Project Business Is A Critical Corporate Success Factor | Episode 449

About this Video

• Video Title: Project Business Is A Critical Corporate Success Factor | Episode 449
• Channel: CorneliusFichtner
• Speakers: Cornelius Fichtner, Matt Mong, Henrik Lenfel
• Duration: 00:36:26

Introduction

This podcast episode discusses the concept of "project business" from a company's perspective. The hosts define the term, explore its characteristics, examine associated challenges, and discuss why productivity in project businesses lags behind other sectors. The conversation features two guests who offer insights from a business, rather than a project management, standpoint.

Key Takeaways

• Definition of Project Business: A project business is defined as a company whose core revenue generation comes from delivering projects to external clients. This encompasses various industries like construction, engineering, manufacturing, and professional services.
• Characteristics of Project Businesses: Project businesses often handle complex, unique, high-risk projects with fluctuating scopes and timelines spanning months or years. This necessitates continuous replanning and adaptation.
• Challenges Faced by Project Businesses: Key challenges include a lack of governance (often due to reliance on spreadsheets and siloed software), insufficient automation, and a lack of timely insight into project progress and potential problems.
• Productivity in Project Businesses: Productivity improvements in project businesses generally lag behind those in sectors like manufacturing and retail, partly due to the lack of integrated systems comparable to ERP solutions used in other industries.
• Project Business Mindset: Adopting a project business mindset involves a holistic approach, increased stakeholder accountability due to improved visibility across all project aspects, more frequent reporting, and enhanced project controls enabled by integrated systems. This shift allows for faster identification and mitigation of issues.
• Adica's Solution: Adica provides an end-to-end project business automation solution integrating project management, financial aspects, and analytics, aiming to deliver real-time visibility and improve operational efficiency. The target audience is C-level executives and all company stakeholders.