In this post, we delve into the concept of project business, its significance, and why it is crucial for improving your business outcomes. We’ll define project business, explore its relevance across various industries, and highlight the challenges it poses. Additionally, we’ll introduce the concept of Project Business Systems and explain how they can streamline your operations. Let’s dive in!
Defining Project Business
If delivering projects, whether externally or internally, is a significant part of your business, you are a project business.
Project business refers to the comprehensive management and governance of project processes from start to finish. It involves merging operational and financial aspects to create a unified discipline critical for the success of your business. Instead of treating project schedules, resources, costs, and revenue as separate entities, project-driven businesses must view them holistically and manage them collectively.
Just like retail businesses or manufacturing businesses focus on the core aspects of their business, project-driven businesses need to do the same, which means focusing on projects.
What types of companies manage Project Business?
Project business is applicable to a range of industries. Primarily, when you think of project business you can think of industries that revolve around projects, like:
- Architecture, engineering & construction (AEC)
- Project-based (ETO) manufacturing
- Aerospace and defense
- Biotech
- Pharma
- Energy
- Professional services
Most people think of companies in these industries as completely different, including those working in these industries. However, these industries are more alike than they are unalike. These companies provide their products and services to their customers directly through projects. This group of industries what makes up the majority of project business.
However, other industries such as retail, distribution, and manufacturing also have project-based divisions or capital projects that require project business management. Thus, project business is a fundamental aspect for most mid to large enterprises.
The importance of thinking like a Project Business
Understanding your identity as a project business is paramount. This awareness enables you to identify and address your specific needs effectively.
Let’s take systems and technology for example. Do you think a retail business should manage all of its different store locations’ sales in spreadsheets? No. Retail businesses look for retail business systems that help them manage everything about their business from the point-of-sale to demand planning.
Just as retail businesses employ retail business systems to manage various aspects of their operations, project businesses should seek dedicated project business systems rather than relying on spreadsheets and disparate project management tools. By doing so, they can avoid common challenges associated with fragmented systems, such as information silos, lack of data integration, manual processes, and poor project and business performance.
Introducing Project Business Systems
Project Business Systems are a category of business systems designed to meet the unique requirements of project businesses. Embracing a project business system ensures a more streamlined and integrated approach to project management and supports the foundational elements of your business.
Project Business Systems are a category of business systems designed to meet the unique requirements of project businesses. Embracing a project business system ensures a more streamlined and integrated approach to project management and supports the foundational elements of your business.
Project Business Automation
Project Business Automation (PBA) is a purpose-built project business system that standardizes, integrates, and automates project business processes in a unified platform. This comprehensive solution effectively tackles the complexities of project management for enterprises, providing the financial and operational tools, controls, and insight to optimize the project lifecycle across the organization.
Recognized by Forrester as the new paradigm for project business management, PBA puts projects at the forefront, integrating business and operational aspects seamlessly.
Download this PBA Quick Guide to learn more about how PBA addresses the true needs of project business.
Conclusion
Understanding project business and leveraging dedicated project business systems like Project Business Automation can significantly enhance the efficiency and performance of your business. By adopting a holistic approach and integrating operational and financial components, you can unlock the full potential of positive project outcomes and drive overall business success.
