Invisible Governance Identifies Project Risks and Issues Before They Occur
“Invisible Governance” gives project teams the ability to identify potential issues and risks in key development projects before they fully manifest. With invisible governance, you can drive project updates with deliverable status and keep everyone on the page. Effective project teams work hard to achieve target zero delays and take measures to simplify how project task status, risks and issues are communicated. This type of self-governance occurs “invisibly” as users complete their product development activities on their platform of choice.
This type of functionality can be provided through a program/project management application in PLM software. Applying this technology and internal process cultivates a culture of invisible governance that drives productivity and collaboration among teams.
The value of efficient project management
According to research firm Aberdeen Group, the use of project management software in manufacturing increases project return on investment by 28%, compared to similar firms not using PLM-based processes. These companies also complete 26% more projects either early or on-time. A study from ProjectSmart shows that companies using PLM-based project management tools reduce the median cost of a project by up to 75%.
Modern project management systems eliminate the need for regular meetings just to discover the status of a project. Project managers don’t need to constantly walk the halls and shop floors to keep up. These activities are time wasters in today’s complex world of manufacturing at Internet speed.
Schedules, Deliverables, Performance
Most project managers schedule based on matching key deliverables to critical milestones. This information when shared across an organization, is what enforces the governance of milestones and resources. To measure achievement, many project managers use a set of Key Performance Indicators (KPIs) to manage their business. By integrating project management into a PLM strategy, a manager’s schedules, deliverables, and performance goals become part of the “single source of truth” that makes PLM an engine of efficiency and innovation.