Project management involves focus, dedication, and a systematic approach. Many entrepreneurs and business owners do not have sufficient time for the required work, so they have found outsourcing project management beneficial.
What is Project Management?
Project Management is the application of detailed skills, knowledge, techniques, and tools to manage projects set up by a company to support its goals. The project-management lifecycle consists of various stages. These stages include the start phase, the execution phase, the planning phase, the project monitoring phase, and the final stage. Multiple resources, parts, and elements are involved in the different stages. Ultimately, project management is a complex process.
The Novel Trend of Outsourcing Project Management
Project management is complex; it has to meet quality expectations and deadlines while always remaining within budget. Failing this, the project can founder, and the company experiences a loss. Project management is becoming more popular and is being used more. The reason is simple: project management offers many benefits to companies. However, outsourcing project management produces additional benefits. Businesses, especially software companies, have been opting to outsource project management.
Why Businesses Should Consider Project Management Outsourcing?
There are certain advantages to outsourcing a business project management. This gives businesses access to certified project managers to manage their projects. Besides a shortage of suitably qualified staff, financial constraints are another concern.
Hiring an on-site project manager will cost a significant amount. Outsourcing is cost-effective without sacrificing quality if you are on a tight budget.
What are the Benefits of Outsourcing Project Management?
Project management outsourcing has both benefits and drawbacks. Let’s investigate the advantages first.
Cost Savings
Outsourcing, especially project management outsourcing, is a cost-effective measure. A business can save on tools, equipment, and office rental by offshoring the project management part to a third party. Additionally, a company can save on labor costs.
Boost Your Pool of Great Talent
Outsourcing your project management, you onboard the most appropriate talent, Which is especially useful for new businesses, such as start-ups or even medium-sized companies, aiming to scale up but lacking the funds required for rapid growth.
Better-followed Timetables
With outsourcing project management, you hire someone skilled in delivering projects on time and budget. This is key, especially with project management. The goal is to have the whole team follow an agreed-upon schedule, with the end goal being a successful project that fulfills its objectives. Hiring a virtual assistant for project management reduces the turnaround time. The business owner ultimately saves funds rather than wastes them.
The Business can Gain Objectivity
A virtual assistant works as a consultant, not a fully employed staff member, and can provide an objective view. Such a consultant can advise whether the project will be feasible.
The Business Gains a Fresh Perspective
Objectively, an external project manager can offer increased transparency. Such people have industry experience and have worked for various businesses. They have learned what can benefit a company.
Solve Understaffing Difficulties
Project management involves overseeing highly skilled people who are part of a team. Such a team must ensure that the project is within budget while being a quality product delivered on time. Using outsourcing as a staffing tool, the business can add the skills needed to complement the team’s efficiency, helping it reach its goals.
Concentrating on Core Tasks
Time is usually a big issue for businesses. Burnout is a prevailing feature of a busy work life. Staff members are sometimes unable to manage the workload. Outsourcing offers companies the benefit of gaining time. The business can offboard any work, including non-essential work, to a virtual assistant. Project management and essential work can be offered to a virtual assistant, thus allowing better use of company resources. The most important asset of a business is its people.
The Disadvantages
Some disadvantages should be mentioned. Here are the negative aspects of outsourcing project management:
- Businesses that outsource hire a consultant or an external manager. Although the virtual project manager is highly skilled, the person may not be familiar with the company culture or business goals unrelated to the project, and such objectives may not be immediately prioritized. The business should assist the virtual assistant with an onboarding process to alert the assistant to the business objectives.
It is inevitable for the virtual project manager to gain access to private and confidential information. This is needed for the business to pursue its work. Access can be restricted at times, and security measures might be required.
Lastly, communication can be a concern. There can, for instance, be some miscommunication or confusion, especially if the virtual assistant is from a non-native English-speaking country. Hiring a virtual assistant familiar with the company’s language is always sensible.
The Bottom Line: Outsourcing Project Management
The benefits outweigh the disadvantages of outsourcing project management. Project management through outsourcing should be implemented if a business wants controlled, solid, and better output.
To learn more about how project management and outsourcing can benefit your company, book a call with our outsourcing expert today!
3 Key Takeaways
The article discusses project management and the benefits of outsourcing it. Here are the three key takeaways:
- Project management is complex but beneficial. It requires balancing quality, deadlines, and budget. Moreover, project management can be a success factor for businesses.
- Outsourcing project management saves money and boosts talent: Businesses can access skilled project managers without the high cost of hiring full-time staff.
- Outsourcing offers additional benefits: Businesses gain objectivity, fresh perspectives, and the ability to focus on core tasks while solving understaffing issues.