formerly FinancialForce
Project management involves initiating a project, planning, executing, monitoring and controlling it, and then closing it out successfully with final deliverables. The complete project lifecycle is a path for project managers and other stakeholders to deliver a project that fulfills customer outcomes and creates customer value.
Dive into the world of project management—a dynamic strategy that uses methods, tools, and processes to smartly plan and execute projects. Learn the ropes of effective project management, where teams and resources come together to hit project goals while juggling the challenges of time, cost, and scope throughout the project life cycle.
An integrated PSA results in 27% higher project revenues.
Launch your project with a kickoff meeting, aligning teams, stakeholders, and key parties to outline project goals, schedules, processes, and communication chains.
The project initiation phase is the starting point of any project life cycle. It involves launching the project with a kickoff meeting, bringing together teams, stakeholders, and key parties. During this phase, the project goals, schedules, processes, and communication chains are outlined and aligned. The purpose is to ensure that everyone involved understands the project’s objectives and is on the same page. This phase sets the foundation for the project and establishes a clear direction for the team to follow throughout the complete project life cycle.
Develop a robust project plan post-approval, incorporating costs, risks, resources, and timelines.
The project planning phase is where a robust project plan is developed. Once the project is approved, this phase involves creating a detailed plan that incorporates various aspects such as costs, risks, resources, and timelines. The project plan serves as a roadmap for the entire project, outlining the tasks, dependencies, and milestones. It helps in organizing and coordinating the project activities effectively. Visualizing the plan using tools like Gantt charts provides a visual representation of the project timeline and helps in managing the complete project life cycle efficiently.
Execute project activities and milestones to deliver client and stakeholder satisfaction.
The project execution phase is where the actual work begins. It involves executing the project activities and milestones to deliver client and stakeholder satisfaction. During this phase, the project team works on completing the tasks outlined in the project plan. It requires effective coordination, communication, and collaboration among team members. Proactive risk management is crucial to identify and address any potential issues that may arise during the execution phase. The project team must also maintain margins, make necessary adjustments, and reallocate resources as needed to ensure the project stays on track.
Simultaneously monitor and control project progress with a focus on time, cost, and scope.
The project monitoring and control phase runs parallel to the project execution phase. It involves continuously monitoring and controlling the project’s progress, with a focus on time, cost, and scope. This phase ensures that the project is progressing according to the plan and any deviations are identified and addressed promptly. Monitoring involves tracking key performance indicators, milestones, and deliverables. Control involves implementing firm controls to ensure adherence to the triple constraint of time, cost, and scope. It may involve making adjustments to the project plan, reallocating resources, or taking corrective actions to keep the project on track.
Conclude the project life cycle by presenting final deliverables to clients or stakeholders.
The project closure phase marks the end of the project life cycle. It involves concluding the project and wrapping up all the activities. During this phase, the final deliverables are presented to the clients or stakeholders for their approval. Once the deliverables are accepted, the project team releases the resources and completes the necessary documentation. Conducting a post-mortem analysis is an essential part of this phase, as it provides valuable insights and lessons learned from the project over the complete project life cycle. This information can be used to improve future projects and enhance the overall project management process. The project closure phase ensures a smooth transition from project work to the next phase or project.
Gain laser focus on resource management by integrating sales and services technology.
To effectively manage resources, it is crucial to integrate sales and services technology. By doing so, organizations can unify people and project data, resulting in enhanced visibility and the ability to predict talent needs. This integration allows for a balanced resource supply, ensuring that the right resources are allocated to the right projects at the right time. With a laser focus on resource management, organizations can optimize resource utilization, improve project outcomes, and maximize profitability.
Elevate customer satisfaction by maintaining a master customer record.
This master record serves as a centralized repository of customer information, ensuring that teams are well-informed and equipped to answer customer questions with up-to-date information. By fostering confidence through accurate and accessible customer data, organizations can enhance customer relationships and deliver exceptional service. A master customer record enables a holistic view of customer interactions, preferences, and history, enabling personalized experiences and targeted communication. It empowers organizations to proactively address customer needs, anticipate requirements, and provide tailored solutions, ultimately driving customer satisfaction and loyalty.
Ensure financial health by maintaining a steady billing schedule.
Maintaining a steady billing schedule is essential for ensuring financial health. Organizations need to optimize their billing systems and processes to ensure seamless delivery from opportunity closure to revenue recognition. By harmonizing financial processes, organizations can streamline invoicing, reduce billing errors, and improve cash flow management. This includes automating billing workflows, integrating financial systems, and implementing robust revenue recognition practices. By maintaining financial stability and accuracy, organizations can build trust with clients, improve financial forecasting, and drive profitability.
Evaluate and optimize systems and processes to meet goals.
To meet project goals, organizations must evaluate and optimize their systems and processes. Professional services automation (PSA) solutions, when connected to a customer relationship management (CRM) system, offer increased visibility and streamlined business processes across the project life cycle. PSA solutions provide comprehensive project management capabilities, including resource planning, time tracking, and project financials. By leveraging technology, organizations can improve project efficiency, collaboration, and decision-making. Integrated systems enable real-time data sharing, eliminating silos and enabling seamless information flow. This empowers teams to make informed decisions, adapt to changing project requirements, and deliver successful outcomes.
As project-based work grows, services organizations face challenges in scaling and adapting processes.
As project-based work continues to grow, services organizations face challenges in scaling and adapting their processes. To address these challenges, a modern, agile cloud technology platform can streamline collaboration and offer a secure online community for effective project life cycle management. Such platforms provide centralized project repositories, communication channels, and collaboration tools. They enable real-time visibility into project progress, facilitate efficient resource allocation, and support remote team collaboration. With modern project management technology, organizations can overcome scalability challenges, improve project delivery, and drive operational excellence in today’s dynamic business environment.
Explore the power of Certinia’s Professional Services Automation (PSA), the leading Salesforce-native PSA, connecting projects, customers, partners, and financials. With unparalleled visibility across sales, services, and finance, Certinia’s PSA ensures projects stay on track, customers are satisfied, and reports are up-to-date on the leading Salesforce platform.
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