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If project managers of old were to experience modern applications, they would be shocked by the ways that technology has spawned collaborative networks, highly efficient automated software, and a reliance on big data. Yet, these technological shifts have helped businesses cut costs, work faster, and innovate at a more effective rate.

Even within the last decade, project management has become more finely tuned and streamlined thanks to technology. Brian Thuer explores some of the latest technological trends that are helping to reshape modern project management and discuss how they improve businesses worldwide.

A Renewed Focus on Communication and Collaboration

One of the most significant changes to project management in recent years has been a shift toward easy and effective communication and collaboration between project managers and their team members. In the past, project management was often hampered by a lack of communication which, in turn, stifled innovation and creativity. This led to a corporate culture of isolation, in which members often worked in silos.

Now, however, technologies such as instant messaging, video conferencing, and screen sharing have made it easier than ever for project managers to keep in touch with their team members and ensure that everyone is on the same page. These tools have also made it possible for project managers to work with team members located in different parts of the world, which has led to a more global and diverse workforce.

The Use of Automation

The growth and development of automated systems have also had a major impact on project management. In the past, the industry was strictly manual, with project managers having to track and oversee all aspects of their projects by hand using pen and paper. However, with the advent of automation, project management has become far more streamlined and efficient.

Automation software has allowed managers to track and manage all aspects of their projects, as well as to automate many of the tasks that they would otherwise have to do by hand. This has helped to improve the overall efficiency of project management and has also helped to improve the quality of the projects themselves.

The Use of Big Data

Finally, the rise of big data has greatly impacted how project managers access information and make judgment calls about their projects. In the past, managers had to rely on their own experiences and intuitions during the planning stages but, with the advent of big data, they can now access a wealth of information to help them make more informed choices.

Big data has also been used to track the progress of projects, identify trends and patterns, and predict the outcomes of future projects. This information can then be used to improve the planning and execution of projects, thus cutting costs and increasing the speed at which businesses complete their objectives.

The Bottom Line

Technology has had a profound impact on project management, and the changes that have been seen in the industry in recent years are only the beginning. As technology continues to evolve, so too will the ways in which project managers work. In time, these trends will help to cut operating costs, improve project outcomes, and contribute to healthier, more equal work environments.

Cohesive project management can help to ensure that projects are completed on time and within budget while guaranteeing that objectives contribute to a business’s bottom line. Banks, investment firms, insurance companies, and other businesses within the financial sector use project management to plan, coordinate, and execute a variety of projects.

The complete scope of project management in the financial sector covers project development, contingency and risk management, scheduling and timelining, budgeting, quality assurance, communications, and more. In this article, Brian Thuer dives into how the financial industry maximizes project management to boost profits and generate dividends for its investors. Brian Thuer has been a certified project management professional (PMP) since 2014.

Project Management in the Early Stages of a Financial Project

Within the financial sector,the project manager starts at the earliest stages of ideation when businesses are looking to develop new products or services. In this initial stage, project management sets the stage for success by helping to determine what the project’s objectives should be and what steps need to be taken to complete the project.

This is done through the process of creating a business case for the project. This document should answer key questions such as what the project is, why it’s important, how it will be done, and what the risks and rewards are.

With a clear understanding of the project’s goals, risks, and potential rewards, businesses can make informed decisions about whether or not to move forward with a project. If a project is given the green light, project management then moves on to the next stage: project planning.

Project Planning and Risk Management in the Financial Sector

Project planning is where the rubber meets the road in terms of project management. This is the stage where all the details of the project are hammered out, including what tasks need to be completed, who will be responsible for each task, and when the project is expected to be completed.

By keeping a close eye on the project’s progress, businesses can make course corrections as needed to ensure that projects stay on track. However, risk management also takes on an important role, as financial projects often come with a higher degree of risk. To mitigate these risks, businesses must have a clear understanding of what they are and put in place contingency plans to deal with them.

Communications and Stakeholder Management in the Financial Sector
Finally, effective communication and stakeholder management are also critical in the financial sector. This is because businesses in the sector need to be able to effectively communicate with a variety of stakeholders, including investors, regulators, customers, and employees.

To do so, businesses need to have clear and concise communications plans in place. They also need to have systems in place to track the progress of these communications and quickly identify and address any issues that arise.

The Bottom Line

Maybe more than any other business, the project manager is vital to the success of financial institutes. By following the steps outlined above, businesses in the sector can set themselves up for success and avoid many of the pitfalls that can lead to project failure. Although the scope of project management is quite broad, highly trained professionals can achieve victory.

Working on a remote, flexible schedule is appealing for many reasons. It is important to know the best ways to capitalize on this newfound “freedom” from the traditional workplace 9-5. In the article below, Brian Thuer discusses industry trends for an ideal remote work/life balance.

Reliable Technology

Working remotely can be frustrating if there are constant struggles with spotty internet and unreliable technology. Having a work call cut off or a business application crash and be detrimental to any business. Consistent access to a reliable internet connection is a must!

According to Career Karma, remote employees should not overlook their laptop’s battery life. Extensive battery life not only increases productivity, but allows the remote worker the ability to multi-task in a variety of locations, without the need to plug-in.

Communication

Communicating with your boss, team, or employees on a consistent basis is beneficial for developing an efficient remote office. Understanding expectations of the workload, assignments and deadlines gives more flexibility to allow for life’s interruptions. Having the flexibility to attend medical appointments, take care of elderly parents or attend a child’s sports game during the week allows for greater employee satisfaction and builds trust between staff.

Community Support

Loneliness can be a concern for those who work remote. A traditional office can be noisy and distracting, with lots of people and a buzz of activity. While this can be a great social environment, studies have shown that with these socialized settings of traditional office spaces have decreased productivity than unconventional remote offices.

Without the office buzz, a feeling of isolation can creep in and become discouraging, especially since the Covid-19 pandemic. One way to build a sense of community is to utilize social media and connect with others who work remotely. Another is to set up multiple remote workspaces, including one outdoors. Studies show that spending just 20 minutes outdoors in fresh air can improve your mood. Continue to make time for and engage in hobbies and activities you love.

Good Workspaces

Focus is essential to all employees, remote or in-office. However, it can be especially tempting to get distracted as a telecommunicator. Having coworkers who are likeminded to keep you on track, or to assist with an assignment are not present. It can be easy to get distracted and start to clean the house for instance. The best way to counteract this is to designate a space that is set aside just for work. Many people are more productive in their own environment. Set a block of time to complete work projects and be in that “work-mode” domain.

Local coffee shops have been a popular choice for many remote workers since 2020, according to Noah Berkson of the Forbes Financial Council. The relaxed atmosphere of a coffee shop has been shown to have a positive impact on the virtual worker’s brain. The visual stimuli of seeing other people working and having less distractions than a traditional office makes the brain look for new pathways and create new mechanisms to complete tasks.

Work Rhythms

Every employee, traditional or remote should understand their own styles and preferences while they work. If a virtual employee is used to working in silence, dedicating a quiet section of their home, or investing in noise-reducing headphones can be beneficial. Choice a room with a great view from a window to allow for creative thinking and increased productivity.

Conclusion

In conclusion, remote work is very rewarding and cost effective. Working away from the traditional office can make a remote worker feel more in control and allows more time to plan work and home life. This sense of achievement makes employees more productive, motivated, and happier. Not only does the employee save on travel costs, childcare, and overall wellness, but the employer gains improved employee retention, lower overhead costs and better quality of work.