About 70 percent of projects fail annually due to poor management. Therefore, effective management and no compromise over the work quality are crucial to gaining success. And time management plays a vital role in the efficacy of project management. Therefore, project tracking is one of the most common Practices to ensure higher productivity, excellent quality, and the right use of budget. Performing this task by using digital tools is not rocket science. Moreover, the existence of ERP for architects and engineering firms makes this task easier. This all in one tool to manage a project more effectively.
A wide range of Project tracking software is available in the market. To avail of the benefits of using such software all you need to do is to select BQE Core or any other reputable agency or tool according to the requirements of your business. Project tracking not only helps you to finish multiple projects within a time limit but also assures an increase in work quality, employee efficiency, and accountability. Moreover, it also helps to reduce money and time consumption or to boost project profitability.
In this article, we are exploring some key benefits of tracking a project. Continue reading!
Effective Resources and Budget Management
Successful completion of multiple projects relies on resource management. The reason is that over or under-skilled allocation of resources can badly affect the progress of the project including exceeding the cost value and delay in the delivery of the project. However, tracking the project greatly enhances resource management. It provides data insights about the time consumption of various tasks. It helps the manager to understand which portion of the project and the employee takes how much time to complete. Therefore, the manager can make decisions for the next goals and work on resource management more effectively.
Budget management is one of the crucial factors to consider for the completion of the project. The reason is that improper use of expenses can result in running out of the budget which can lead to the delay or blockage of the project. Project tracking provides the manager with all the details of the expenses. Therefore, it helps to keep the balance between the cost and profit value.
Improve Billing System and Work Quality
The billing system is another critical step to managing a project more accurately, especially in the case of hourly rates. Tracking tools provide error-less calculations and create ease of paying the employee timely and accurately.
Project tracking provides work insights during all steps of the project. Moreover, it also provides the route map for project milestones and deadlines. Therefore, the managers can check or compare the quality of each deliverable with the objectives of the project. It helps them to evaluate and take immediate decisions to improve the quality of the work.
Boost Employees Accountability
Employees are the backbone of any organization and they play a vital role in the completion of a project. Tracking tools provide the employees with working calendars that have all the details of the various goals and time frames for them. Moreover, the integration of tracking software with payroll and CRM for engineering or architectural industries also provides the employees with easy access to their work details, leaves, bonuses, and payment details. When the employees have all the details of their fingerprints and are well aware of the fact that the system is monitoring their progress they feel more accountable. And work with more sincerity or willingness towards the team.
Enhance Productivity
Project tracking is an effective business tool to enhance the completion ratio of the projects and earn more profit. The reason is that it provides the project team with data insights for each step including expenses, resources, work progress, employee performance, and deadline alerts. Therefore, it helps to complete the project within the assigned budget and time frame. Moreover, it also saves a lot of time and money for the project management department by minimizing the risk of errors and failure. And it all results in the mire productive growth of the organization.
The Takeaway
Project tracking is one of the excellent ways to join the circle of 40% successful projects. And the use of tracking software is an economic choice to tackle the hurdles to this way of excellence and better productivity. You can also gain these multiple benefits for your organization or project management team by simply hiring the service of BQE Core or any other reputable tracking software that is best suited to your organization and the budget.
