Just where exactly does project tracking software fit in the modern agency?
Carl Witton, Chief Growth Officer & Partner at TANGRAM looks at the top 5 reasons why project tracking software improves agency profitability
The pitch went well, your client loved everything you said, and you landed the job. Now you have to plan and execute the right campaign. Accounts, Creative, and Financials will all be working together over the coming months to complete their tasks. After you ensure that each department understands what its exact role is, what’s left?
The most important part of your job is about to commence. From here on in, you need to track the project, ensuring that it stays within budget and it’s finished on time. It is at this point that the importance of having great project tracking software becomes relevant.
Project planning is not a new concept; the advantage now is that you are able to install software to do the grunt work for you. The better the tracking – the better the implementation of the plan. It is important that tracking commences at the earliest opportunity in the project and only ends upon completion of it.
So let’s look at the top reasons why project tracking software improves agency productivity:
1: Project Tracking Software Ensures On-Time Delivery of Campaigns
The timely delivery of your campaigns is critical to any company’s success. Most projects are time-sensitive. Your clients will have launches, PR campaigns, and many other events timed to coincide with the campaign announcement. They will have employed content and marketing people, and deadlines are paramount. Good software, correctly implemented, will ensure that everything comes together in a timely and professional manner.
Have a conversation with any of the old guys in the industry, and they will happily regale you with tales of pulling all-nighters. These were common as they desperately tried to cram three weeks’ work into the last few days of a campaign. Cutting it close may be great for future storytelling, but it’s not good for your stress levels. The truth of the matter is that all-night working always becomes a case of diminishing returns. In addition, of course, are the huge amounts of stress placed on your employees’ families. By implementing the use of high-quality project tracking software, you will keep campaigns on track and ensure your employees’ happiness.
2: Keep Your Campaign within Budget
Money is tight for most businesses at the moment. While the money is there, the purse strings require more control than ever. Good project tracking software is the best way to manage your accounts. You can track all the resources needed to complete your projects. There is no doubt, but Covid-19 has changed the way money is being spent. It is not all bad news, but it is different, and therefore tighter controls are needed.
Between 2008 and 2011, average billing for New York-based creatives dropped from $751 per hour to $637. These kinds of fluctuations in billing rates make tracking essential. It is imperative that as well as spotting the changes in the market, you can respond immediately.
3: Schedule resources for project tasks
Project tracking software enables your team to schedule their tasks into their calendars. At the same time, they can update their capacity for you to gauge their workloads. At this point, you can see when project tasks are due to commence. Install the right software for your company, and scheduling project tasks becomes as simple as dragging and dropping tasks from your to-do list to your finalized schedule.
4: Project Tracking Software Enables Review and Report on Task Performance
It doesn’t matter whether you need to retrospectively pull a report or simply measure the progress of a live report. The correct project tracking software will enable you to do both. These tools are powerful assets for your company. You will be able to quickly assess where your effort has gone, the time spent, and the costs. You can also compare the estimated time given to a project and the actual time spent on it.
One invaluable advantage is the ability to review project plans and estimates. You can then accurately see all costs and time spent.
5: Follow Project Status in Real-Time
As your project progresses, it is important to measure its journey. At any point through the process, things can and probably will change. By always being ahead of the game, you can easily adapt to these changes. Delegation becomes simpler as you identify the areas that need extra work.
Every time a member of your team logs or plans time to a project task, it is immediately updated. Your project managers can therefore check the status of specific tasks without interrupting workflow. Any tasks in danger of running behind schedule are highlighted, enabling your teams to reallocate work and resources to keep them on track.
As the advertising sector moves out of the Covid -19 era and into the new post-Covid years, the changes are expected to be rapid. According to Forbes, spending in the US sector is “roaring back”. An increase of 23% will see revenue hit $278 Billion in 2021, against the projected $259 billion.
Exciting times lie ahead and to stay on top of things, purchasing the best project tracking software has never been more important. If you are unsure about implementing the best software for you or have any questions regarding its benefits please get in touch with our experts at Tangram.