By providing you with up-to-date information on project activity, an efficient project management information system enables you to make decisions that keep the project on schedule and within budget. Without timely information, you might not be able to decide wisely, and project completion might incur additional costs. The PMIS enhances project management and gives businesses who use it a competitive edge over those that don't.
Keep Costs and Schedule on Track
The project manager is aware of deviations and anomalies as soon as they happen since the PMIS tracks current expenses and work progress. To cut costs, he can reassign resources, change the schedule, and put new practices in place. The PMIS keeps track of the outcomes of the corrective action and informs the project manager of the success or failure of the modifications. Companies employing a PMIS have a competitive edge in completing projects more quickly and under budget thanks to this quick notice and tracking of the effects of activities.
Manage Documentation More Effectively
A key part of project management is controlling, sharing and updating documentation. A PMIS tracks documents by reference and revision numbers and ensures that the people on the distribution list have an up-to-date copy. Minutes of meetings, drawings and specifications take time to distribute and track manually, and manual control is subject to errors. The PMIS reduces costs by automating this process and making it more reliable. This part of an overall cost reduction for the use of a PMIS contributes to the competitive advantage.
Reduce Costs for Bids and Contracts
A PMIS lets you save money by reducing the time spent on selecting subcontractors and managing their work. Once you have awarded the contract, the PMIS retains a paper trail of contractual documents, reducing the scope for disputes. The cost of the purchased material may be lower if you can evaluate more bidders due to the reduced workload. The reduced cost from this and from improved contractual document handling contributes to the competitive advantage provided by lower project management costs.
Better Information Leads to Better Decisions
The purpose of information systems is to provide quality information to management. The PMIS lets you access detailed records of project processes such as permitting, work hours and the results of testing. With such high-quality information at your disposal, you have a more complete overview of how your project is developing and can make decisions that are more likely to give the results you want. Such a competitive advantage results in projects that more effectively fulfill their required functionality and improves overall company performance.
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