Project management has always been a dynamic field with the constant introduction of new tools and methodologies to optimize work. However, the field has experienced a tremendous changeOpens a new window , particularly in the last few years, thanks to modern technology. Project management software with real-time tracking, automated systems, and other advanced features have opened new avenues and simplified several challenging aspects.
In such a dynamic environment, your business needs to stay on top by keeping up with the latest advancements in the field.
For that to happen, the first thing you need to address is your project management strategy. The traditional task-focused approach doesn’t work anymore. Today, people are the main focus of any management strategy. Knowing how to manage and lead people is now a primary requirement for anyone given charge of a project. Without it, your business could fall behind the competition.
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What’s Changed, and How Does It Impact My Business?
In today’s fast-paced environment, businesses have to keep up with ever-changing market demands. While traditional project management allowed teams to deliver results in a structured manner, their flexibility left a lot to be desired. Modern project management techniques take the positive elements of the traditional approach and address the weaknesses to create solutions that maximize productivity at minimum cost.
The following four elements are the cornerstone of all modern project management strategies. They are also the areas where the modern approach deviates most from traditional practices.
1. The methodology
Today, a majority of businesses have shifted to agile, Kanban, or hybrid strategies that allow teams to shift strategies according to feedback and market conditions. The traditional approach focused on processing a project in separate stages. Modern project management strategies involve more overlap and strive to achieve success by dividing an entire project into more manageable, bite-sized tasks.
2. Focus on the behavioral aspect of project management
Modern project management is more focused on leading people effectively and facilitating team members to ensure maximum performance. Unlike in traditional project teams, modern team members are more versatile and diverse. If used effectively, this cross-fertilization of ideas from different domains can become a great asset for your business. Today, managers of projects are responsible for ensuring effective collaboration between team members through transparency and communication strategies.
3. Stakeholder management
Modern project management puts a lot of focus on stakeholders. Instead of being limited to the management and team members, you are now required to communicate with all relevant parties that may affect the project. The community, regulators, government agencies, and other similar parties need to be managed throughout the project lifecycle.
4. Communication
Modern project management stands on effective collaboration between all involved parties, and for that, communication is essential. Today, businesses make full use of advanced communicative platforms that allow them to monitor progressOpens a new window in real-time and take important decisions without unnecessary delays. Modern project managers also regularly deal with remote teams, which allows them to get the best talent without being limited by location (but this involves some unique challenges).
The Right Approach To Stay Ahead of the Game
Once you’ve decided that modern project management strategies are the way to go for your business, you’ll have to carefully integrate the changes. Abruptly introducing new strategies and approaches will tank your company’s productivity. Moreover, you are also bound to face some resistance. Once people are used to things happening in a certain manner, they’ll resist changes because of uncertainty.
Here are five essential tips for you to embrace the change and get started with updating the way your business handles its projects.
1. Treat knowledge workers like project managers
Project management is no longer limited to people with formal training and certifications. Your knowledge workers (with a little guidance) are an excellent asset for handling and managing projects.
In the modern work world, most knowledge workers are already familiar with challenges and issues projects face. They are already aware of the technical side of things, and with a little training in leadership and management, they’ll be capable of handling projects effectively.
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2. Focus on the people
Traditional project management focused too much on tools, processes, and documentation while simultaneously ignoring the behavioral aspect. Today, it is widely considered that effectively managing people is the most important job of the project manager. As a business owner, you need to ensure that your employees are being managed effectively. Doing so will not only keep everyone motivated but also enable a significant improvement in overall productivity.
3. Go beyond the triple constraints
The triple constraints (cost, time, scope) have always been the critical criteria of success. However, solely focusing on them is not effective in the modern landscape. You need to update your success metrics and focus on other aspects like customer satisfaction, product success, etc.
4. Adapt
Modern project management strategies take time to perfect. Managers, business owners, team members, and other stakeholders need to realize that project management is an iterative process that improves with experience and feedback. You need to introduce a system of continuous improvement where everyone learns from an experience and focuses on overcoming previously identified weaknesses with time.
5. Leverage what technology has to offer
Modern project management is dependent on technology. Communication, effective collaboration, task management, and all other essential functions depend on the appropriate tools that complement the existing system and facilitate making the job easier. Also, the project management tool you choose for your team is bound to vary depending on the nature of your projects and the roles they encompass. Project management tools are seldom a one-size-fits-all proposition.
Key Takeaways
As far as project management goes, what works for another business might not necessarily work for yours. To increase your chances of success, you’ll need perception, adaptability, and agility. Modern project management strategies stimulate all these qualities in a structured manner. With increasing competition in the market, businesses need to reevaluate all their processes and look for ways to reduce costs without compromising performance. Revamping project management strategies is the perfect first step toward that goal.
What steps are you taking to keep up with the changing field of project management? Let us know on LinkedInOpens a new window , TwitterOpens a new window , or FacebookOpens a new window