Project Management

Project management section help you to effectively manage projects by helping you to manage requirements, teams, finance and documents.

Improve effectiveness and success rate of your project delivery by efficiently manage process for all phases of projects. .

Capabilities

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Manage Project

You can create projects and divide it into section and subsections and manage its progress.

 

Manage Project Credentials

For working on project we have to manage lots of internal and external credentials for client, by this feature you can do it and you can also keep details of domain or AMC expiration date which help you to take action before expiry date

 

Manage Project Phases

Long projects are completed in multiple phases and all phases have different timeline and costing, we can manage it from this section

 

Define team for project and define task flow

You can setup team members for project and define task flow

 

Manage Documents

During project life cycle you need to crate and store many documents. This section help you to store all documents

 

Requirement Management

Storing and keeping track of all requirement gather from client is very important for success of project. Requirement gathering team can store all this requirements and can also send to responsible person for signature to verify it.

 

Know Profit earn through employee

You are able to identify profit earn by each and every employee who are working on project

 

Know project profit

Know summary of your project like how many hours work done and what salary you paid and what you get on hand

 

Project Hour Analysis

Know hours spent on project base on section and subsections.

Pain Points

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Keep track of all credentials of client's projects
Managing documents related with project
Not aware about profitability of project
Don't able to take data driven decision due to lack of data
Project Task Flow Management
Requirement gathering and approval process

Why Project Management?

As the term suggests, finance is the available cash that makes an organization can use. Whether you want to start a business, or expand an existing one, add more pieces of equipment or develop new products, finance is the core of every business organization today. Liquid money is important to run the day to day operations for the organization. Right from the smallest spending to huge business expenses, finance is a must. Agree?

Well, yes. But, is that enough to run a business venture successfully and without fail? I don't think so.

Businesses today are extremely fragile. Organizations invest an enormous amount of money in order to keep their business running and fully functional. But you cannot just keep on spending lavishly or not spend at all. Now for one, it can be said that finance is the fuel of business today, but its management is equally important for organizations to emerge successful. Only when you add proper management to the field of finance, can you reap it's benefit?

While this might not convince you about the importance of financial management in every business, I will magnify the same. But, before getting into the importance of financial management for every business, let's see what does the term actually means?

Project Management

Undoubtedly, finance is one of the most important aspects of a business. With huge funds, daily cash flow and continuous transaction, managing and monitoring all of the above turn necessary. As a matter of fact, managing finance is influential when it comes to making decisions. For instance, if the organization has greater funds, a part can be used for investment purposes and similarly, if the organization has funds lesser than the threshold value, it is important to put unnecessary spending to a stop.

To be specific, financial management helps the organization determine what to spend, where to spend and when to spend. It gives a better view of the financial status of the organization, which further outlines the financial processing of the same.

Taking this discussion forward, we highlight six reasons why financial management is important for your business?

Why Project Management?

  • Generate Money

    To start a business, you would need money. It is obvious that to make the first step and launch your business, capital investment is required. Further, as you move up the timeline, getting materials, hiring professionals, marketing and testing, every single step would need financial management.

  • Organize Operations

    Businesses generate enormous amounts of money every day. This money has to be used further to pay bills, delegate funds, invest in multiple engagements and monitor all. Managing the inflow and outflow of money within your organizations is important. Failing the above, it becomes tough to allocate funds efficiently and effectively. Not to forget that irregular flow of money can turn a business insolvent.

  • Manage Cash Flow

    Having excessive funds is at fatal as having lesser ones. For an organization to be carried on with their day to day processing, it becomes imperative to manage the cash flow. In case you have higher funds and you aren't using it as needed, it signifies wastage of resources. For an enterprise that has surplus cash, putting them to use and investing in significant engagements would yield better returns and help them expand their business.

  • Strategize Funding

    Of course, you would want to allocate funds and use it to map the expenses that take place on a regular basis. However, spending any or every cash without proper planning is not wise. You need to keep track of the expenses, monitor the frequency and then decide how to spend and how much to spend. At times, it is important to cut down extra costs and reduce expenses. And this can only be done when you manage your financial undertakings effectively. It is advocated that companies must have sufficient funds to deal with situations of monetary crisis.

  • Outline Long Term Goals

    Organizations work to grow and scale their business high. To do so, it is important to have significant future goals that the organization aims to accomplish in a span of five or ten years. Financial Management helps an organization achieve its goals without fail. Consider that you have planned to expand your organization to three new cities. While actually implementing the plan, you run out of money. This wouldn't have happened had you managed your organization's finance and then executed. Pre-planning and working on the available cash of the organization helps you eliminate the future possibilities of crisis while moving ahead to attain your goal.

  • To Sustain Economic Downturn

    If you look at the growth graph of an organization, you will never find one that rises straight or is without any bends. The growth of the cycle of business organization is a mix and merge of highs and lows which of course could be due to various reasons. Recession, depression, boom or failure, all add up to the fall of a business. With sufficient finance and significant financial management, it becomes easier for the organization to walk down the business cycle. No matter how bad the situation is, they are always ready to face the problem and bear the consequences without being under the threat of shutting down. Failure-proof financial management plans help the organization thrive even know adverse economic conditions.

Final Word

Having said all of the above, it is clear that as much as finance is important for your business, so is the management. Right from collecting funds to allocating and spending them, organizational leaders must have a transparent view of all financial undertakings within their organization and likewise, indulge in planning for efficient utilization of available resources.