A Project Management Office ("PMO") can be incredibly advantageous to large companies with many ongoing projects across various job sites. A PMO streamlines project management processes to make a business more efficient and productive. These processes may include some of the following:
- Project portfolio management
- Project prioritization
- Progress tracking
- Resource assessment and allocation
- Training and educational deployment
Of course, a customized PMO design can handle various more unique areas of intervention depending on your business needs.
If you're curious about how a custom PMO design can help your business, take a look at one of our recent case studies where we helped a top 25 pharmaceutical company develop a structure that would provide visibility and management to the entire business project portfolio for optimized project selection and resource management.
Here are some of the benefits of custom PMO design:
1. Efficient Project Selection
Don't waste your time on the wrong projects. PMOs can help your business identify the right leads and prioritize the most profitable ventures. A great PMO will incorporate your long-term goals into their selections and provide workflows and policies suited to each particular project. Think of it from an outside perspective. Your PMO is a team of planning, finance, risk management, and resourcing professionals who can help make these difficult decisions using data instead of emotions.
2. Streamlining Project Management Processes
For every $1B invested in the US, $122M is lost to poor project management. That means most businesses waste an average of 12% on inefficiencies that project management and PMO implementation can solve. The streamlining process can include a series of tasks for each project or a set of status updates sent in by the responsible parties.
At any time, you should see where your company is at with a project and its current stages of development. Using a PMO keeps things straightforward and gives you better visibility to all ongoing or prospective projects.
3. Organize Your Long-Term Goals
Your PMO can guide you with your long-term goals in mind. It's easy to get sidetracked by complicated projects, but your PMO can keep you on track toward the bigger picture. This forward-thinking can also affect your resource allocation and make it easy to make consequential decisions. Maybe you've been working too hard on a project that isn't worth your time, so it's best to outsource. Your PMO can help you recognize those necessary decisions and notify you when it's time to change direction.
4. Incorporate Resource Management
Resource Management might be one of the most significant benefits to come from a custom PMO. If you're working through a complex supply chain, resource allocation can be a real headache. A great PMO can help with resource management by looking at your ongoing project needs on a comprehensive timeline. A zoomed-out view can help you allocate your available resources and plan for future needs.
5. Get a Reliable Project Timeline
Having a reliable timeline can change the course of a project. Of course, we all want to be optimistic about our goals, but proper planning requires a realistic plan. A custom PMO design can help you create a timeline for each project to keep your entire team on track.
Depending on your desired level of customization, your PMO can notify the responsible parties about critical milestones and require the completion of specific jobs to reach those milestones. Employees are held accountable for their involvement in essential tasks to ensure their efficient project completion.
6. Better Team Synergy
Your business can run efficiently when your team is aligned and working from a central organizational source. You can think of your PMO as a universal line of communication meant to reach every level of your company, so less time is lost to communication errors and status updates. Plus, a greater sense of unity can make a large company feel like a tight-knit team. A 2015 study provides some evidence that working together can dramatically increase motivation and even output in completing complex tasks. It's a win-win.
Custom PMO design has helped numerous businesses who struggle with efficiency and general project management, and it can help your business too. ProPharma specializes in project management and PMO implementation for Pharmaceutical, Biotechnology, and Medical Device companies in need of organizational guidance.
Equipped with teams of multidisciplinary experts, we can take on complex issues and help you find a solution. We even have experience with EU MDR PMO and can help your business address QMS, PMS, and Clinical Documentation Creation problems.
Whatever your business needs in the field of medicine, ProPharma is here to help. Contact us to set up an initial consultation.
