In an era where client expectations for project delivery continue to escalate, consulting firms are urged to adopt intelligent, agile, and best practice-driven project management strategies. Recent insights from Deltek's new guide on project management excellence reveal four essential steps that are poised to enhance project outcomes significantly. The guide aims to address the growing pressures consulting firms face to deliver high-quality results on time and within budget constraints.
A competitive consulting environment demands that firms not only meet but exceed project delivery expectations, as these factors directly affect their reputations and long-term business success. The latest edition of the Professional Services Maturity report from SPI indicates that companies that excel in project delivery consistently outperform their competitors. Deltek’s research further points out that leaders in the consulting field regard 'minimising project delivery issues' as one of the top five key drivers for boosting profitability.
Deltek's guide outlines crucial practices for enhancing project management, beginning with the establishment of the right baseline for projects. Paul Tomlin, Senior Director Solutions at Deltek, stated, “Many projects fail because they weren’t scoped correctly, resourced effectively, or there was an overall lack of planning and estimating when the project was kicked off.” By ensuring accurate objectives and targets are defined at the outset, firms can significantly increase their likelihood of project success. A clearly outlined scope, formal sign-off, and agreed-upon key performance indicators (KPIs) are crucial in mitigating risks like scope creep during the project lifecycle.
The second step in the guide focuses on achieving excellence in project delivery, which is vital for fulfilling clients' promises. Consulting firms that standardise their delivery methodologies generally see better outcomes, including improved timelines and reduced project cancellations. A successful project execution administration is key, involving meticulous tracking of time, deliverables, and milestones. Additionally, utilising robust project management tools and fostering a collaborative atmosphere with effective governance structures can imbue agility in managing projects.
The third essential aspect outlined is the management of project financials. Deltek emphasises the importance of meticulous oversight of expenses, with project managers taking the lead in ensuring precise invoicing processes. Tomlin explains that project managers should assume responsibility for invoices, with finance teams acting as the review and control point. Maintaining a clear outline of the Statement of Work (SOW), including contractual terms regarding fees and billing types, is integral in aligning financial management with project objectives.
To provide clients with ongoing transparency, the guide recommends key metrics for financial tracking, which include baseline budget versus actual expenditure, progress towards completion, and estimates for required spending to finish the project. A more sophisticated approach, such as Earned Value Management, may be beneficial for larger projects to avoid unforeseen risks.
Lastly, Deltek identifies core business processes that consulting firms should prioritise, including monthly control reviews, timely invoicing, consistent time and progress management, and updating staffing statuses. Regular review cycles and tracking practices can ensure that projects remain aligned with expectations. Weekly time registrations and progress updates allow for accurate monitoring, while scheduled staffing updates mitigate potential conflicts in resource allocation.
By adhering to these outlined principles, consulting firms can potentially enhance their project delivery maturity. The emphasis on comprehensive project management methodologies holds the promise of not only improving quality but also enabling firms to respond effectively to the dynamic challenges of the consulting landscape. The ultimate goal remains clear: to deliver higher quality work, faster, while remaining within tighter budgetary constraints.
Source: Noah Wire Services