How Analytics Consulting can Ensure Success of Future Projects
June 7, 2022at5:00 AM
Innovative projects that are meant to set your organization on a path of long-term growth can actually have the opposite effect if poorly planned. To ensure that every future project your organization initiates is fulfilling its purpose and providing returns on investment, turn to analytics consulting services like the kind offered by NFA Consulting.
Broad View of Current Project Performance Management
Determining if a future project will deliver on its goals begins by analyzing whether or not current and/or past projects delivered on theirs. In fact, it’s estimated that around 70% of all projects fail to deliver their intended outcomes, according to a recent article from TeamStage.
This means not only a loss in current revenue and time but can be an indicator of future project performance as well. Fortunately, analytics consulting services such as project performance management can reduce the risk of project failure, and increase the likelihood of success.
Project performance management takes a broad view of how your organization creates, implements, and manages projects to help determine where improvements can be made. Project performance management also can help your organization identify whether or not a proposed project will actually fulfill its goals or instead become a hindrance.
The highest priority of NFA Consulting’s project performance management process is to help your organization uncover inefficiencies, understand risks and costs, and develop effective solutions that ultimately drive better performance.
Understanding the Project Performance Management Life Cycle
Typically, effective project performance management involves a planning stage, a developing stage, and results monitoring stage.
Planning: During the initial planning stage of a project, a business will define the goals of the project, what milestones a project should reach, as well as the timeline of the project. Time, scope, and cost should be emphasized, and data points for measurement established.
Developing: As a project develops and is implemented, regular meetings to discuss issues and progress can help keep everyone on the same page.
Monitoring: After a project is completed and fully integrated, project assessment on what went well versus areas for improvement can help streamline future projects.
Receive Accurate Cost Estimates
Every project has a cost. Oftentimes, a project will have re-occurring costs that can quickly outweigh its benefits. Therefore, forecasting your future spending, gaining a comprehensive overview of your budget, and the impacts of projects on an organization as a whole, are all invaluable analytics for your company.
Analytics consulting can help you determine the potential costs of proposed programs and projects and your available resources to meet these costs, as well as provide analytics on the associated costs for maintaining a project or program after its implementation.
Of course, analytic consulting firms like NFA Consulting will provide accurate costs versus returns data you can expect from a project, and if needed, help you justify the costs of a project to board members through data-backed evidence.
Assess and Manage Your Organization’s Risk
Effective analytics consulting firms don’t just understand how to assess current and future risks of an organization's projects, they understand how to implement solutions that can remove the root causes of the risk.
NFA Consulting provides thorough risk assessment solutions that help your organization monitor results from current projects, proactively recognize potential shortfalls for future projects, as well as provide a comprehensive perspective on your organization as a whole. This means locating inefficiencies in current systems and establishing opportunity plans for changing environments.
Partner with the Expert Analytics Consulting Firm: NFA Consulting for Future Project Success
As your organization grows, the needs of your projects and systems will change. To set your business up for long-term success, get in touch with us today to find out how we can help.