Why Forecasting Software is Important for Project Success
Accurate forecasting is crucial for project success, particularly in asset intensive industries, where resource allocation and budget management are critical factors in demonstrating expertise in project management.
According to a survey conducted by Gartner, nearly 90% of project managers in asset intensive industries believe that forecasting is vital for dealing with rate change regulators. However, many companies still need the right tools for this essential aspect of project management.
Software like CURATM Forecasting is a valuable tool for project managers because it allows collaborative project teams to accurately predict resources and cashflow trends needed for a portfolio or capital project. By using forecasting software, project managers can make informed decisions about assigning resources, resetting project timelines, and identifying potential over and underspends across the program.
Additionally, purpose-built forecasting software is useful for project teams working on complex, disparate projects, enabling them to manage risk pro-actively and adjust resources accordingly.
Benefits of forecasting software:
- Accurate forecasting helps organizations to plan for the future and make informed decisions.
- Accurate forecasting helps organizations to optimize resources and investments, resulting in improved project performance.
- Accurate forecasting allows organizations to anticipate potential challenges and risks, minimizing uncertainty and helping to ensure expectations are met.
- By accurately forecasting cashflow and resource needs, organizations can optimize their operations and reduce waste, resulting in increased efficiency and productivity.
- Reliable forecasting enables organizations to meet demands and avoid unanticipated disruptions, leading to better employee satisfaction and loyalty.
Intuitive User Interface
One of the benefits of using purpose-built forecasting software is that it has a user-friendly interface, making it straightforward for project managers to input data and generate accurate forecasts.
The interface of software such as CURATM Forecasting is designed with the organization’s mission in mind, with standardized procedures and intuitive navigation. This makes it simple for those accustomed to forecasting in multiple spreadsheets the experience of forecasting software that is easy to use and effective.
Further, having a user-friendly interface allows the project team to easily access and analyse data and make updates and adjustments as the project progresses. A user-friendly interface is essential to forecasting projects and programs as it allows the organization to make informed project and business decisions.
Forecasting software can provide regular updates to the organization stakeholders, helping project teams to stay on track and make knowledgeable project assessments. According to a survey by the Project Management Institute, 70% of high-performing projects use tools that provide “regular updates to project status, including progress and any changes to scope, schedule, or budget.”
With state-of-the-art, purpose-built forecasting software, project managers can leverage its capabilities to track progress and identify potential issues in real-time. This is especially important for complex capital projects or portfolios of projects, as it enables project teams to adapt to keep projects on schedule and within budget.
Foresee Innovations’ CURATM Forecasting software is explicitly designed for asset intensive organizations delivering projects to optimize their resources and advance their forecasting capabilities. With CURATM, organizations are making better business decisions and driving project and program-wide success.