how a project is going.

A project management platform can be a big help when it comes to planning and managing your projects.

These tools can help you clearly define your scope, visualize your project schedule, assign tasks, and track your progress. Plus, they can show the entire project life cycle in a way that’s easy to understand.

Measuring the success of your project often depends on being able to see your KPIs in real-time. If stakeholders don’t see that success, they may give up on a project before it’s finished.

When 54% of companies don’t have access to real-time KPIs, it’s easy to see why companies would abandon a project they feel is failing.

A comprehensive platform like monday.com makes project management more transparent, so everyone knows how the project is progressing and what they’re responsible for.

Plus, you can integrate all the apps, views, and information you need into one dashboard to track and manage your project’s success.

dashboard view of project progress, tasks complete, and timeline in monday.com

Features like collaboration, time tracking, and budget management help keep your project on track, too.

Having a complete Work OS — like monday.com — allows you to incorporate all of these functions into one database and platform. This helps increase visibility and data sharing, and reduces the risk of unexpected curveballs throwing your projects off track.

Plus, a user-friendly platform like monday.com means all your non-project management employees can still use — and love — your project management software.

A project manager is a valuable asset to any project. But project management isn’t done by just one lone wolf. It takes a whole team to work together, collaborate, and execute projects successfully.

So, if the rest of the team can’t use your tools, they lose a lot of their value.

Does your company need a project manager?

We just stated it takes a team. So, you may be wondering if a project manager really has to be part of that team. Especially if you have intuitive, user-friendly, and powerful software like monday.com

The short answer is yes — you need a project manager.

Without the right project management skills and knowledge, you’ll only get so far.

A good project manager can help you set realistic goals, relevant KPIs, and an appropriate budget for your project. Their unique skills can keep your team on track and help your project succeed.

Bar graph showing common activities done by project managers.

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But don’t worry: that doesn’t mean you have to run out and hire a full-time project manager right now.

68% of organizations hire freelancers or contractors to keep their projects moving, and the number of companies outsourcing their project management is growing every year.

Project managers are more than just good leaders; they can help with training, resource management, monitoring project analytics, and more. Hiring a project manager can help your team learn how to handle projects and use their resources more effectively.

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What are the benefits of project management?

Projects are an inevitable part of growing your business, so why not ensure their success?

It’s clear that project management is vital to completing your projects, but did you know that the more you develop your project management capabilities, the more benefits your company will see?

Multiple bar graphs showing how high maturity project management programs outperform low maturity programs on benchmarks like completing projects on time, on budget, in alignment with business intent, and more.

(Image Source)

Effective project management is consistently shown to increase project success on every benchmark.

Every stage of the project process can help your company get clearer on your goals, stay focused on the most critical work, and only work on projects in strategic alignment with your business objectives.

One of the biggest benefits of project management is defining goals.

Many businesses conduct day-to-day business without thinking of their larger goals. But then, why are these businesses surprised when a project doesn’t live up to expectations?

A project can’t succeed if the goals and objectives aren’t clear. Defining project goals helps businesses clarify what’s important to their company’s success. This benefit alone can help a business expand when it’s applied company-wide.

Project management can also help businesses save time and money while making their processes more efficient.

Organizations that regularly use project management see the benefits of effective planning, with 78% of their projects meeting designated goals.

The right project management resources can even improve your company culture.

Well-run projects call for effective communication and collaboration. Laying the groundwork for better collaboration can make every aspect of your business run smoother.

This is exactly what happened at Telefonica.

monday.com helped Telefonica track deliverables and offer more comprehensive updates to stakeholders. Each Telefonica team member has saved at least half an hour a day with monday.com, giving them more time to focus on their multiple projects.

Even beyond big projects, project management can help your company grow by adopting better business practices.

monday.com keeps your projects on track

By now, you can see that the importance of project management is undeniable. But that still leaves one big question: where do you start?

monday.com can help your team manage any project, no matter how big or small. It’s a complete Work OS that allows you to build any project management tool you need.

Get started with our hundreds of templates, easy to use automations, and fun collaboration tools to quickly bring your project team together.

You can also seamlessly integrate monday.com with other tools in your tech stack, and share boards, dashboards, and updates with your entire team in real-time.

Whether you’re just getting started or looking for a way to manage future projects better, the monday.com platform can help your team work better together.

Start your next project on the right track

Reaping the benefits of effective project management doesn’t have to cost a fortune. You can easily start managing your next project more efficiently with monday.com.

Whether you’re managing daily processes, visualizing your project schedule, or assigning tasks, monday.com can help your team succeed. Take the first step toward better project management when you sign up for monday.com.

If you’re new to project management, our project planning template can help you start planning your next project today.

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