Most companies are focused on implementing an agile methodology in project management and deliver project management efficiencies at optimized costs. Despite all these efforts and defining a vast list of KPIs, the challenge is increasing project management costs and reduced PM efficiencies. To scale up the project management efficiencies at optimized costs, ServiceNow Performance Analytics (PA) comes with strong project performance tuning strategies.
Problems with Current Project Management Process
In most of the cases, project management efforts are consumed in calculating:
- Whether the project is running as scheduled.
- If at all any disruption has happened, how did it happen?
- What is the root cause of this disruption?
- What factors are contributing involved in it?
- Impact of this on disruption on the overall project timelines, costs and time to fix it.
Despite having data gathering tools to record project cause-effect information but lacked efficient tools to connect these observation dots to check whether they are in accordance with the business objectives or not. This is primarily due to the lack of alignment of business objectives or goals with the projects management strategy.
Those that align their Enterprise PMO to strategy, report 38 percent more projects meet original goals and business intent and 33 percent fewer projects are deemed failures."
-Pulse of the Profession Survey, PMI.
The alignment issues arise due to lack of systematic approach to, properly record the project management data and extract intelligence info(analytics) out of it. This analytics is key in helping the business leaders to check whether the project execution strategy efforts are strategically aligned with the business goals and strategy or not. But, most of the occasions the data mostly rests with analysts in data silos and usually shared during board meetings. Essentially data goes unavailable to those who really want it. This results in the following consequences:
- As the data available is not real-time and past data is the only source. This ultimately impacts on decision-making process and decisions made are most untrustworthy. The level of risk and its impact of this process grows with the criticality of the business positioning.
- Data stored in the silos lack context. Extracting insights, like analytics, through this heap of data for business decisions requires hiring some groups of analysts.
- As data is just dumped in the silos, employees must sweat a lot most of their time in just searching the history of the past project just for locating similar problems than focusing on extracting solutions.
- In this fast-paced digital transformation mandated business environment, not staying tuned with tech trends and practices will leave the business left behind the competitors.
- Say, a single organization is handling some hundreds of projects. In such case, if at all organization’s senior management wishes to look at the project insights data then the realization comes into picture that they don’t have adequate data to analyze the ground realities. They may have to depend on the spreadsheets.
- The quote below from PMI Research highlights the critical nature of proper project management performance. ServiceNow's PA can empower your PM strategy and can be the one stop solution to reduce these inefficiencies and drive a streamlined organization.
...every $1 billion invested in the United States, $122 million was wasted due to lacking project performance”
Performance Analytics for Better Project Management
ServiceNow's Performance Analytics module enables you to track, aggregate, and visualize the key performance indicators over time, rather than reporting on a point in time. To extract better analytics and the better visibility of the performance analytics, configuring the input data is the key.
No Data Stays in Dormant State
ServiceNow performance analytics decentralizes data silos and makes the project data accessible easily on need based on team member hierarchy authorizations. Thus resulting in transforming the data strategy to be completely agile. Eases the process of identification and positioning of the key data components that are to be evaluated across all projects. Performance analytics dashboards provide flexibility in choosing the criteria on which data management.
Driving Organization Goals with Transparency
The extensive analytics info eases the business leaders easily plan, measure, evaluate and restructure KPIs or plans. Based on this analytics data, business leaders gain better visibility of overall commitments. Accordingly, management can re-strategize their efforts to tune the direction of achieving business goals and objectives. The beauty of PA is, organization’s top bosses can get meaningful insights on hundreds of projects their organization is handling in a single click without needing a team of analysts to sit and frame the charts. This way performance analytics enhances transparency, governance, and accountability.
Be Aware and Handle Risks in Advance
This machine learning driven analytics platform predicts the probability of risk occurrence and helps the project teams to counter and manage risks in advance. In short performance analytics module improves the overall organizational cognizance on aggregated risks.
Intelligent Resource Utilization and Communication
The deeper analytics on resource utilization helps the management to get insights into resource utilization stats like working hours, time spent on each task and so on. This provides the management to intelligently manage usage of resources to best of their capacities and capabilities to run the project successfully. This improves cross-organizational collaboration. Also, this keeps the stakeholders well informed about the status of work, which in turn enhances engagement and communication.
(To learn in detailed way about how Performance Analytics can transform your business, click here)