How to Save Millions of Dollars on Your Project in 1 Easy Step
How much money is your company losing due to inefficient project management strategies? Have you thought about it? Do you end up with multiple changes at the end of your project that push you over budget? Or maybe you put enough "contingency" in your estimate that you don't over-spend......but your total cost is higher than it could be. Do you feel like you spend too much time spinning your wheels or getting stuck trying to keep the project moving forward?
These are ALL common reasons why organizations spend more money than necessary on projects.
A 2014 Report titled "The High Cost of Low Performance" published by the Project Management Institute (PMI) highlights some frightening figures:
- 61% of executives acknowledge that their firms often struggle to bridge the gap between strategy formulation and its day-to-day implementation.
- Only 9% of organizations rate themselves as excellent on successfully executing initiatives to deliver strategic results.
- This means organizations lose $109,000 for every $1,000,000 invested in projects and programs!
How do the best performing companies reduce the amount of money wasted by poor or non-existent project management processes. Here's what PMI has to say:
As you can see, having ongoing training for Project Managers, and having defined processes in place to manage projects and knowledge transfer makes all the difference. Does your company have ongoing training programs? Do you have defined systems to ensure knowledge is managed appropriately?
If not, you're likely wasting hundreds of thousands (or even millions!) of dollars on project inefficiencies. For a tiny fraction of this cost, companies such as Raspberry Mills can come to your place of business and lead training courses for full-time or occasional Project Managers. We can help establish new or tune up your current project management processes to reduce the amount of money and time wasted.
Wondering how we can help your particular situation? Give us a call or shoot us an email to get the conversation started.