Driving Operational Excellence in the Manufacturing Industry

Manufacturing by nature is heavily embedded in process. Each process builds upon the next, so the product is built cumulatively as each layer of the manufacturing process is applied in a sequential order and in a quality-controlled environment. 

Project management can be highly effective in manufacturing because it is also, by nature, process based. The sequential phases of the project management life cycle directly support the product life cycle in manufacturing, making it an invaluable tool in facilitating the delivery a product that directly corresponds to its original requirements. This will be achieved primarily through the techniques of planning, scheduling, risk management, collaboration, quality management, quality assurance and quality control, and lessons learned.

Industrial manufacturing management teams are focusing on new product launches and investment in R&D and technology. Risk management and strengthening of product portfolios are also part of the quest to expand their market share. 

Increased competitive pressures, greater regulation, and a more mobile and fragmented workforce have made it more challenging to sustain growth and profitability. The volatile nature of labor and material costs, rapidly changing project specifications, and customer demands all make delivery time and managing resource requirements more complex than ever. In addition, tighter regulations are resulting in the need for stricter reporting requirements and greater control. 

It's important to understand that Project & Portfolio Management offers both strategic and tactical value. It has great potential for improving business performance and workforce productivity.

The top 5 Project Portfolio Management challenges are:

• Organizations have a silo mentality
• Assuring the consistent application of defined processes
• Getting reliable and accurate information on projects
• Lack of information on resources
• Inadequate Project Portfolio Management skills

Because of the challenges faced, it is essential that companies are able to fully optimize investment decisions and lower operating costs to ensure a healthy ROI.

With increasing pressures to get innovative products to market quickly, how can organizations ensure they are consistently delivering high-quality, profitable manufacturing projects?

Meeting the delivery commitments can be quite challenging in this highly competitive environment. How can organizations meet their manufacturing and business goals in a market this demanding?

Enterprise Project Portfolio Management can help organizations drive manufacturing project success to:

? Minimize project risk 

? Maximize operational effectiveness 

? Speed up new product development and time-to-market cycles

? Ensure tight financial controls and ROI

The benefits of choosing the right solution includes :

• Choosing the right programs and portfolios, aligning the project portfolios with organizational goals and the broader market dynamics
• Strategically predict and plan projects and programs, to give them the best opportunity for success
• Effectively manage and execute the entire project or program life cycle from beginning to end
• End-to-end visibility and transparency, along with sufficient program and project details to ensure successful planning and management
• Easy adjustment of project plans to adapt to any changes, and assess the impact of the adjustments, and increase project and program visibility into critical issues and changing needs. 

Integrated solutions for Project Portfolio Management drastically improve the way manufacturing organizations work thus maximizing the value of projects on the whole.

With natural calamities and pandemics it has become more important than ever that organizations focus on the efficiency of operations and execution and best utilization of its resources.