In today’s rapidly evolving digital world, many agencies seek technology-based solutions that help them control the chaos, improve their project management and deliver outcomes more efficiently for clients. In fact, HubSpot’s 2018 Agency Growth Report shows 40 per cent of agencies rank project management software as the number one tool needed to help them run their business better.
It makes sense that strong project management solutions, particularly when integrated with agency management software, let agencies cost effectively streamline the delivery of client projects.
Benefits of centralized project management software
The ability to consistently deliver client outcomes quickly, effectively and profitably helps agencies build a reputation for reliability and results, both of which drive future growth. In our twenty years of experience working with agencies around the globe, we regularly see four clear benefits delivered by centralized project management software.
1. Effective time management
Time management at an agency is that critical ability to organize, plan and track minutes spent on different projects each day. An agency hour can only be used in two ways: to earn revenue or incur expense. Tracking time accurately is essential for strong project management because it creates a base from which to increase efficiency, productivity and profitability and inform decisions around project planning, task management and prioritization.
Function Point agency management software lets timesheets be quickly and easily mapped to rate sheets, standardized job types and staff costs. As projects evolve, changes are captured in real-time and flow through the entire system to deliver a true, accurate view of cost, time and margin on-demand. Our solution offers three simple built-in methods for time capture and shares visualizations of time used against specific tasks or projects for more efficient project management.
2. Practical resource planning
Successful project management is underpinned by having the right resources available to deliver the required outcomes as and when those outcomes are needed. As importantly, once resources are allocated to the project, resource planning ensures resources aren’t over or under utilized. Without a way to plan resources, it is almost impossible to control a project’s timeline, budget and delivery.
Function Point cloud-based agency management software streamlines resource planning and tracking. Out-of-the-box, our solution lets agencies quickly and simply allocate, or update, resources to ensure every project stays on track. Built-in features ensure utilization rates can be calculated in minutes, while resource over or under use can be identified and corrected in real-time. Integrated time tracking means easy monitoring of resources for optimal performance.
3. Financial management
Projects are essential to agency success because projects bring in revenue. If there’s one thing agencies hate more than a client project going over budget, it is having to absorb the cost themselves. Managing financials is a critical aspect of effective project management. It is no easy feat to deliver multiple client deliverables, manage infinite resources, ensure deadlines are met, stay up-to-date with changing client requirements and complete a project within budget.
Centralized project management integrated with agency management software can help. Function Point’s all-in-one agency management software lets agencies estimate project costs, monitor actual costs against estimates, plan costs of teams and tasks, automatically calculate billable hours and utilization rates, map rate cards to jobs and create fast, easy business intelligence-based visualizations to monitor a project’s financials end-to-end.
4. Consistent communication
A critical component for project success is effective communication. Consistent communication ensures all stakeholders are on the same page, which helps minimize risk and maximize successful delivery of outcomes. Using project management software to automate and help drive communication means all stakeholders are kept up-to-date and less time is needed to share updates via meetings, which frees up time to focus on project delivery.
The project management features of Function Point’s centralized agency management software ensure holistic communication and collaboration across and beyond your agency. Shared access to detailed project updates, dynamic Gantt charts, briefs, deadlines, dependencies, resources, costs and more means all stakeholders are on the same page at every moment in time. And our Client Portal shares thorough project updates, upcoming tasks and alerts, delivering transparency to give your clients confidence their projects are on track.
Experience a new and improved approach to project management
Deliver projects more efficiently and cost-effectively with Function Point’s cloud-based agency management software. Our all-in-one solution helps you meet every deadline profitably with simple, fast resource planning, time tracking, financial management and communication tools. Experience a new and improved approach to project management by requesting a demo.