What is enterprise project management?
Enterprise project management (EPM) is the practice of managing numerous, disparate enterprise projects at an organization-wide scale. The processes are streamlined in such a way that they align with the business's overall objectives and goals. In other words, it's project management at scale. These projects are usually complex and unrelated to one another, but they have the same collective impact on the organization's growth. This is when EPM software is employed to oversee the workings of all these projects.
What is EPM software?
Large scale organizations need sophisticated management system in place to deal with the enormity and complexity of their projects. A few other reasons why an enterprise project management system is a necessity
Why do enterprises need a project management system?
EPM software is designed to help enterprises meet their overarching business goals and objectives by tracking, budgeting, reporting, and analyzing the holistic progress of the myriad of projects that make up a company's portfolio.
Why is Zoho Projects the best enterprise project management tool?
Zoho Projects is an enterprise-ready tool that is highly scalable, customizable, and secure. Seamlessly fitting in with your existing ecosystem through its many integrations, Zoho Projects makes for the best enterprise project management tool.
Elements of enterprise project management
The Project Management Institute (PMI) has set forth seven components of enterprise project management. These processes address unique business needs by drawing from traditional project management methods, as well as enterprise project management office (EPMO) practices, while aiming to keep things simple.
Let's take a look at some of the tools involved:
Risk analysis:
Recognize potential risks and prevent them Risks that stem from individual projects can interact with other projects and affect the enterprise at scale. The delivery manager (DM) is one who owns EPM processes, and they have the project manager (PM) devise a risk mitigation plan. PMI also emphasizes having a risk questionnaire ready that is tailored keeping the goals of the delivery organization (DO) in mind, with a standard mitigation plan to evade risks.
Structured estimating:
Standard estimates that make up a project Estimating for a portfolio of projects could become daunting in the absence of vigilant management. The EPMO usually approves project estimates employing EPM processes, which are later incorporated into the projects by the PM.
Project reviews:
Updates on the project progress Cyclical reviews propel projects in the right direction with a deep dive into the project's process, evaluation of the metrics that control the project's trajectory, and verification that all the portfolio's projects adhere to EPM guidelines and are on the same page.
Project management coaching:
Mentor the project manager EPM could be unfamiliar terrain for PMs with little to no experience in the field, or for those having worked in a much smaller setup. PM coaching speeds up the learning process and in no time, managers will have EPM processes up and running.
Escalated issue management:
Measure and manage time Recording time and accounting for it drastically reduces idle time and boosts productivity. Measuring time taken for task completion for all such projects can aid in evaluating the enterprise's overall development.
Time accounting:
In construction, there's always something urgent demanding your attention. Your project management software should make it easy to send or review messages and files or schedule an impromptu meeting with your team.
Information system:
System with project management capabilities A good enterprise project management system with integrative abilities can perform EPMO processes, store data, and manage projects.
How to implement enterprise project management
Assess
First off, it is important to go over the company's primary objectives, which are responsible for shaping its work culture, and the goals that an individual project abides by. This can help increase understanding of the company's operations and inform decisions about whether enterprise project management is a good fit for the team, the work culture, and the company as a whole.
Define
EPM implementation warrants adaptability, so it is equally important to assess current circumstances and clearly define the problems that you want it to solve. Think about who would take on the role of the manager and, if the company is flexible enough to accommodate changes, post-EPM implementation.
Convey
Next, loop in stakeholders, teams, and upper management. Give them an overview of enterprise project management, the execution strategy, and the various benefits.
Implement
Now is the time to modify existing processes to suit EPM practices, and address issues that spring up. Plan out training sessions, shuffle teams, and bring in equipment and technology necessary to kick-start the transition.
Review
Once you're all set, monitor the transition. Check in on your teams: Are they weathering the change, or are they bogged down by it? Has the focus on the bigger picture derailed, or is it still intact? Conduct periodic reviews with stakeholders and the management, and see where your company stands after adopting enterprise project management. Gather feedback, address grievances, and work your way up.
Remember, implementing EPM is disruptive, and it could take anywhere between a few weeks to several months to fully become a part of your routine. The key is to stay patient, vigilant, and take on challenges as they come.
How is enterprise project management different from traditional project management?
Enterprise project management and traditional project management, although related, are dissimilar in some ways. EPM oversees projects at a high-level, and ensures that the company's overall objectives and goals are aligned with EPM practices. It implements a broader approach to project management. On the other hand, traditional project management focuses on managing individual projects at a granular level, typically overseen by a project manager.
What makes the best enterprise project management software?
Managing one project at a time is a task; managing multiple projects at the same time is a herculean one, at best. The best EPM software should simplify convoluted workflows, foster active communication amongst teams and clients, and ensure the tracking and synchronizing of diverse projects.
Resource allocation:
When running disparate projects at the same time, chances for duplication of work and unbalanced workload are high, and this can cost you dearly. An enterprise project management system equipped with a resource allocation chart displaying everyone's work can help you move around work if someone's swamped, or send extra work if they have enough bandwidth.
Collaboration:
A lot of time goes into switching tabs and opening up multiple windows, searching for that one receipt that your client desperately needs. A central repository for all of your spreadsheets, presentations, bills, and invoices can save your time, and the day. A good enterprise project management solution has messaging and calling features, so you can share updates that need attention.
Dashboards:
Customizable and shareable dashboards containing charts, infographics, graphs, and metrics of all projects can help the team look up project insights in one place, and be used to present to stakeholders.
Reports:
Multiple customizable reports can help showcase project status and compare one project's progress to another, while ensuring maintained focus on the end goal. Reports can also determine any positive or negative trends, and help find causes for issues or delays within the project.
Timesheets and budgeting:
Numerous teams working on different projects throughout the day can cause chaos if not supervised regularly. Timesheets record the time spent on specific tasks, along with the duration, date, and time. This recorded time can be used to add hourly rates, generate bills and invoices, and avoid overruns.
How to choose the best enterprise project management tool
Revisit company goals
Your new enterprise project management tool should adapt to the company's goals at scale and at the grassroots. Revisit these goals to understand what you need the tool to do that's unique to the company. Redefine your objectives in terms of workflows, culture, team sizes, clients, and the business climate.
List down requirements
Now that you have the objectives and goals defined, compile a list of everything that you would want this tool to have and do. Make sure to:
- Check the pricing plans out to see if they match your budget, and if there's a trial period that you can make use of while testing the tool.
- Look for features like budget and resource allocation, invoicing, timesheets, collaboration, reports, dashboards, and widgets, which make up the basics of enterprise project management software.
- Contact customer support asking for a basic demo of the product.
- Look out for integrations with third-party apps that your teams work with every day.
- Test the user-friendliness of the product.
Shortlist and test:
Pick at least three contenders after weeding through multitudes of enterprise project management software solutions. Assign pilot teams to test each product; use the trial period and try to get your day-to-day tasks done with each one of them.
Select the best
After factoring in every aspect of the tools, choose the best enterprise project management software for your company's growth.
Benefits of EPM software
Reduced risk
Enterprise project management tools shed light on how different projects with the same business goal are progressing, as opposed to traditional project management that focuses on one project at a time. This increased transparency helps minimize risks that can crop up due to overlapping project deadlines and objectives, blurred lines separating the project and company goals, or duplication of work and implemented solutions that can cause discrepancies. It is noteworthy that risk can only be mitigated, not abolished, and EPM processes target to single out risks and reduce their impact.
Consistent project management
An enterprise project management solution facilitates synergy amongst projects that adhere to several individual objectives, all while working towards the company's overarching goals. Silos are taken down, and goals become realistic and transparent, keeping processes organized and everyone in the know.
Efficient resource allocation
With predefined goals, teams are already aware of what is expected of them, and they can take on work that is relevant to their expertise. This prevents slacking off, overworking, and slumping. Not just that, enterprise project management software assigns the right person for the right project, and also highlights projects that need nurturing, in which case efficient resources can be moved around to assist.
Quality deliverables, increased productivity
Enterprise project management tools foster an environment where all projects and tasks follow a standardized and systematic approach, warding off inconsistencies and eleventh-hour hiccups, which can be your business's downfall. With equal resource distribution, streamlined workflows, and corrective measures taken to minimize risks, teams work systematically, producing high quality deliverables, leading to a rise in productivity.