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4 June 2016

How to control expenses through management software?

When you run business in a highly competitive environment, profit margins are always at stake. Among several ways of increasing bottom lines, reducing operational cost is the most sought reason. At times, it is quite tough to search for ways that bring down expenses when the business already operates under cost pressures. However, it is always possible to search smart and more effective ways to cut the corners. Installing project management software is one of the most preferred ways of increasing profitability and reducing costs. It reduces waste and makes effective use of resources, including human resources.

Management software benefits the business in several ways

First of all, it gives you a clear idea about how the resource utilization. You know about the resource utilization and idle time. It helps in managing the resource pool effectively that lowers the costs. Due to better visibility, there is no disparity in the resource utilization. Projects are delivered on time, and there is an increase in customer satisfaction. Since you can manage the resource well and bring down project completion time, there is a direct boost to profitability.

Moreover, it gives a clear idea about your resource capability. You get the ability to analyze the impact of it on deliverables and timelines that result in higher customer satisfaction. Since you can select and prioritize projects based on resource availability, there is no gap between expected deliveries and the actual outcome.

It improves budgeting and cost control

When entrepreneurs have a little experience of project management, budgeting is always a daunting task. Good quality management software makes the budget estimation accurate with easy to use modules. There are readymade project plans and estimation tools embedded in the software that are useful for calculation. It is observed that the calculations made using software are quite accurate and real-time. You can establish control checks to fine tune expenses as the project moves further. With pin-pointed resource utilization matrix and project milestones, business owners control expenses effectively.

You can estimate the project cost upfront

When you do upfront planning, there are no risks of an unexpected increase of costs during real-time. It is one of the biggest ways it controls expenses. It is a known aspect that disproportionate increase in the project cost is one of the biggest issues, especially in long-running projects. Hence, the software can be greatly useful. It assigns costs to modules and sub-modules in the beginning, and the final costing doesn’t have much variation.

About Vritti

Cross departmental work visibility through vWorkbench: Cross departmental Work visibility is an outstanding feature of vWorkbench. Department Head or CEO can have clear Task visibility of the ongoing Assignments. Individual User wise Task visibility is a particularly attractive feature in the case of critical Projects.