(ROI) How Project Management Software can Save You Money

How much time is your Company wasting? 

A McKinsey Global institute analysis Report estimates that  as much as 25% of employee productivity is spent searching for and gathering information just to do their jobs. 

If you have 4 employees, the amount of money you lose each day to company
inefficiency is equal to the entire salary of one of those employees.

Combating Company Brain Drain through project management software.  

• Easily access past and current information quickly. 

 

• Retention of institutional knowledge through collaborative training. 

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• Help Eliminate Distraction 

 

• Reduce Mistakes and back tracking. 

Project/timeline information
Knowing the project status—people assigned to it—what to do next—and important deadlines associated with completion—is vital information that if not available can bleed a company of revenue. These are questions that need to be answered every day, typically through unnecessarily time intensive means; in person, over the phone or through email. Using an organized project managing software to keep  your projects in a sharable location will decrease the time it takes to find valuable information. 

Misplaced, misunderstood, or outdated data not only takes a long time to access, it takes an even longer time to correct and fix mistakes. Project management tools are able to reduce the time it takes to locate, diagnose and fix incorrect information. 

Whenever somebody has to follow a chain of leads to answer a simple question within their own company, more time has been spent looking for the problem than  finding the solution. Having those answers readily available within an organized framework reduces or eliminates this issue. 

Project management software like Aero2Web can keep people informed in real time and help tasks to function more effectively. Having information and project timelines all in one place will not only save time when accessing the needed information but also increase the time it takes to refocus attention back onto the task. 

Company Retention of institutional knowledge
Seasoned effective employees have industry specific knowledge that is not easily passed on in a classroom setting or through a formal company training program. Providing a way for long-time highly knowledgeable employees to interact with hires that are newly entering the industry is the best way to retain this knowledge. Project management software can provide increased collaboration potential by keeping track of past activities, and through increased oversight of assigned tasks in order to more effectively and proactively build teams. The best way to help train new hires. as well as maintain institutional industry specific knowledge, is to have them collaborate with veteran employees 

Eliminate Distractions
A survey done by the University of California partnering with Microsoft research and media lab found that for each distraction it takes an average of 25 minutes for someone to refocus on a task. The study also found these distractions decrease mood, increase stress, and lower productivity. Multiplied by the number of employees within in a company, these short distractions can waste hundreds of thousands of hours over the course of a year. 

Project management software can provide a dynamic shared schedule that reduces these distractions not only saving the lost time, but also increasing the mental well-being of your staff.

Mistakes and Backtracking
Mistakes aren’t cheap, they can loose customers, delay milestones, and ruin prospects. In addition to these costs, there is an added price of fixing mistakes, having the additional potential for loss on top of the original mistake.

Project management software can help locate and correct mistakes, but more importantly it can prevent them from ever occurring in the first place. 
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Author

TheWise.aero, inc. 
admin@thewise.aero