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What is the cost of project failure? | Help is at hand from Microsoft Dynamics NAV for professional services

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What is the cost of project failure? | Help is at hand from Microsoft Dynamics NAV for professional services

Research from the Project Management Institute (PMI) has shown that “…fewer than two-thirds of projects meet their goals and business intent (success rates have been falling since 2008), and about 17 percent fail outright.”  The same report indicates that top performing professional service organisations turn this figure on its head, with 90 percent of projects meeting original goals; this is achieved with best practice within management, execution and alignment of time, scope and budget.

There are several areas to address in order to deliver successful projects, either for your own organisation or if you are a professional services firm handling a project on behalf of your client.

One of these is poor implementation and compliance to project process and as Gartner has stated, too much complexity.  Simplifying your procedures throughout your project lifecycle will allow you and your client to focus on outcomes and reduce the risk of bureaucratic reporting.

Project management features in jobs in Dynamics NAV 2016

“Jobs” functionality in Microsoft Dynamics NAV for professional services helps project managers schedule resources and keep track of associated costs of those resources on a specific project.  Consumption of employee/consultants’ hours, inventory items, machine hours can be tracked for example.  PMs can set up customer deals, enter task and planning lines and prices; they can also copy jobs and reflect the set-up of instalment payments.  Team members can enter their own work including any items used and costs incurred.

For projects that run across reporting periods, team members can calculate work in progress (WIP) so that financial reporting is accurate.

Having this real time visibility and integration allows project managers to predict availability of resources, provide accurate billing to the customer, and align people to KPIs and outcomes for better productivity.

Dynamics NAV 2016 includes enhanced functionalities around OCR, deferred income reporting and workflow integration provides even greater flexibility and streamlined approaches.  Think of a scenario around setting tasks for your project team, and if you could automate notifications or handle incoming/outgoing documents efficiently; this could alleviate the administrative burden and bureaucratic approach of managing projects.

Speak to Prodware about our Microsoft Dynamics NAV for professional services solution and how we have augmented the functionality in Dynamics NAV 2016 to help our clients achieve better project management success rates.

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