Whether you’re running an internal project for a company or delivering a project as a project business company, managing projects is risky business. However, when your entire enterprise is organized within, around or in support of projects, the challenges are a lot greater than if you just run the odd project. With so many moving parts, managing projects is a complex task that involves a lot of different stakeholders.
Oftentimes, many project businesses do not have the tools they need to gain control and visibility into the status of their projects. Senior management and executives do not have a way to instantly recognize changing conditions and potential risks. They may be receiving weekly status updates and monthly overviews, but by the time this information gets to them, it’s already outdated because of the time it takes to consolidate and generate the reports.
Adeaca Project Business Automation- A Different Approach to Managing Project Operations
When delivering any project to your customers, it’s critical to be able to accurately plan those engagement while managing resources, subcontractors, risks, deadlines and related supply chain activities. A lack of real-time insight into your delivery operations will result in increased risk and decreased profitability.
Project Business Automation is the only solution that gives you real-time insights into your projects so you can improve efficiency, timelines and risk management. This solution gives decision makers and executives the visibility they need to manage an enterprise in real time and gain greater control over all parts of their project business.
Project risks are tracked and managed in many ways with Project Business Automation. PBA enables continuous tracking and reporting against project risks through the continuously updated issue register, the formal month-end and gateway review risks assessments, and over 20+ built-in project health indicators.
How Does PBA Track Project Risk?
Let’s break it down.
The issue register allows tracking of issues against the work breakdown structure tasks. Issues are assigned to workers for resolution and are tagged with deadlines, severity codes and type classification for reporting purposes. In addition, a discussion log and revision control ensure issues are tightly tracked from creation to resolution.
Moving along, as projects pass through schedule milestones formal risk reviews can be configured. The resulting risk assessment is published in various project dashboards. Form risk reviews can be enforced during the month-end process along with mandatory checklists to enforce corporate governance.
Of course, central to effective risk management is early detection. The quicker a potential risk is identified, the faster you can take action to mitigate the risk. Adeaca PBA comes with a wide range of project health indicators that automatically monitor everything from resource conflicts, budget overruns and delayed purchase orders. These indicators are automatically updated and enables project managers and executives to stay ahead of any emerging risks.
Early Detection is Key to Effective Project Risk Management
What started as a minor issue can become a major problem if left unattended. And without the right solution in place to alert you to potential problems, it’s impossible to keep up. You end up reacting, trying to scramble and pick up the pieces, instead of managing your projects proactively. When your project operations, project financials and project insight all sit in one comprehensive system, there’s no need to manually manipulate and consolidate data from different point solutions. Project Business Automation provides real-time data on all aspects of your project so you can take control and deliver better project outcomes to your customers.
Download the Project Business Automation Blueprint to learn how PBA creates a streamlined, comprehensive system for project-based companies.
