What Data Should Your Project Management Capture? Part 1
We normally talk about e-sourcing and how the tools in the industry at this moment can help to take your business to the next level, but what should you do once you have that project outsourced? Do you know what you should be looking for data wise in your project management? Working with a new business can be a daunting task, but looking for these 10 items can help make the process a little more seamless.
1). Project Type
When reporting on your new e-sourced project, it is wise to put all projects grouped together via sub-types of activities of those groups that are actually performing the project. In this case you could be looking at RFX sourcing, vendor management, contract management, etc. Each categorization needs to be firmly defined in order for all projects to be tracked throughout the system. The stricter the better in this scenario.
2). Project Status
This will allow anyone looking at the project to see the exact status at any time. You may see some stages as: Planned, In Process, On Hold, Cancelled or Completed. Always keep the project status up to date in order for reviews by management to show all information correctly. These statuses will be a big indication on how well the e-sourced project is going as well as how much the current project is sticking to the desired budgeted amount.
3). Program
The term program identifies smaller projects that are a part of the over-arching program. In many cases this could be a merger or acquisition of some kind. The program will also need to be clearly defined for additional sorting. Qualifying the projects for a given program designation is a necessity in all e-sourcing.
4). Savings
We all have a generic understanding of what the term savings truly means. In e-sourcing, this will pertain to however the company defines savings. Variable definitions for savings include: method to determine baseline costs, total cost of ownership and savings allowed (cost avoidance, unit cost reductions, etc). With a clear understanding of how the company will operate with savings, the return on investment can be better tracked as the project unfolds.
5). Vendor Diversity Opportunity
Another way to officially track the progress and ROI of the given project, vendor diversity opportunity will note whether this project involves a diverse vendor is involved. This can enhance supplier diversity by being tracked correctly throughout the entire process. The staff in the company must have access to the list of approved diverse suppliers in order to classify these correctly.
The more information that you put in to your project management software the better. E-sourcing can help you save money on your project, but it is up to you and the company to execute those potential savings. Without a fully drawn plan to put to action, the return on investment from the e-sourced project could fall through the cracks relatively quickly.
