Project management involves focus, dedication, and a systematic approach. Many entrepreneurs and business owners do not have sufficient time in their day for the work required. They have therefore found outsourcing project management beneficial.
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What is Project Management?
Project Management is the application detailed skills, knowledge, techniques, and tools to manage projects set up by a company in support of their goals. A process consisting of various stages makes up the project-management lifecycle. These stages include the start phase, the execution phase, followed by the planning phases, then the project monitoring phase, and lastly, the project finale. For the different stages there are various resources, parts and elements involved. Ultimately, project management is a complex process.
The Novel Trend of Outsourcing Project Management
Project management being complex, it has to meet quality expectations and deadlines, while always remaining within budget. Failing this, the project can founder and the company experience a loss. Project management is becoming more popular, and is therefore more used. The reason is simple: project management offers many benefits to companies. However, outsourcing project management produces additional benefits. Businesses, especially software companies, have therefore been opting to outsource project management.
Why Businesses should Consider Project Management Outsourcing?
There are certain advantages to outsourcing a business project management. Firstly, this gives businesses access to certified project managers to manage their projects. Besides a shortage of the properly qualified staff, financial constraints is another concern. When you hire an onsite project manager this will cost a large amount. If you are on a tight budget, outsourcing is cost-effective, without having to drop your standards.
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 business can save on labor costs.
Boost your pool of great talent
By outsourcing your project management you onboard the most apposite talent for the task. This is especially useful for new businesses, such as start-ups, or even medium-sized businesses aiming to scale up but lacking the funds required for rapid growth.
Better-followed Timetables
With project management outsourcing, you hire a person skilled in delivering projects on time and on budget. This is key, especially with project management. The goal is to have the whole team following an agreed-upon schedule, the end goal being a successful project that fulfills its objectives. Hiring a virtual assistant for the project management reduces the turnaround time. The business owner therefore ultimately saves funds rather than wasting them.
The Business can Gain Objectivity
A virtual assistant works as a consultant, not a fully employed member of staff, therefore is able to 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. They have experience working for many and varied business types; they have learnt 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 efficiency of the team, helping to reach its goals.
Concentrating on Core Tasks
Time is normally 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 the benefit to businesses of gaining time. The business can offboard any work, including non-essential work, to a virtual assistant. Project management, being essential work, can be offered to a virtual assistant, thus using company resources better. 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 not related to the project. Such objectives may therefore 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 needed.
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. It is always sensible to hire a virtual assistant familiar with the language of the company.
The bottom line
In conclusion, the benefits outweigh the disadvantages of outsourcing project management. If a business wants controlled, solid, and better output, project management should be implemented. If you want to learn more about how project management and outsourcing can benefit your company, do book a call with our outsourcing expert today!