The term ‘project management’ is often associated with the software industry. In reality, every industry uses the concept of project management to achieve their targets and results. Project management is essentially a science with several techniques and tools that any industry can use to achieve its goals.
For instance, the construction industry largely follows a waterfall approach to project management whilst the manufacturing sector could use iterative techniques to keep refining their manufacturing process. Projects come in several varieties as well. Some projects are catered explicitly towards creating a new product or innovation, whereas others could be maintenance-related or used to regulate a routine work process.
Read on: How Vault works with various project management methodologies
In all cases, project management is necessary and provides the basic framework for which project activities can then be carried out efficiently. Here’s a brief guide on the scope of project management and how it can be used in a variety of spaces.
Who needs project management and why?
Running a business single-handedly is a challenging task. Whether you run a salon, own an IT company, have a construction firm, or own a FMCG business – project management is essential.
Contrary to a popular misconception, project management is not just about software projects. Instead, it takes care of a range of other tasks including designing a blueprint for your business profile, strategizing your business strategy, and everything in between.
The right project management team can put forward a layout for your business even before the actual work is initiated. Depending on the project manager’s input, you can then go ahead and hire skilled laborers to track your financial transactions.
Read more: How to become an excellent project manager
So, this brings us to our next question.
Is project management industry-specific?
Yes, it is. This is because it requires you to have in-depth knowledge of the current market condition and strong technical skills that’ll help you handle any situation. You need to choose the right processes, tools, and techniques suitable for the industry. While the basic concept behind project management stays the same, you need to adapt the methods specific to the industry you’re working for.
Here is how project management helps different industries:
IT
A project manager in the IT industry is required to supervise ongoing projects and their timelines. They need to ensure that the client’s requirements are met and that the project is delivered on time. Project management in IT also ensures that the company’s resources are utilized to the maximum and that the scheduling of plans are done as expected.
Marketing and media
Marketing and media are an ever-growing industry. It’s also an incredibly creative space that requires a good level of spontaneous decision-making and attention to the target audience’s feelings. The industry needs a project manager who’s not only prompt, but also creative. They need to have good analytical expertise and be able to gauge the impact of their project activities and direct them accordingly. Their role can consist of various tasks including content creation, moderating brainstorming sessions, organizing the creative process, evaluating the quality of content, etc.
Read on: How to use project management in marketing
Energy
Worldwide energy consumption is growing at an alarming rate. According to the US Energy Information Administration’s International Energy Outlook 2011, energy consumption will increase by 53% by 2035.
For instance, the project manager should understand what energy model is gaining traction in their locality. They should also be well versed in the energy production and distribution process. The energy sector is quite capital intensive, which is why it needs a good deal of financial expertise.
Construction
The construction industry employs project managers to assess the risk involved with a particular big infrastructure project. This is why the construction industry has realized the importance of effective project management to streamline its operations.
FMCG
Companies in the FMCG industry are constantly focused on reducing their operational costs and diversifying their global presence. Therefore, they need a project manager who can tap into their well-established distribution network. The chosen project manager should handle the delivery and distribution of FMCG products on a given scale, local or global.
Pharmacy
The pharmacy sector is a fast-growing industry worth around $1,250 billion. But it doesn’t really follow a uniform formalized process. Every company may have its own way of doing things, which in hindsight could be an inefficient process. Therefore, project managers working for pharmacy companies will have to be educated in the subject matter and should have strong communication skills. As the pharmacy industry works closely with medical staff, it is essential to establish proper formalized communication channels and efficient workflows to minimize communication misunderstandings.
Besides the general responsibilities of project management, the project manager should also identify the project-specific technical requirements, control the budget for research projects, and ensure the goals are met by its deadline.
Manufacturing
The manufacturing industry is one that will never fade away with time. No matter what generation it is, people will always need manufactured goods. A project manager in the manufacturing industry serves as an essential connection between the clients and the vendors. They keep an eye on the company’s overall budget and ensure that it is streamlined from production to packaging.
Healthcare
The healthcare industry deals with various variables from healthcare practitioners to vendors, pharmaceutical companies, and others. This is why having a dedicated project manager that can supervise all the processes and ensure that all the independent entities work in unison is essential.
Banking, finance, and insurance
Banking, finance, and insurance services are highly prone to risk. Therefore, project management in this industry must be proactive to prevent any adverse scenarios.
A project manager in the finance industry analyzes the risk factors that are related to a specific project. They also focus on budgeting and incorporate as well as implement new initiatives.
Different approaches to project management according to industries and sectors
Project management is a comprehensive role that varies depending on the industry and sector. A good project management team can steer your business towards new heights. However, it is essential to equip your team with the right tools. Vault is an all-feature ERP that makes project management effortless. It boasts easy customization and modularity features that suit various industries, sectors, and needs.
Vault also has a multi-company feature that enables you to represent sub-companies working in different industries on a single platform for easy management.
So, what are your views on this? How important do you think project management is in managing businesses? Contact us to find out more about Vault and how it can help your business.
