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Dissatisfaction with business project management practices is increasing year by year. From changing priorities to inadequate planning, project management teams seem to be missing out on the essentials to good project planning.

If you feel like your company isn’t managing the execution of projects adequately, you may need to employ a successful PMO. A PMO, or project management office, is a group that can handle project portfolio management for your organization.

By following project management methodology and discussing project performance in real-time, these project teams can complete the goals and objectives that your stakeholders are looking for.

To learn more about the importance of a project management office, keep reading.

1. Keep Up With the Competition

Project management offices can help your company stay on top of current best practices. These experts attend conferences, help employ project management tools, and read the latest publications.

With this knowledge, they can help your organization stay up to date so that you can keep up with the competition.

2. Review Performance Data

Top 10 Benefits of a Project Management Office (PMO) - review performance data

While your team is working, you need to take time to look at your performance analytics. PMOs can help you look at enterprise-wide performance insight so that you can track and identify performance trends.

By learning more about your team and each member within it, you can make more focused strategies for future projects. For example, you may be able to identify specialties that different team members have. In the future, you can harness these specialties and make it easier for your team to get projects done with each other’s help.

You can also look for areas for your organization to improve. With a PMO by your side, you can determine the whys and hows of your organization’s project techniques. Then, you can streamline future processes and make a more effective project team.

3. Hold Your Team Accountable

A great PMO can hold your employees accountable for their work. By providing an outside perspective, they can make sure that your team is meeting deadlines for project goals and deliverables. 

PMOs can keep your team on track so that the project stays on the original timeline. And, they can help when the team is struggling.

PMOs can also hold people accountable for keeping the company strategy and culture in play. While finishing projects and programs, your team needs to make sure that they’re keeping the entire company in mind.

Top 10 Benefits of a Project Management Office (PMO) - increase consistency

4. Increase Consistency

Project management offices can help your business stay consistent with its expectations and outcomes. By following strict standards for project management, your PMO can participate n project after project without losing traction.

The PMO that you hire can manage projects and portfolios better than the average project management team because they have the planning and organizational structure needed to carry out each task.

In other words, PMOs can get things done because they’re consistent with their work. They know how to plan for the future.

5. Educate Your Team

PMOs bring a lot of insight and education to the project planning process. If you hire a PMO, you need to take advantage of all of the education that they can give to your team members. 

PMOs can help you bring out the best in your organization, hinging future projects to the best practices of your organization.

Top 10 Benefits of a Project Management Office (PMO) - share your knowledge with others

To share this knowledge with the rest of your team, you should encourage a member of your PMO to share a weekly newsletter or present project management tips. However it’s done, it’s bound to improve your team’s project and portfolio techniques.

6. Share Your Knowledge With Others

A project management office can help your team spread knowledge between one another. As one person struggles with the project, another person could be having the same struggle.

By centralizing team learning and collaboration, project management offices can make it easier to share knowledge and expertise among team members. In turn, your team will be able to learn more about helpful tools, useful insights, and effective techniques.

Overall, your team will work smarter and get more done.

7. Save Money With Great Planning

Top 10 Benefits of a Project Management Office (PMO) - save money with great planning

A great project management plan can help your organization save money. If your project falls behind or uses extra resources, you could incur greater costs than your team originally expected.

However, with an expert PMO, you can save money. With their expertise, your project is going to stay on track and meet the goals and deadlines that the stakeholders are expecting.

8. Work With External Vendors

While a PMO can be internal or external. If you opt for an external PMO, you could take advantage of everything that comes with outsourcing.

From an outsider’s perspective, you can learn about things that your organization has never encountered on its own. Plus, you can isolate the PMO from any internal pressures.

9. Break Business Silos

Business silos can tear companies apart, but PMOs can help avoid these. Project management requires pulling people from different departments together to reach common goals. In response, the organization works better as a whole.

The project manager within the PMO can help unify everyone towards common interests, breaking apart any silos that could be forming.

Top 10 Benefits of a Project Management Office (PMO) - take advantage of new opportunities

10. Take Advantage of New Opportunities

Your PMO can help guide your company towards new opportunities. Whether you’re wanting to pivot in a new direction or seize a new technology, your PMO can help.

With their organization and prioritization skills, your project management office can choose strategic projects to continue. It may be necessary for you to place other projects on hold during this time. When it comes to choosing those projects, the senior management for your projects can use resource management skills to make the right decisions for your organization.

Invest in a PMO

After hearing about all of the great things that a PMO can offer your business, it’s likely that you’re ready to establish a project management office today. These teams are great for any business that’s looking to get projects done on time within budget.

If you’re looking to invest in an expert team, you need to look into MS project training. Training is one of the best investments that you can give your team before getting started with the project management process. Let’s get you heading toward more successful projects.

Get started today!