For too many organizations, the various parts of the project lifecycle are not treated as being part of one single system and data is kept in individual silos. This is a recipe for project failure.
Before we discuss these crucial parts of the project lifecycle that your organization must learn to incorporate together, let’s level-set on what exactly a project is.
A project is a planned piece of work that provides either a good or service and has a scope, schedule, and cost.
Each project has a lifecycle, a series of elements that contribute to a project’s completion. These elements include:
- Opportunity pipeline
- Resource management
- Budgeting, planning, and forecasting
- Time and expense
- Project accounting
- Billing and revenue recognition
- Real-time reporting, analytics, and dashboards
So, how do you get the parts of the project lifecycle to flow together and increase your chance of project success? Utilize the power of a project-based ERP.
A project-based ERP is the ultimate project management control center. It places all the necessary information into the project manager’s hands and brings together every part of the project lifecycle.
Our new ebook, The Business of Projects, is a guide to how ERP software can enable project success. This eBook spells out in detail the nature of project-based work, the concept of enterprise resource management, and how organizations capture new business.
Download your copy of the ebook here and learn how ERP opens the door to better planning, execution, and financial management through more robust project data.