Leadership Tips, Project Management

What could optimized project management mean for your team’s bottom line?

Every team wants to work faster, smarter, and be more productive. That’s why everyone is always looking for ways to optimize their processes, especially when it comes to project management. For in-house creative and marketing teams, sometimes this optimization means adding new project management software, reorganizing teams, or creating new processes. But going beyond the buzzwords to actual dollars and cents, many project managers wonder, “What would optimized project management actually do for my team’s bottom line?” It’s a fair question, and the answer lies in how such a transformation can affect your team’s efficiency, productivity, and culture. At a time when the global pandemic has caused revenue to decline for many companies, Let’s look at just a few of the ways that improved project management could impact your bottom line.

Improved efficiency

The number one way that better project management could boost your bottom line is by helping your team work more efficiently.

For example, you can optimize your project initiation process by using a standardized request form and establishing a single methodology for internal clients to request new projects. This would help you eliminate drive-by requests and the extra communication that’s often needed to begin a project. With less back-and-forth between stakeholders, the project as a whole can be completed more quickly. If you’re tracking your team’s billable hours (just one of the top KPIs every marketing team should track), you can then put a dollar amount to the time spent and determine the impact on your bottom line.

Sometimes optimizing your processes means adding project management software to your technology stack. If you choose a solution that has built-in workflows, you don’t have to manually route content between team members, making the entire content creation life cycle more efficient. If the software can store documents, facilitate collaboration and provide visibility into team capacity, you can break down silos of information and do away with tedious calendars and spreadsheets. All of this allows your team to work more efficiently.

To put it simply: If you’re being more efficient in your work, you’ll generate better ROI, which helps your bottom line.

Better quality work

Optimizing project management for your marketing or creative team can not only help you produce work more efficiently, but it can also improve the quality of your work overall. That’s because true optimization is about empowering team members with everything they need to be successful.

For example, improving communication between internal clients and creative team members increases clarity around project objectives. This in turn helps ensure that important strategy components stay top of mind throughout content creation, leading to more effective assets.

If you can provide your team with better collaboration tools, they can work faster and easier, combining their talents more efficiently to put out a better product. And if you can enable managers with better reporting and data, they can use those insights to make better decisions when assigning projects, making sure the right people have the right availability for the right task.

All of these process improvements help your team produce better projects. And if you’re creating better sales materials, for example, your salespeople can close more deals, improving your bottom line.

Stronger team culture

Anytime you undergo a departmental transformation, it can have a profound effect on your team culture. That’s because culture is as much a product of your people and policies as it is the way in which they work. So, if you’re optimizing your project management processes, you’re highly likely to notice some cultural improvements.

For example, if you add new project management software, employees may feel more supported because they know the company is making an investment in their efforts and actively working to make their lives easier. The technology defines their work style and nurtures a certain aesthetic that can have a measurable effect on the team’s happiness. In other words, empowering employees with cutting-edge systems they’ll use every day will affect their attitude a whole lot more than the annual company barbecue.

So how does this impact the bottom line? Well, happy workers are not only more productive, but they’re also less likely to leave for another job. Estimates suggest it costs roughly half of an employee’s annual salary to replace them while improving your team culture helps to keep them. That reduction in turnover has a direct impact on your bottom line.

For in-house marketing and creative services teams, project management is all about turning out high-quality projects that drive success for the rest of your organization. So, if your team is working more efficiently, creating better projects, and feeling happier while they do it, the results will speak for themselves in the bottom line.

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