Building a Perfect Project Pipeline Management Strategy
The reason behind successful entrepreneurship is the individual and collective expertise of team members, budget, resources, communication, and productivity. Winston Churchill said like, “Let our advance worrying become advanced thinking and planning.” Only your plans and strong vision could help you get going throughout a project. So that we can ensure that the company meets the total strategic goals and influences positively.
Why should companies focus on Project pipeline management?
Businesses focus on Project pipeline management to ensure timely completion and delivery of tasks and to avoid reworks. To name a few are:
- Monitors progress of projects.
- Gain a holistic view.
- Plan budget & resources.
- Focus on priorities.
An effective project pipeline management is one of the important elements to streamline the sales process of organizations. It allows smooth coordination between the sales and the delivery team. The sole purpose of having a project pipeline management strategy is to pre-plan and avoid complex hurdles in the end. It offers high sustainability towards meeting companies’ strategic objectives. Here is how you can develop your business with an effective Project Pipeline Management strategy.
Steps to Effective project pipeline management strategy:
Project pipeline management is an autocratic process comprising necessary steps towards an ideal project for your company after proper analysis, earning estimation, preparation, and scheduling suitable resources. Project pipeline management contrasts between the projects and the business vision. No projects can be started right ahead after estimating revenue, feasibility, and its due intention. These are the major steps towards forming an effective project pipeline management strategy.
- Resourcing measures
Resource analysis before starting a project should be made a priority. Make sure that you have enough resources to accomplish specific project work. Committing to a project work without the quantifying right resource and workforce would definitely affect its quality and company reputation.
The main purpose of implementing the right resource measures are:
- Gives a complete picture of the available resource capacity, skillset, the budget required to get a project done.
- Project managers can assess these resourcing measures over hiring, upskilling, reskilling, or training based on the availability and capacity before a project.
- Estimate the profitability of the project after its resourcing cost.
A project’s success depends upon various factors other than budget and timeline, its workforce and skill matrix matters most to this. Going for an advanced resource management tool would provide a keen review of the profiles and schedule of resources.
- Precise estimation
Weigh each factor and make appropriate estimations of project parameters. The accuracy of these evaluations helps you decide the future of the project. Project managers should keep an accurate record of the project plan and estimations in order to confirm delivery within the timeline but without resource due or budget overruns. While resource analysis, the resource managers should confirm the budget, potential risks, goals, and total revenue. PMs can make decisions after the complete analysis of factors literally based on two parameters:
- Revenue meets the company’s expectation
- Project helps to meet the business strategy goal.
- Financial roadmap to profit
Profitable projects help in promoting the organization’s reputation and topline. Create a substantial revenue stream after the accomplishment of the project towards a significant Return on Investment (ROI). Nobody invests in something that gives no return. Generate a sound financial roadmap to make sure your project is profitable. Categorize projects into sections that depict the profitability of the overall pipeline. While working on the financial roadmap keep in mind to:
- Assemble the right resource mix possessing the right skill sets keeping the project costs in check.
- Assign to the workforce from low-cost locations with the same competencies to minimize project resourcing costs.
- Refer to the past project’s ‘forecast vs. actual’ reports to improve future forecasting.
- Utilize the past ‘forecast vs. actual timeline’ reports to stay on a given period and avoid billing loss.
Opt for the best analysis tools to generate the best possible outcome. This reduces resourcing costs and improves accuracy in financial planning. Forecasting and capacity planning tools are available to achieve the best-fit resources that increase the profit margins.
- Improved sales process
A productive pipeline is built on the foundation of an effective sales process. A pipeline is made up of several projects at different stages. Sales and delivery are complex processes and managers should strive to establish a well-defined sales process. Keeping exact track of the projects while they are generating more leads helps to review and improve the whole periodic process. While developing the sales process check the following aspects:
- The delivery team could plan better, given the information about the progress of projects.
- Maintain the sales workflow, collaborating with the delivery team regularly to meet client expectations and requirements.
- Ensure timely delivery and payments from the client-side, keeping connected with the accounts team.
What is your approach to effective project pipeline management?
To conclude, we could say, perfect project management and resource management tools can be used to document and view real-time project progress to achieve success. Implement training programs and utilize intuitive reports and dashboards generated from a single integrated system or tool to get a consolidated view of project metrics. The right approach will improve project estimations and enable the managers to make data-driven decisions based on the single version of the truth.
When you need to keep track of your project’s progress or find out what is happening with a specific task, it can be difficult to know where to turn. With so many project management systems and time-tracking software programs available today, the decision process becomes even more daunting. The good news? We have created an easy-to-use solution that will help you manage all aspects of your projects from start to finish. Whether you are just getting started on a new venture or looking for ways to improve how your team manages tasks in real-time, our system has everything needed for success. Try us free for 30 days now!
