Enterprise Project Management Made Easy: Everything You Need to Know
2 years ago
Enterprise project management (EPM) is in every responsible project leader's mind. However, this is easier said than done. It means handling different teams, running multiple projects, and tackling a mountain of challenges.
But although EPM sounds like such a hassle, your company won't survive without it. Why? Because it protects your team from disorientation, miscommunication, inefficiency, and other issues
More importantly, it will determine the success of each project which ultimately contributes to organizational success. Knowing its importance, here's everything you need to know on how to implement EPM effectively.
What Is Enterprise Project Management?
Before diving into implementation, let's understand EPM at its core first. Generally, enterprise project management is the process of coordinating, prioritizing, and managing resources together with strategies necessary to complete projects efficiently.
If you're looking for a way to streamline processes, improve productivity, assure stakeholders, and engage employees in meaningful work, then EPM is the answer. Here are seven key management principles that make it work:
- Resource management involves efficiently allocating resources, such as manpower, tool, time, or finance, throughout any project.
- Risk and issue management is the process of assessing possible complications. Risk management aims to prevent future drawbacks, while issue management aims to solve a problem already within the project.
- Financial management goes hand in hand with resource management to ensure that the project stays within budget as much as possible.
- Time tracking means using a software to measure the amount of work employees put in on the project. This also helps gauge progress.
- Task management boosts productivity by breaking down major goals into manageable objectives that can be delivered at reasonable deadlines.
- Collaboration is synonymous with teamwork. Project members must combine ideas, provide feedback, help each other, and celebrate milestones together.
- Analysis involves studying how the six other elements above impact the project and how they can be improved to become more efficient.
Enterprise Project Management vs. Traditional Project Management
Traditional project management focuses on the completion of a single project through measurable objectives. On the other hand, enterprise project management oversees projects by the entire company as a whole. This means defining goals, tracking progress, and ensuring that every team performs at its absolute best.
The Benefits of Enterprise Project Management
Considering how easy it is to lose track of your to-dos, imagine managing a company with hundreds of employees. Each of them has to do their part and contribute to organizational success. But since nobody is perfect, uncertainties and problems will always pop out. This is where EPM shines. It protects your business from negativities that can hinder its growth.
That said, below is a detailed breakdown of each benefit provided by EPM.
Increased productivity is the primary benefit that enterprise project management offers. As we know, human resource is every company's greatest asset, and they need to be used as such. When there is an overarching coordination process taking place, employees can achieve more in less time. As a result, they can divert their efforts to other tasks or complete smaller projects without interruption.
Boosts Team Morale
It's no mystery that project management is a stressful job. With plenty of moving pieces and timelines to consider, it can be overwhelming for those in charge of streamlining the process. But through EPM, your team's stress levels will be alleviated because there are enough people on board with their own specialized skill sets.
Communication becomes easier when everyone has access to enterprise-level software explicitly designed for collaborative purposes. As long everyone knows how to use the system, deadlines and other tasks can easily be accomplished. Members can then share ideas, offer feedback, and report anomalies regarding the project.
This benefit flows from increased productivity. When your employees have more time to get things done, products and outputs can be released faster into the market. The sooner they can reach target groups, the better. As a result, data will be readily collected and analyzed for optimization.
Saving a good chunk of the budget is another significant advantage of EPM. Thanks to the streamlined workflow it provides, the project is less likely to encounter costly mistakes. It also saves money by automating repetitive tasks and digitalizing records so you won't have to spend money on paper. On top of that, the company will get to check many milestones while using the expected number of resources and funds without sacrificing quality or efficiency.
Improves Organizational Success
An enterprise project management system is a powerful tool when effectively tailored to your company's workflow. It provides better visibility in delivering results. More importantly, it will lead the organization towards success by using metrics, analytics, automation, and other modern features.
Finding the Right Enterprise Project Management Software
As you may have already observed, EPM requires technology to pull off. You will need a digital tool that can manage multiple projects on a company-wide scale. That said, below are the qualities you should be looking for in an EPM software.
Friendly User Interface
The user interface is the most important element of an EPM software. No matter how many solutions a tool provides, it's useless if your team can't utilize them effectively because of a confusing UI. To add, the interface should be designed to be straightforward for new users. This cuts out any unnecessary steps during onboarding to make the process seamless and efficient.
A good EPM software should be able to integrate with other systems. It's a waste of precious time switching between different applications just to accomplish specific tasks or access data sources. The most commonly integrated tools include QuickBooks, Google Sheets, Slack, and time tracking resources.
An EPM software needs to have a comprehensive reporting system. You want to know which approach and strategies work and which ones don't. This way, you can constantly monitor the team's progress and pinpoint what needs to be improved in the future.
Your EPM solution must facilitate collaboration between teams and individual projects. This is crucial for groups that are spread out and working remotely. Nothing's worse than having your members struggle because they can't communicate well or share files with the team.
Flexible to Changes
Businesses are always growing and evolving. Therefore, your EPM software must be agile and flexible enough to changes so it can adapt according to progress. Simply put, it needs to be able to support the growth of your enterprise.
The Best EPM Softwares To Get You Started
Although there are many project management tools in the market, only a select few can handle the requirements needed to run an enterprise effectively. So, to save you the hassle of doing research, here are some popular ones to choose from and jumpstart the process.
Oracle EPM Cloud
Oracle is a leading tech in the EPM industry. It facilitates most enterprise-grade functionalities, such as financial reporting, data management, and human resources. Keep in mind that Oracle can be heavy on the budget, costing $500/user/month. However, they do offer a 30-day free trial, so you can decide whether it's the solution you're looking for. Check out their website for more.
Develop by a former million-dollar company software engineer, Dashup is a promising management software. The unique thing about this tool is that it allows you to build applications yourself. This is achieved by drag and dropping the features you want. While still in an early stage, the platform delivers every EPM fundamental, from automation to collaboration to narrative reporting. It still has a long way to go in terms of traction, but it is worth giving a shot. Try Dashup for free today.
If you're looking for an EPM tool to streamline your business process, look no further than Sisense. This platform provides you comprehensive data analytics and breaking down complex data sets into manageable portions. All thanks to its smart AI system. Sisense typically starts at $83/user/maximum of 20 users, but they have discounted packages for larger enterprises. Learn more about the pricing here.
Workday Adaptive Planning
'Plan better. Budget faster. Forecast smarter.' is Workday's motto. Used by most large companies, this tool provides financial planning, resource planning, sales, and data analytics, to name a few. Its UI is quite the stunner, with light colors and simple visuals that make it easier to visualize scenarios. Employees will be able to do their tasks efficiently, whether on a desktop, laptop, or mobile. In addition, they offer personalized quotes for enterprises of different sizes.
Trying to manage a company with multiple projects can be stressful and chaotic. EPM software helps your company avoid chaos by organizing employees, tasks, and deadlines into one place. Make sure you choose the right one to create custom workflows for every department to ensure relevance and success.